How to Select a Market
Invest in an area you want to be in because YOU want to be there - not because everyone else does.
Frankly, it’s possible to be successful with ANY offering in ANY marketplace. It just depends on the quality of the space you present, and the supply and demand of the market.
Remember that you are renting short term - not long term and have zero control over WHY guests are traveling. So, focus on WHAT you can control - who your target audience is, the size of your property, and its location.
As I mentioned before, Success can be had anywhere regardless of where your property lies on the spectrum. From camping spaces, to 500 sqft 1bedrooms, to playboy mansion penthouses! It may not look like the stereotypical “touristy get away” but the need for short term housing is pervasive. Babies are born, grandparents fall ill, divorces happen, business partners travel, and not to forget, VACATIONS do happen!
Make the decision on where you want to succeed and with the right market analytics and execution, you most certainly will have a high probability of being exactly who you want to be. For deeper insights into market analysis here is a resource we trust and use throughout our portfolio. Price labs Market Dashboard pulls data from all listings in the area daily and keeps you up to date on statistics in your area of interest. The best thing is they offer a free-30 day trial.