Best places to purchase Short Term Rentals in 2024

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Best places to purchase Short Term Rentals in 2024

Mindy Nicol
Realtor · St Augustine, FL · Member since 2023 · 111 posts · 87 votes

Hi there,

I'd like to know where are the best opportunities for STR investors in 2024. While much of the US is complaining of saturation, where would YOU put your money?

I have investors looking at building out portfolios and while I am based in St Augustine, Florida (tourist destination and many STRs), I would like to find out from the BP audience where you see the opportunities.  

What cities/destinations are growing, getting visitors and not already saturated? 

Thanks in advance!

Mindy

3Reply
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Michael BaumPro Member
Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
2y

Beach, lake, mountains..

7Reply
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  • V.G JasonPro Member
    Investor · Member since 2022 · 3k+ posts · 3k+ votes
    2y

    Pretty much anywhere but:

    1) Near major hotels
    2) Legislation or soon to be legislation is creating an issue
    3) Anywhere that folks in this thread suggest.

    For me in 2024, I've done two and am aiming to do one more city and a total of 3 more properties. Angel Fire and Hawaii. I've done in Angel Fire, hoping to add a third. And hope to do in Hawaii but every week that goes by, the chances are decreasing. And I may pivot. 

    3Reply
  • Chai Xiong
    Investor · Orlando, FL · Member since 2012 · 312 posts · 165 votes
    2y

    I still love Kissimmee Florida right next to Disney World and Universal Studios.  They just keep expanding those park with better rides.  Can't go wrong.

    4Reply
  • Michael BaumPro Member
    Olympia, WA · Member since 2016 · 8k+ posts · 7k+ votes
    2y

    Beach, lake, mountains..

    7Reply
  • Bunmi Joo
    Member since 2024 · 13 posts · 4 votes
    2y

    Poconos maybe... 

    1Reply
  • Andrew SteffensBusiness Member
    Tampa, FL · Member since 2022 · 3k+ posts · 3k+ votes
    2y

    Have you ever considered Tampa? Tons of development and more drawing people than just beaches (i.e. NFL, NHL, MLB), relocations, business travelers etc.  You would also be not too far away :)

    [email protected]813-563-0877
    Vacation Rentals of Florida53 Reviews
    WebsiteView Page
    1Reply
  • John UnderwoodPro Member
    Investor · Greer, SC · Member since 2014 · 13k+ posts · 17k+ votes
    2y

    I think Airdna just released an article on best areas.

    As Michael and Chai said. Anyplace you'd take your family on vacation could be great areas.

    You'll need a great property and to be able to stand out from your competition. 

    5Reply
  • Mindy Nicol
    OP
    Realtor · St Augustine, FL · Member since 2023 · 111 posts · 87 votes
    2y

    Hi @Andrew Steffens 
    Thanks. I actually have investors In contract there right now. Good point! 

    0Reply
  • Gina CabellPro Member
    Marina Del Rey / Philadelphia · Member since 2018 · 17 posts · 5 votes
    2y
    Quote from @Bunmi Joo:

    Poconos maybe... 


     The Poconos are really saturated - crickets right now.  

    2Reply
  • Jeff McAbee
    Real Estate Agent · Vail, CO · Member since 2017 · 5 posts · 5 votes
    2y

    Vail/Beaver Creek

    3Reply
  • Jeremy Jareckyj
    Real Estate Agent · Salt Lake City, UT · Member since 2020 · 490 posts · 205 votes
    2y

    We are still having good success here in Salt Lake City

    3Reply
  • Zach Edelman
    Lender · New York, NY · Member since 2022 · 1k+ posts · 1k+ votes
    2y

    AirDNA just released an article on this that I'd highly reccomend reading. Also, want to echo @Andrew Steffens sentiment in the Tampa market being strong. 

    2Reply
  • Sabrina Calnan
    Real Estate Consultant · Denver, CO · Member since 2013 · 27 posts · 28 votes
    2y

    @Mindy Nicol Every market has successful operators and poor operators. It's nice to poll people for a general feel. However, it's hard to know whether that person is marketing and operating their STR well or not. I recommend relying on actual data. As others have stated AirDNA is a great source and the latest article about the best places to invest is a great place to start.

    1Reply
  • Wilson Vanhook
    Rental Property Investor · Oklahoma City · Member since 2021 · 108 posts · 103 votes
    2y

    Avoid urban cities and target vacation destinations/national parks.

    A lot of successful people are keeping their hot markets on the down low.

    I would focus on an area that has demand and has a good outlook for continuing to increase demand, and then try to find good deals in that market and trying to create something very unique.


    2Reply
  • Jeff Langley
    Member since 2021 · 168 posts · 142 votes
    2y

    Near national parks

    0Reply
  • Account Closed
    Senior Marketing Manager, Memberships · Denver, CO · Member since 2022 · 48 posts · 276 votes
    2y

    The Short-Term Rental Bootcamp early bird enrollment opened today for anyone looking for a deeper dive on best markets for STR in 2024! It will be led by Avery @averycarl and Luke Carl: http://biggerpockets.com/bootcamps. 

    1Reply
  • Sarah KensingerPro Member
    Real Estate Consultant · OH · Member since 2023 · 2k+ posts · 1k+ votes
    2y

    Hocking Hils, Ohio, Black Hills of South Dakota and pretty much anywhere around a national park out west. I know there are other places but know of those firsthand.

    [email protected]330-557-3021
    2Reply
  • V.G JasonPro Member
    Investor · Member since 2022 · 3k+ posts · 3k+ votes
    2y
    Quote from @Sarah Kensinger:

    Hocking Hils, Ohio, Black Hills of South Dakota and pretty much anywhere around a national park out west. I know there are other places but know of those firsthand.

     Black Hills has me intrigued, I want to grab acreage there but need to look into the rules of STRs there. I don't think it can suffice as a LTR which is my hesitation. That and does anyone have info on Vancouver Island, BC? 

    0Reply
  • Austin J.
    Investor · Member since 2020 · 13 posts · 4 votes
    2y

    Want to share an upcoming meetup about short term rental investing in Texas, might be helpful. Not a commercial because no one is getting paid. purely investors help investors. 

    https://www.meetup.com/investing-in-texas-real-estate/events...

    1Reply
  • Mindy Nicol
    OP
    Realtor · St Augustine, FL · Member since 2023 · 111 posts · 87 votes
    2y

    Thanks @Austin J.. I've RSVPed!

    0Reply
  • Ryan Davies
    Investor · Salt Lake City, UT · Member since 2019 · 339 posts · 126 votes
    2y

    East Side Salt Lake County in Utah and Summit County are good.

    1Reply
  • Mindy Nicol
    OP
    Realtor · St Augustine, FL · Member since 2023 · 111 posts · 87 votes
    2y

    What are everyone's thoughts are on this graph that Airdna posted plus the article here: https://www.airdna.co/best-places-to-invest-in-vacation-rent...

    Should investors really be focusing in on these markets?  Or take it with a grain of salt? I'm just curious on your thoughts.

    0Reply
  • Travis TimmonsPro Member
    Rental Property Investor · Ellsworth, ME · Member since 2021 · 1k+ posts · 2k+ votes
    2y

    I recommend developing a subject matter expertise and going from there. I bought my first STR near a national park because I have visited 38 of the big 63 national parks. We know the "lesser known" parks better than the normal buyer. Our target customer is/was families visiting national parks because that's who we are and we know how to kill it with that crowd.

    I have a buddy who bought an ice fishing cabin in New England for next to nothing and earned a 50% cash on cash return because he has been ice fishing there for 15 years and knows the intricacies of that world and how to cater to that customer. 

    It's much harder than it used to be to get the return which makes it worth the hassle (assuming that you are self-managing). You're going to have to either take on a fixer, find a niche market with specialized knowledge, or get lucky. The easy money is gone, but deals can be found or made with persistent effort and thorough research. In short, to get a great return, you need to be able to do something that is difficult...more difficult than reading a top markets list and hopping on Zillow. Those days were fun, but they are likely over.

    2Reply
  • Jay ThomasPro Member
    Real Estate Agent · Houston, TX · Member since 2021 · 1k+ posts · 715 votes
    2y

    Instead of focusing solely on typical tourist destinations, consider exploring areas surrounding National Parks, state parks, or unique outdoor recreation spots that lack sufficient lodging options, presenting a prime opportunity for short-term rentals (STRs). Additionally, look into underrated coastal towns boasting hidden beaches, charming downtown areas, and authentic local experiences. Similarly, mountain retreats and ski resorts with increasing popularity for outdoor activities offer strong seasonal STR potential worth considering.

    [email protected]832-889-5607
    0Reply
  • Jon Martin
    Member since 2022 · 1k+ posts · 1k+ votes
    2y
    Quote from @Mindy Nicol:

    What are everyone's thoughts are on this graph that Airdna posted plus the article here: https://www.airdna.co/best-places-to-invest-in-vacation-rent...

    Should investors really be focusing in on these markets?  Or take it with a grain of salt? I'm just curious on your thoughts.


    I'm not sure about the specific markets mentioned in the article, but I think there is huge potential in a lot of markets that aren't on the typical STR investor radar. I've got 11 months/year of 70%+ occupancy in a town similar to what's on that list. People travel for all kinds of reasons outside of pure vacationing.

    2Reply
  • Mindy Nicol
    OP
    Realtor · St Augustine, FL · Member since 2023 · 111 posts · 87 votes
    2y

    Where is your rental @Jon Martin?

    0Reply
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