6 Best Rental Markets for Vacation Homes on the East Coast
Thinking about investing in a vacation rental property on the East Coast? You’re onto something good. From sandy beaches to historic towns, the East Coast has plenty of exciting vacation locations.
GOBankingRates spoke with Lavender Lloyd, property management training manager at Real Property Management, to get the inside scoop on the places to park your rental property money on East Coast.
Here are the eight best rental markets for vacation homes on the East Coast.
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Myrtle Beach, South Carolina
Lloyd highlighted Myrtle Beach as a top destination: “Myrtle Beach is a highly popular vacation destination known for its 60 miles of sandy beaches, family-friendly attractions and vibrant nightlife.” She explained its broad appeal, “The area draws millions of visitors annually, making it an ideal market for vacation rentals.”
For investors, this translates to strong income potential. “Its mix of affordability and high demand ensures a strong rental income potential, particularly during the summer months,” Lloyd said.
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Cape Cod, Massachusetts
Cape Cod offers a classic New England experience. Lloyd described its charm: “Cape Cod is famous for its quaint seaside villages, picturesque beaches and rich history. As a classic New England vacation spot, it attracts tourists looking for a charming coastal experience.”
This timeless appeal creates lucrative opportunities for investors. “The region’s high seasonal demand, particularly in the summer, makes it a lucrative market for vacation homes, especially those with beach access or historic charm,” Lloyd said.
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Outer Banks, North Carolina
If you love the great outdoors, the Outer Banks in North Carolina is perfect for you (plus, with the popularity of the Netflix show, that means even more tourists flocking to this beautiful destination).
“The Outer Banks offers a unique blend of natural beauty, historic sites and family-friendly beaches,” Lloyd said. “Its remote, unspoiled landscapes are perfect for those seeking a quiet, scenic retreat.”
The specialness of the location translates to strong rental demand. “The area is a popular vacation spot, especially for families and outdoor enthusiasts, creating strong demand for vacation rentals throughout the warmer months,” she explained.
Bar Harbor, Maine
According to Lloyd, Bar Harbor is an excellent place to have a vacation rental home. “Bar Harbor is the gateway to Acadia National Park and offers stunning coastal scenery, charming small-town vibes and a variety of outdoor activities like hiking, kayaking and wildlife viewing,” Lloyd said.
All of this adds up to the town being an exciting investment opportunity. “The area’s appeal, combined with the limited number of vacation homes, creates high demand and excellent rental income potential,” she said.
Boston, Massachusetts
While not typically thought of as a vacation destination, Boston shows strong potential for short-term rentals. Beyond, a leader in revenue management for short-term rentals, shared that Boston is a top pick, reporting that the city’s occupancy rate was 55.20% this year, down slightly from 57.00% last year.
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Long Island, New York
Long Island stands out as a market on the rise. According to Beyond’s data, Long Island saw its occupancy rate increase from 39.00% last year to 43.60% this year, a significant 4.60% improvement.
While our experts like these markets, it’s important to do your own research to find the right market for you and your specific needs.
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This article originally appeared on GOBankingRates.com: 6 Best Rental Markets for Vacation Homes on the East Coast
