The best time to invest in vacation properties is not when you want them, but when they’re most affordable. This is a perfect example of a good investment because it will always be worth more than what you paid for it. If you know where to look, it’s easy to find deals on vacation properties.
A vacation property is an investment that can provide both financial and emotional benefits, but you have to utilize property management software to run things more seamlessly. But the most common question we ask ourselves is, which location should I invest in?
Here are the top three locations to consider:
- Myrtle Beach, South Carolina
Second-home buyers are very interested in this area because it has one of the best climates for vacation homes in America. If you’re looking for a beach town that still bustles with energy when everyone is at work, then look no further than Myrtle Beach. This city is loaded with activities and it is located just 150 miles from Charlotte, NC.
According to AirDNA in 2021, vacation rental listings in Myrtle Beach have averaged nearly $200 per night so far. Demand for vacation homes continues to rise while inventory remains low due to multiple years of little new construction. Vacation rental rates are expected to keep rising.
Tourism keeps this area busy throughout the year, Myrtle Beach’s highest demand time is the summer where its miles of stunning beaches and beautiful weather attracts thousands of visitors. Myrtle beach is also growing as a business center with anticipated job growth of 38.8% which is higher than the national average.
- Ocala National Forest area of Central Florida
This area sees an influx of visitors during the winter months due to great weather and its proximity to Orlando attractions. People are drawn to this area year-round, so it’s a great place to invest in vacation rentals.
Vacation rentals average around $130 per night with an average occupancy rate of over 70% all year. This can only increase the chances of you being able to run a successful and profitable vacation rental. This area has been having an increase in demand while supply remains low due to little new construction.
- Las Vegas, Nevada
Las Vegas is perhaps the most exciting place to buy a vacation property. 100’s of thousands of people come to visit every year. With an average daily rate being over 200$ it makes it a great place to invest.
It’s no surprise that it is one of the top cities where Americans consider buying vacation properties. Just look at all the local attractions that are available—world-class dining, entertainment, shopping, and more.
If you’re looking for a good investment with a high return, these are the three best places to consider. You can’t go wrong with investing in a vacation home in one of these cities. If you’re new to investing in vacation properties, there are plenty of great resources for information and general direction on where to start investing.
While several factors contribute to the decision of where to invest in vacation properties, these three cities have made it to the top due to their continued demand for second homes. Whether you choose one or all three, it’s a good idea to do your research before you buy.