Vacation Rental vs Apartment Building

[Khadijah Celestine]

My boyfriend and I are trying to decide which investment is better dollar for dollar. Neither of us are investors yet. However, we both agree it may be more of a hassle to invest in a building but he believes dollar for dollar, you would make more money with a vacation property. We've been using rent-o-meter + loopnet to look at apartment building numbers and airbnb + realtor.com to look at vacation rental numbers to answer the following:

If you had 1 million dollars to spend, anywhere in the us, would you buy a vacation rental or an apartment building? 

I want your opinions. Which investment would you choose? What would be your ROI? What are the rough numbers you are using for calculations? What occupancy / vacancy rates do you use for apartments (90%?) and vacation rentals (50%?).

Thanks in advanced,

Khadijah