Vacation homes have proven to be profitable for real estate investors, and owning a short-term rental near a beach may offer the best prospects. Vacasa, a vacation rental management platform, recently unveiled its annual list of the top places to buy a vacation home based on capitalization rate or the rate of return on investment. These are many great choices of potential rental properties in the local market here in Pinellas County & along the beach areas.
Lake Anna, Va., held on to the top spot on the 2023 rankings as the best place to buy a vacation home, according to Vacasa’s analysis, which looked at home sales and vacation rental performance data over the last 12 months. With a median sale price of $405,500, Lake Anna offers a cap rate of 10.32%—the highest of the vacation hotspots on the list.
Here are the markets that topped Vacasa’s list of the best places to buy a vacation home in 2023:
1. Lake Anna, Va.
Cap rate: 10.32%
Average gross rental revenue: $64,121
Median sale price: $405,500
2. Okaloosa Island, Fla.
Cap rate: 9.08%
Average gross rental revenue: $53,832
Median sale price: $360,000
3. Sandbridge, Va.
Cap rate: 6.47%
Average gross rental revenue: $88,702
Median sale price: $928,900
4. Rehoboth Beach, Del.
Cap rate: 6.46%
Average gross rental revenue: $58,992
Median sale price: $618,000
5. Navarre, Fla.
Cap rate: 6.42%
Average gross rental revenue: $47,531
Median sale price: $420,000
6. Gulf Shores, Ala.
Cap rate: 6.09%
Average gross rental revenue: $48,169
Median sale price: $475,000
7. Palm Coast, Fla.
Cap rate: 5.69%
Average gross rental revenue: $38,212
Median sale price: $360,000
8. Corolla, N.C.
Cap rate: 5.47%
Average gross rental revenue: $80,423
Median sale price: $927,500
9. Nags Head, N.C.
Cap rate: 5.45%
Average gross rental revenue: $53,939
Median sale price: $615,500
10. Rockaway Beach, Ore.
Cap rate: 5.23%
Average gross rental revenue: $37,030
Median sale price: $340,000
|
(727) 385-8869
karen@lucasgrouprealty.com
|
