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When investing in a short-term rental (STR), location can make all the difference in your success. For the most accurate way to determine whether a market is a good investment, we use revenue per available night (RevPAN) and occupancy rates. By using RevPAN, we can make the most accurate comparison by measuring total STR revenue per night based on available nights, excluding any blocked dates. (For a more detailed explanation of RevPAN, check out our breakdown.)
We’ll use the latest Beyond data to identify the top surging United States locales to invest in. On average, these markets had 65 percent occupancy rates in 2021, a 29 percent rise in occupancy from 2020, and RevPAN rose about 50 percent across these towns. In ascending order, these locales are ranked on each market’s rise in RevPAN from 2021 to 2022.
15. Zion National Park, Utah
From multiday hikes on the river bed to hikes up the rising heights of Angel’s Landing, Zion is a jaw-dropping jaunt through the American West. RevPAN was $127 in 2021, an enormous 45 percent bounce up from 2020 rates.
14. Sedona, Arizona
Next up, we find more red rocks and desert, this time in one of the more serene spots in the United States: Sedona, Arizona. STR occupancy jumped 74 percent in 2021, and RevPAN rose almost 50 percent.
13. Florida Keys, Florida
From the desert, we dive down to the tropics into the Florida Keys, the southernmost lands in the continental United States. RevPAN rose from $176 in 2020 all the way to an average of $260 in potential revenue per available night, a 48 percent rise.
12. Big Sky, Montana
Home to downhill skiing in the winter, mountain biking in the summer, and Yellowstone National Park nearby, Big Sky is an outdoor enthusiast’s paradise. Prices for an STR nightly stay are steadily rising, jumping 29 percent to $302 on average. This translates to a 48 percent increase in RevPAN in 2021.
11. Charleston, South Carolina
Charleston is full of incredible dining, beaches, fine arts, and a slower pace of life amid palm trees. In 2021, Charleston boasted a 72 percent occupancy rate, which helped elevate RevPAN to $148 (48 percent higher than 2020).
10. Houston, Texas
Houston enjoys a warm climate and an incredible diversity of things to do. After extreme flash flooding in 2020, the city’s STR occupancy rate returned to a more normal 50 percent level in 2021. Even more encouraging to owners, RevPAN in Houston increased 50 percent.
9. Los Angeles, California
Within this megapolis is some of the best food, museums, sports venues, ocean sports, entertainment, and music in the world. Occupancy rates jumped from $50 to an incredible $146 per available night, with a 52 percent rise in RevPAN.
8. Chicago, Illinois
Chicago has maintained its surge as one of the country’s hottest housing markets, and STR owners are reaping the benefits. The city made a 52 percent RevPAN leap over the last year, with the average price per available night going up from $70 to $106.
7. Bozeman, Montana
Bozeman is one of the state’s fastest-growing towns. In turn, a sharp STR investment in this west Montana town can be quite lucrative. RevPAN in 2021 is an expected $148 per night, rising 53 percent from the previous year.
6. Temecula Valley, California
Temecula Valley is a spirited destination inspiring wine lovers, small-town retreaters, and outdoor recreators. Its popularity is rising, and the STR scene is growing in tandem: RevPAN surged 53 percent up to $128 per night in 2021.
5. Nashville, Tennessee
Any way you cut it, Music City USA is a grand place for your STR to stay. At $125 per available night, Nashville’s 53 percent jump in RevPAN suggests the land’s allure to keep growing.
4. Santa Fe, New Mexico
This Southwest gem is accessible by a number of large towns within a few hundred miles. Santa Fe is a popular, still growing spot, as indicated by its 55 percent spring to $168 RevPAN.
3. New Orleans, Louisiana
There is no other town in the U.S. like New Orleans, and it’s a great place to invest in an STR: occupancy rose by 51 percent, leading to 56 percent jump in RevPAN in 2021.
2. Savannah, Georgia
Savannah is hot for STR investors. Leaps in occupancy and price per night along with more people traveling in 2021 shot RevPAN up to $141, an incredible 58 percent surge.
1. Miami, Florida
With warm beaches, Cuban eateries, A-list stars, and swanky hotels, Miami has everything people are looking for on vacation. Miami STRs saw occupancy and nightly prices rise, with a huge 71 percent increase in RevPAN.
Whether you are making your first or your 100th short-term rental investment, Beyond is here to help. Reach out for a demo for more information.