Locations for Investors: Vacation Rental Properties
The concept of investing in real estate has become incredibly common, and for those experienced in it, investing in vacation rentals can be immensely enticing and lucrative. Combined with the profitability, and tax deductions that are associated with this kind of real estate investment it is no wonder that so many people are turning towards it as an additional source of income.
If you are considering purchasing a piece of real estate for a vacation rental property here are 5 of the most popular locations that tend to be overlooked by novice investors.
Stroudsburg, Pennsylvania
An in-demand location for outdoor enthusiasts, Stroudsburg, Pennsylvania is a beautiful city that is as full of history as it is with hiking trails. The average cost of a home in Stroudsburg is approximate $130,000 and the average monthly rent sits at about $1000.00. Over the past two or three decades, the city has seen its tourism numbers increase dramatically thanks to the massive amount of outdoor activities, hiking trails and ski slopes located nearby.
Haines City, Florida
Situated in central Florida, Haines City has grown greatly over the last several years, This is primarily thanks to the arrival of Lego Land and Walt Disney World Resort. Additionally, the Southern Drunes 18-hole golf course has added more attraction to the city. The median cost of a house in Haines City is approximate $130,000. Monthly rent in Haines City goes for about $1,175.
Port Salerno, Florida
Known as a “vacation town” Port Salerno, Florida is quickly becoming one of the most popular vacation spots in the United States – making it an ideal location for investors looking to purchase vacation rental real estate. Catering to both beach bums and golfers alike, Port Salerno offers attractions for all ages. The average cost of a house in Port Salerno is approximate $153,000 and monthly rents go for around $1,400.
Cape Cod, Massachusetts
Not the most surprising of locations, Cape Cod, Massachusetts has been a popular vacation destination for decades. Home to picturesque ocean views, great food, and friendly faces, this beach community welcomes tourists by the thousands. Unlike a lot of other popular locations for real estate investors, Cape Cod is an area that costs a bit more to buy into, unlike other areas on this list, the cost of buying a house in this community sits well above the $300,000 mark. That said, because the cost of buying a property out here is so much higher, so too is the average rent, and the demand for vacation rental properties as well.
Myrtle Beach, South Carolina
With more than 50 miles of pure white sand beaches, golf courses, boardwalks, amusement parks, and more, Myrtle Beach, South Carolina has been a highly popular vacation destination for travelers of all ages for decades. Due to the increasing popularity of the city, the cost of buying a property in Myrtle Beach is on the rise, with the average house costing approximately $180,000. However, the cost for vacation rental properties is growing right alongside it, with the average monthly rent coming in at about $1000.00.