EVOLVE REVEALS THE BEST PLACES TO BUY A VACATION RENTAL IN 2024
DENVER, Oct. 16, 2023 /PRNewswire/ -- Evolve, the fastest-growing vacation rental hospitality company in North America with more than 30,000 properties in 750 markets, has revealed its data-driven analysis of the 12 Best Places to Buy a Vacation Rental in 2024. From lakefront beauties in upstate New York to luxurious homes in the heart of historic Savannah, the destinations are ideal for investors looking to maximize profits in the new year.
"Vacation rentals are high in demand, with 450 million people worldwide choosing vacation rental properties," said Greg Davis, SVP of Owner Growth at Evolve. "That rise in demand is one reason why more investors are looking to tap into its potential, so the vacation rental market has also become more competitive in recent years. Investors can still see impressive returns — but it requires careful evaluation of the best markets across the country."
The good news: Evolve's vacation rental real estate experts have already done that careful evaluation for you, taking into account:
- Vacation rental performance metrics for vacation destinations across the U.S. to learn where bookings lead to higher median revenue.
- A combination of Zillow, Redfin, and internal data to identify median listing prices in vacation destinations.
- Estimated yearly expenses to run a vacation rental (approximately 30% of total revenue) to help calculate cap rate.
"Investing in a vacation rental is a big decision, but you don't have to navigate the process alone," said Davis. "By working with Evolve, you have the data to inform your investment opportunities and define your goals, ensuring that your vacation home is a success once you're ready to kickstart your business."
Evolve's deep dive into the vacation rental industry's latest data has resulted in the following 12 destinations rising to the top for 2024:
- Finger Lakes, NY: With 11 spectacularly scenic lakes, it's no wonder why Finger Lakes also topped Evolve's 2024 list of best places to buy a lake house. Unsurprisingly, water access is a key feature here for successful investors to look for.
- Holland, MI: Set on the shores of Lake Macatawa, Holland is a charming town with a
timeless blend of culture, cuisine, and adventure. Top-performing rentals here are kid-friendly and boast waterfront views. - Hocking Hills, OH: With massive caves, rushing waterfalls, and staggering cliffs, the scenic region of Hocking Hills in Southeastern Ohio is popular among travelers seeking a peaceful cabin getaway.
- Palo Pinto, TX: Set in northern Texas, Palo Pinto is a quaint rural community named for the nearby Palo Pinto Mountains. Popular things to do here range from hiking and fossil hunting to getting spooked on ghost tours.
- Wisconsin Dells, WI: The "waterpark capital of the world" boasts scenic river bluffs, hikes, boat cruises, live entertainment and, of course, countless water slides and rides to keep vacation rental guests thoroughly entertained. Top-performing Evolve homes in the Dells often have three to five bedrooms to accommodate families.
- Savannah, GA: Another repeat from last year, Savannah is beloved by travelers for its historic squares draped with Spanish moss, a thriving food scene with locally caught seafood dishes, and treasure-filled antique shops.
- Michigan City, IN: Tucked along the shoreline of Lake Michigan, the world's fifth-largest lake, Michigan City welcomes millions of tourists each year. Standout rentals all boast some type of water access and tend to offer amenities that appeal to families, like a game room and beach toys.
- Vernon Township, NJ: Vernon Township is located about an hour's drive from New York City, making it easy for Big Apple vacationers to make a day trip while drawing in city dwellers looking for a weekend getaway.
- Dover, VT: Once again, Dover ranks on Evolve's list of best places to buy a vacation rental for its versatility, scenic beauty, and abundance of year-round activities, from leaf peeping in the fall to snowboarding in the winter and mountain biking in the summer.
- Sevierville, TN: Often referred to as the "Gateway to the Smokies," Sevierville is an ideal home base for a cabin vacation near the famed Great Smoky Mountain National Park, the most visited national park in the U.S.
- Waldport, OR: Overlooking scenic Alsea Bay, the forested coastal town of Waldport is best known for its stunning natural beauty, a diverse array of wildlife, and outdoor recreation — not to mention easy beach access.
- Fairbanks, AK: Tourism in Alaska continues to grow. Fairbanks (AKA the Golden Heart of Alaska) serves as a base camp for travelers who want to experience Denali National Park and the Northern Lights. Waterfront vacation rentals perform the best in this area.
For more details on these destinations, as well as info on Evolve's methodology, visit www.evolve.com.
About Evolve
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 support owners in reaching their financial goals, partnering with them to start, manage, and grow their vacation rental business — all for an industry-low fee. Learn more at www.evolve.com.
Media Contacts:
Ashley Taylor
[email protected]
SOURCE Evolve
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