DENVER, Nov. 7, 2022 /PRNewswire/ — Evolve, the fastest-growing vacation rental hospitality company in North America with more than 25,000 properties in 750 markets, has unveiled its list of the 12 Best Places To Buy A Vacation Rental In 2023. From well-known vacation destinations in the Smoky Mountains to a Pacific Northwest up-and-comer, the list provides valuable insight into where owners can maximize profits in the upcoming year, even in the face of economic headwinds.
“Getting away on vacation to waterfront or mountain retreats overwhelmingly continues to be a priority for travelers, so naturally vacation rentals are still enjoying a significant uptick in demand compared to pre-pandemic levels,” said Louis Olds, Director of Real Estate Services at Evolve. “Our list reflects these highly sought after vacation destinations which ultimately maximize the earning potential for investors.”
Evolve’s 12 Best Places To Buy A Vacation Rental In 2023 include:
- Wisconsin Dells, WI: An easy getaway for Midwesterners, the Wisconsin Dells (AKA “the waterpark capital of the world”) boasts scenic river bluffs, hikes, boat cruises, live entertainment and, of course, countless water slides and rides. Median rental revenue: $42,438.
- Lead, SD: From the presidential portraits of Mount Rushmore to the deep blue lakes and otherworldly caves of the Black Hills, Lead gives visitors a fun mix of natural and manmade wonder. Median rental revenue: $43,283.
- Gatlinburg, TN: The gateway to the Great Smoky Mountains National Park offers epic whitewater rafting and spectacular fall foliage, plus storied holiday traditions and plenty of attractions in town. Median rental revenue: $39,715.
- Windham, NY: With a historic downtown, stellar skiing, wine bars, and art galleries, it’s easy to see why Windham is nicknamed the “gem of the Catskills,” providing New Yorkers and other East Coast travelers a sophisticated, close-to-home escape. Median rental revenue: $38,325.
- Savannah, GA: With historic squares draped with Spanish moss, a thriving food scene with locally caught seafood dishes and treasure-filled antique shops, Savannah epitomizes classic southern charm. Median rental revenue: $35,693.
- Bryson City, NC: A peaceful retreat bordering the Great Smoky Mountains, Bryson City delivers outdoor adventure and relaxation in equal measure, beckoning solo travelers, couples, and nature-loving families looking for some calm. Median rental revenue: $27,616.
- The Poconos, PA: Freshwater lakes, waterfalls, forests, and ski slopes — the Poconos are one of those magical places that truly has something for everyone, with fun things to do in every season. Median rental revenue: $26,048.
- Branson, MO: From paddleboarding on Table Rock Lake to exploring the foothills of the Ozarks aboard the Branson Scenic Railway (and catching a live dinner show in between), Branson is a family-friendly destination with a community of loyal visitors. Median rental revenue: $19,710.
- Granbury, TX: In the heart of the Lone Star State, Granbury is a much-loved and laid-back escape for families. A historic town square, hiking and biking trails, and water fun on Lake Granbury bring outdoor adventurers and urbanites to the area year-round. Median rental revenue: $28,305.
- Ruidoso, NM: Snuggled in the Sierra Blanca mountain range, Ruidoso fully embodies New Mexico’s state motto as a “Land of Enchantment” with a storybook-worthy locale that mixes stunning natural landscapes with charming boutiques and artful architecture. Median rental revenue: $19,015.
- Dover, VT: A mountain town with classic New England charm, Dover offers a year-round destination for outdoors lovers, honeymooners, and active families. Median rental revenue: $25,317.
- Cle Elum, WA: Located in the heart of the Cascades, just an hour from Seattle, Cle Elum is an outdoor adventure haven, with hundreds of miles of trails fit for hiking, biking, and horseback riding. Median rental revenue: $36,788.
In addition to the Best Places to Buy List, Evolve also released their 2023 Best Places to Buy lists for Lake Houses, Beach Houses and Cabin Vacation Rentals.
Evolve selected these 12 destinations based on a combination of proprietary and public data. The three main metrics taken into account were:
- Vacation rental performance metrics across the U.S. to learn where bookings lead to higher median revenue
- Zillow’s 2022 median home value to identify listing price
- Estimated yearly expenses to run a vacation rental (approximately 30% of total revenue) to help calculate cap rate
For a more detailed breakdown of Evolve’s methodology, visit evolve.com/blog/homeowner-tips/best-places-to-buy-an-investment-property.
Always keeping an eye on future developments, Evolve’s 12 Best Places To Buy A Vacation Rental In 2023 report complements the company’s recent deep dive into vacation rental industry trends, which provides useful tips for short-term rental owners looking to maximize their home’s performance.
Evolve is reimagining the vacation rental experience with our modern approach to hospitality and property management. We help guests rest easy with vetted homes, bookings that give back, and all the support they need for a great stay. We also make vacation rental stress-free for owners, partnering with them to book more and keep more of what they earn thanks to our industry-low 10% management fee. Learn more at www.evolve.com.
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