If there is an upside in this pandemic, it decongested metropolitan areas, which are hotspots for COVID-19. The affluent people are now investing in a second home, especially now that working from home is becoming a norm.
A report by Redfin found that second home demand has been rising nearly four times that of primary homes in 2021 as buyers rush to secure another place to work or relax.
Recent data from Hostaway, the all-in-one vacation rental software for ambitious property managers, found that coastal cities may be the smartest places for second homeowners to invest.
After analysing the most sought-after US locations for vacation rental properties right now, according to major booking platforms, Pensacola, Florida, took the top spot for where demand is far exceeding the supply of available places to stay. A further four coastal locations and one lakeside make up the top eight in the US, including Charleston in South Carolina and Lake Tahoe State Park.
Hostaway’s list of the top 8 places for second home investors are:
Charleston, South Carolina
Lake Tahoe, California/Nevada
Myrtle Beach, South Carolina
Santa Fe, New Mexico
It’s no surprise that beach living continues to attract people to the coast, but the results show access to urban amenities remain important. With many workers blending remote working with vacation time with family or travel experiences, investing in a second home by the sea makes sense personally and financially.