Top 10 Cities for Short-Term Rental Properties in 2024 - Home & Texture
Before You Buy Short-Term Rentals

These Are the Top 10 Cities for Short-Term Rental Properties in 2024

Make your next real estate investment your best one yet.

By
May 23, 2024 at 7:17 AM PST
Before You Buy Short-Term Rentals

These Are the Top 10 Cities for Short-Term Rental Properties in 2024

Make your next real estate investment your best one yet.

By
May 23, 2024 at 7:17 AM PST

Short-term rentals, like those on Airbnb, are great opportunities to invest in. But to get the best returns, you need to pick the right market. Real estate data company Clever, along with Rabbu, has just published new research on the best and riskiest markets for 2024.

Why invest in short-term rentals?

Investing in short-term rentals can be very profitable, offering higher returns compared to traditional rental properties. Since Airbnb started nearly 17 years ago, it has grown to include almost 8 million properties worldwide. The flexibility and diverse range of properties, from quaint cottages to luxury villas, make it an attractive option to investors.

airbnb
Photo Credit: Cottonbro Studio

Top 10 Cities for Short-Term Rental Investments in 2024

According to the study, Tampa, Florida, ranks as the top city for investing in short-term rentals in 2024. Tampa’s great weather, vibrant culture, and strong tourism make it a perfect spot for Airbnb hosts. Other top cities include Orlando and Jacksonville, which also have high demand and plenty of properties that work well as short-term rentals. Here’s the full list.

1. Tampa, FL
2. Orlando, FL
3. Jacksonville, FL
4. Boston, MA
5. Miami, FL
6. Buffalo, NY
7. Columbus, OH
8. Chicago, IL
9. Providence, RI
10. Kansas City, MO

These cities were ranked based on factors such as median home prices, return on investment (ROI), occupancy rates, annual revenue for property owners, and changes in property values over the past five years.

short-term rental
Photo Credit: Brian Babb

Challenges To Consider

While short-term rentals can be very profitable, they come with some challenges. Almost all survey respondents (96%) pointed out problems like misleading property descriptions, lack of on-site help, and safety concerns. Only 44% think Airbnb properties are safer than hotels, which is something to consider.

San Jose, California, was found to be the riskiest market for short-term rental investments in 2024. High home prices and fewer suitable properties make it less appealing for Airbnb investments.

Check out the full study here.




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