The United States of America is undoubtedly the most opportunistic and facilitative land on this entire planet. The advancement and development of the USA in every field are unmatchable. Apart from that, it’s a tourist hub as well. A lot of business opportunities are here to uplift your career as a businessman or entrepreneur.
One of the top businesses in the USA where you can start is property rental or real estate. You need to have a little bit of investment, good communication skills, and complete vacation rental data analysis of specific regions to start this business. This will help you to develop a steady income of several hundred or thousand dollars every month.
Before heading towards the main guide on vacation rental data analysis in the USA let’s find out why this business is profitable for you. There are plenty of reasons that make a rental business successful in the USA.
Let’s have a look at some top-listed ones.
A Vast Area
The first reason is the total area of the USA. It is a very expanded region with about 50 states. Being a vast area, the opportunities are very high. Analysis of California and Arizona vacation rental data supports the fact that rental business in bigger states is more successful.
Population
The population of the USA is more than 330 Million. Not all of them have their own homes in their respective states. Therefore, they have to look for rental apartments and homes to live in. Furthermore, they keep on moving from one state to another due to several issues. If they have to stay away from their home for a longer duration, they prefer to stay in a rental home instead of booking a hotel room. This too makes the rental business successful.
Tourism
Every year millions of tourists visit different regions of the United States. According to a survey report, every year except for 2020 the average number of tourists in the USA is more than 79 Million. These tourists have to stay in the USA throughout their tour.
Therefore, they opt for living in a rental home instead of a motel. Furthermore, vacation rental data analysis of different regions of different states also reflects that the average occupancy rate and revenues of the rental property business are much higher in the touring season. For example, according to New Jersey vacation rental data, the occupancy rate in the touring season is 10 to 15 percent higher than the average rate.
Vacation Rental Data Analysis of Popular States in the USA
Short-term rental business in the USA will bring a lot of benefits. If you invest time and money at the right times, then it will be easier for you to generate steady profits from it. Vacation rental data analysis of some states of the USA will guide you properly about it. So, let’s start it.
1. Florida
Florida is one of the most popular states. The chances of earning big profits via rental companies are higher in Florida, especially this year. Florida vacation rental data analysis provided by analytics also reflects the same thing. Following are some higher-end markets in Florida for real estate business.
2. Suwannee
In Suwanee, the total occupancy rate is 63% and the average daily price is about $157. The average price per square foot is about $290-300. Traditional rental income per property is $1373 which is good. The competition is low as only 24 active rentals are currently working in Suwannee. Entire homes with 3 rooms have a much higher occupancy rate.
3. Palm Beach Florida
The average daily rate at Palm Beach is about $243 with a pretty higher occupancy rate of 67 percent. According to vacation rental data analysis, February to April is the most profitable duration for rental businesses in Palm Beach as the occupancy rate during this time rises to 89 percent. Traditional rental income is about $2580.
4. Seffner
Seffner is one of the best places for real estate business in Florida. The occupancy rate is 68% and the average rental income is about $3690. The daily rate is also higher, about $280 to 300. 83% of total rentals in Seffner are entire homes and the rest are private rooms. The quarter growth of this business is about 18%.
5. New York
New York has always been the best place to invest in the real estate market or business. It has been growing rapidly and makes you earn more every year. New York vacation rental data analysis reflects that the median property price in New York State is $542219. The price per square foot is also higher with a value of more than $400. Price to rental ratio is just about 20, which is pretty high. Following is the vacation data analysis of some of its top places. The reason to provide this data analysis is to assist you in investing at the right place in NY.
6. Redwood
Redwood is one of the best places to invest in real estate as it has a pretty high occupancy rate of about 78%. And if you choose the right time such as July or August for investing the occupancy rate will be 97%. The average daily rate is just about $300 and its return on investment is a whopping 14%. Competition is low as only 27 rental properties are currently active in Redwood.
7. High Falls
High Falls has a slightly lower occupancy rate than surrounding cities in the state. The occupancy rate is higher than 60%. But the return on investment is pretty high, about 14%. The median property price is $95,000 making it easy for you to invest in it. Traditional rental income is $2020. 1 and 3 bedrooms homes have the highest occupancy rate and the quarterly growth is also 5%.
Bottom Line
As promised we have delivered the guide on USA vacation rental data analysis. High growth and occupancy rate in different regions of several states and higher return on investment make the USA a suitable place for real estate investment. Make sure to collect Massachusetts and Colorado vacation rental data as these too are bigger states. This data will assist you in choosing the right state for making real estate investment.
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