The Best Touristy Towns To Own Rental Property
Imagine owning a rental property that generates a constant stream of passive income because it's in so much demand with tourists. This can become your reality if you decide to buy property in a town that offers popular local attractions, such as adventurous theme parks, plentiful wineries or majestic mountains.
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If you want to invest in a rental property, the next step is to find the most worthwhile places to buy. To determine the best touristy towns to own rental property, GOBankingRates used U.S. News & World Report's "Best Places to Visit in the USA" rankings, "Best Family Vacations in the USA" and "Best Romantic Getaways" to create a list of top vacation destinations in the U.S. These touristy towns then were analyzed in terms of median monthly rental revenue and average daily rental rate for properties in each place. The ranking was developed based on cumulative scores.
With growing platforms such as Airbnb and Vrbo, it's easier than ever to find renters for your properties. Overall, there are plenty of U.S. cities where you can own a lucrative investment property.
25. Maui, Hawaii
Attraction(s): Road to Hana, Ka'anapali Beach, Haleakala Crater
Median monthly rental revenue: $4,594
Average daily rental rate: $324
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24. Yellowstone National Park, Wyoming
Attraction(s): Yellowstone National Park
Median monthly rental revenue: $6,274
Average daily rental rate: $226
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23. Sedona, Arizona
Attraction(s): Uptown Sedona, Red Rock State Park, Chapel of the Holy Cross, Bell Rock
Median monthly rental revenue: $5,128
Average daily rental rate: $309
22. Cape Cod, Massachusetts
Attraction(s): Cape Cod National Seashore, John F. Kennedy Hyannis Museum, Pilgrim Monument and Provincetown Museum
Median monthly rental revenue: $4,526
Average daily rental rate: $347
21. Charleston, South Carolina
Attraction(s): Fort Sumter and Fort Moultrie National Historical Park, Aiken-Rhett House Museum, The Battery
Median monthly rental revenue: $5,495
Average daily rental rate: $310
20. Disneyland (Anaheim), California
Attraction(s): Disneyland Resort, Los Angeles Angels baseball, Downtown Disney
Median monthly rental revenue: $5,848
Average daily rental rate: $319
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19. Napa Valley, California
Attraction(s): Wineries, Napa Valley Wine Train, Russian River
Median monthly rental revenue: $5,106
Average daily rental rate: $367
18. Destin, Florida
Attraction(s): Henderson Beach State Park, Destin Harbor Boardwalk, Crab Island, Big Kahuna's Water and Adventure Park
Median monthly rental revenue: $5,629
Average daily rental rate: $342
17. Glacier National Park, Montana
Attraction(s): Glacier National Park
Median monthly rental revenue: $5,703
Average daily rental rate: $347
16. Bar Harbor, Maine
Attraction(s): Acadia National Park
Median monthly rental revenue: $6,132
Average daily rental rate: $334
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15. Lake Tahoe, California
Attraction(s): Lake Tahoe, ski resorts
Median monthly rental revenue: $5,155
Average daily rental rate: $412
14. Lanai, Hawaii
Attraction(s): Lanai Island, Puu Pehe overlook, beaches
Median monthly rental revenue: $6,968
Average daily rental rate: $327
13. Kaua'i, Hawaii
Attraction(s): Beaches, snorkeling, helicopter tours
Median monthly rental revenue: $6,871
Average daily rental rate: $372
12. Grand Canyon National Park, Arizona
Attraction(s): Grand Canyon
Median monthly rental revenue: $7,148
Average daily rental rate: $379
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11. Martha's Vineyard, Massachusetts
Attraction(s): Martha's Vineyard, Edgartown Lighthouse, Oak Bluffs
Median monthly rental revenue: $6,461
Average daily rental rate: $511
10. Zion National Park, Utah
Attraction(s): Zion National Park
Median monthly rental revenue: $8,308
Average daily rental rate: $400
9. Yosemite National Park, California
Attraction(s): Yosemite National Park
Median monthly rental revenue: $7,835
Average daily rental rate: $460
8. Jackson Hole, Wyoming
Attraction(s): Grand Teton National Park, Teton Village
Median monthly rental revenue: $7,430
Average daily rental rate: $534
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7. Key West, Florida
Attraction(s): Florida Keys, Duval Street, Ernest Hemingway Home and Museum, abundant fishing
Median monthly rental revenue: $8,505
Average daily rental rate: $493
6. Sonoma, California
Attraction(s): Wineries, Taylor Mountain Regional Park and Open Space Preserve
Median monthly rental revenue: $9,288
Average daily rental rate: $581
5. Telluride, Colorado
Attraction(s): Rocky Mountains, ski resorts, film festival
Median monthly rental revenue: $8,646
Average daily rental rate: $642
4. Aspen, Colorado
Attraction(s): Ski resorts, Maroon Bells, Independence Pass
Median monthly rental revenue: $9,282
Average daily rental rate: $795
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3. Grand Teton National Park, Wyoming
Attraction(s): Grand Teton National Park
Median monthly rental revenue: $10,500
Average daily rental rate: $790
2. Nantucket, Massachusetts
Attraction(s): Whaling museum, beaches, lighthouses
Median monthly rental revenue: $11,800
Average daily rental rate: $962
1. Big Sur, California
Attraction(s): U.S. Highway 1, a designated American National Scenic Byway through the area; Julia Pfeiffer Burns State Park; Pfeiffer and Sand Dollar beaches
Median monthly rental revenue: $15,512
Average daily rental rate: $890
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Sophia Zolan contributed to the reporting for this article.
Methodology: To find the Best Touristy Towns to Own Rental Property, GOBankingRates used U.S. News & World Report's "Best Places to Visit in the USA in 2023," "Best Family Vacations in the USA" and "Best Romantic Getaways in 2023" to create a list of top vacation destinations in the U.S. for 2023. These towns were analyzed in terms of average daily rental rate and median monthly revenue for rental properties in each location. These two factors were scored with the higher rates being favored, then the scores were combined and ranked to show the top locations. All data was collected and up to date as of June 2, 2023. Larger area locations like national parks show the town where someone is most likely to stay while visiting the vacation area.
This article originally appeared on GOBankingRates.com: The Best Touristy Towns To Own Rental Property