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Home » FA Online » FA News » Top 15 Places To Buy A Vacation Rental
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TOP 15 PLACES TO BUY A VACATION RENTAL

August 24, 2022 • FA Staff

The spike in demand for vacation homes that started during the Covid-19 pandemic
began to take a sharp U-turn earlier this year as mortgage rates and home prices
started to rise.

Real estate company Redfin reported that buyers have since been deterred from
purchasing second homes after the federal government increased loan fees for
these dwellings in April, adding roughly $13,500 to the cost of purchasing a
$400,000 home. The stock market volatility, high inflation and recession fears
were also deterrents.

But there is a silver lining for those still in the hunt for vacation homes.
Portland, Ore.-based Vacasa, an international vacation rental management
company, said that while rising median home prices are affecting capitalization
rates—otherwise known as the cap rate, or the rate of return for a piece of
property based on its income—buyers have more options to consider as new markets
open up this year.

Vacasa said the trend among this year’s top market continues to be “drive-to
waterfront destinations.” It noted that short-term rental buyers are most
interested in beach markets, up 10% over 2021. Vacasa said sunny beaches
dominated the list of 10 cities most searched for by guests in its "2022
Vacation Rental Search Report."

Vacasa said its rental search report also shows that younger buyers are the
majority, and millennials and Gen Z are willing to spend more than $400,000, a
bit more than the older generations. But this year’s list features markets that
offer prices that meet buyers’ financial goals and motivations.

Vacasa uses cap rate and data points such as median home sale price and annual
gross rental revenue, along with key insights on today’s vacation rental real
estate market, to create its ranking of top vacation rental markets.

Here is a list of the top 15.

15. Boothbay, Maine

Cap rate: 6.9%
Median home price: $413,000
Annual gross rental revenue: $55,743



14. Daytona, Fla.

Cap rate: 7.0%
Median home price: $260,500
Annual gross rental revenue: $38,790



13. Tucson, Ariz.

Cap rate: 7.1%
Median home price: $340,000
Annual gross rental revenue: $42,749



12. Frankfort, Mich.

Cap rate: 7.3%
Median home price: $454,900
Annual gross rental revenue:  $65,356



11. Cape Coral, Fla.

Cap rate: 7.3%
Median home price:$436,475
Annual gross rental revenue: $51,375





10. Gulf Shores, Ala.

Cap rate: 7.5%
Median home price: $437,250
Annual gross rental revenue: $53,283



9. Sylva, N.C.

Cap rate: 7.7%
Median home price: $333,000
Annual gross rental revenue: $45,038



8. Saugatuck, Mich.

Cap rate: 7.8%
Median home price: $510,000
Annual gross rental revenue: $80,192



7. Phoenix, Ariz.

Cap rate: 7.8%
Median home price: $470,000
Annual gross rental revenue: $58,363





6. Fort Lauderdale, Fla.

Cap rate: 8.5%
Median home price: $490,250
Annual gross rental revenue: $68,031



5. Okaloosa Island, Fla.

Cap rate: 9.0%
Median home price: $425,000
Annual gross rental revenue: $62,163



4. Corolla, N.C.

Cap rate: 10.2%
Median home price: $930,000
Annual gross rental revenue: $131,121



3. Palm Coast, Fla.

Cap rate: 10.3%
Median home price: $354,000
Annual gross rental revenue: $59,482





2. Port Aransas, Texas

Cap rate: 10.7%
Median home price: $295,000
Annual gross rental revenue: $53,717



1. Lake Anna, Va.

Cap rate: 12.2%
Median home price: $435,000
Annual gross rental revenue: $81,293



The full report can be viewed here.

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