The United States wedding industry is one worth $53.4 billion since the latest studies in 2013! Making a wedding and event-based business can help you get your share out of the many billions there are! Of course, when it comes to investing in real estate, the best way to invest money can be with a new trending investment venture! In recent years, the real estate investment world has made Airbnb rentals a star that clearly acts as a cash cow for the entrepreneurs that took a chance! Moreover, the newest and most lucrative types of Airbnb rentals are marketed for weddings and events! I bet you didn’t think of Airbnb rentals for weddings before!
Best destinations for buying an investment property to use as Airbnb rentals for weddings
Key West, Florida
The Keys! A tropical bride’s dream! For real estate investors looking to dive into Airbnb rentals for weddings, you can buy a cash cow in a real estate haven! To dive deeper into Key West real estate, real estate investors are going for short-term rentals. Hence, it made it on the list to be among the top locations for Airbnb rentals for weddings! To make things clear for beginner real estate investors, here are some real estate stats derived through Mashvisor’s Airbnb profitability calculator:
- Median Property Price: $1,030,458
- Airbnb Cap Rate: 6.8%
- Airbnb Rental Income: $8,271
- Traditional Rental Income: $2,156
With a whopping $8,000 of expected monthly rental income, you ought to get a decent return on investment with Airbnb rentals for weddings here too.
Napa Valley, California
Napa Valley offers something that not many wedding locations do! And that’s the beautiful mountain peaks shining on the seasonally green grapevines! A dream come true for any bride to be! When buying a real estate investment in Napa Valley, you must find a space that amplifies the authenticity of the region. In other words, a property with proximity to grape vines and farms is best. Let’s dive into Mashvisor’s stats about Napa Valley real estate:
- Median Property Price: $983,856
- Airbnb Cap Rate: 6.29%
- Traditional Cap Rate: 1.3%
- Airbnb Rental Income: $8,433
- Traditional Rental Income: $2,724
If you’re doubtful about buying Airbnb rentals for weddings in Napa, all you have to do is look up Napa real estate and you will be hooked! In all seriousness, Napa real estate properties have proven to be a solid real estate investment. Not to mention the fast-paced real estate appreciation that runs through the city’s nervous system!
Looking for other profitable real estate markets in California? Try reading this blog post: California Real Estate: Invest in These Rising Markets.
Las Vegas, Nevada
Las Vegas is a universal wedding destination that constantly generates a bulk of spontaneous and adrenaline-driven weddings! On the other hand, many soon-to-be-wed couples are planning weddings there while looking for privacy, seclusion, and luxury. So, if you manage to provide that with Airbnb rentals for weddings, you will hit the jackpot, my friend! Let’s hop on the Vegas train and explore the city’s real estate data!
- Median Property Price: $410,426
- Airbnb Cap Rate: 3.55%
- Traditional Cap Rate: 1.9%
- Airbnb Rental Income: $2,478
- Traditional Rental Income: $1,348
Keep in mind that investing in Airbnb rentals for weddings in Las Vegas can be more lucrative than investing in Airbnb rentals. This is mainly due to the fact that the majority of tourists book hotels with casinos to enjoy the gambling! However, when looking at event venues, Airbnb rentals for weddings can be an affordable option while offering more sophistication and authenticity in a Vegas wedding!
If you’re unsure of Las Vegas’ Airbnb regulations and policy, please read this blog post before jumping into a new investment adventure: Airbnb Las Vegas Regulations 2018: What Investors Need to Know.
Maui, Hawaii
Maui offers everything you need in both a dream vacation and a dream wedding. Not to mention the moderate weather that turns both traditional rentals or Airbnb rentals for weddings into exclusive investment properties. If you’re thinking of buying Airbnb rentals for weddings and events in Maui, here are some Mashvisor stats to give you a good overall picture of Hana’s real estate market:
- Median Property Price: $1,179,900
- Airbnb Cap Rate: 5.25%
- Airbnb Rental Income: $6,341
- Traditional Rental Income: $1,559
More often than not, soon-to-be-weds are shopping for a wedding in Hawaii to exploit the low prices and authentic island food. After all, buying an investment property in Hana, Maui is a solid real estate investment decision that you can take whether you want to invest in Airbnb rentals for weddings and events or not!
Tucson, Arizona
Buying investment properties to use as Airbnb rentals for weddings would not be your first instinct when in Tucson! On the other hand, the most successful real estate investors are those who see a market opportunity and opt to fill in the gaps in hopes of making money in real estate! So, in the midst of mountain tops lies Tucson! A city lively enough to be your wedding destination while offering seclusion and privacy! If you’re considering Tucson for real estate investments, here are some stats to give you a well-rounded idea about Tucson real estate:
- Median Property Price: $266,780
- Airbnb Cap Rate: 1.38%
- Traditional Cap Rate: 1.07%
- Airbnb Rental Income: $1,566
- Traditional Rental Income: $1,135
If you’re thinking of starting a real estate investment business in Arizona, whether in Tucson or any other city, read this blog post to determine the best target niche: Arizona Real Estate Market 2018 – The Place to Invest This Year.
Bar Harbor, Maine
Bar Harbor is another emerging real estate market in Maine, especially for those looking to find the best real estate investment deal. Be that as it may, the beautiful scenery and mild summer heat is exactly what any couple needs for a sunset wedding! Here are some Bar Harbor real estate facts to give you a glimpse of the profits of buying Airbnb rentals for weddings in Maine:
- Median Property Price: $701,493
- Airbnb Cap Rate: 5.81%
- Airbnb Rental Income: $3,954
The Bar Harbor real estate market is favorable for Airbnb rentals. With steadily appreciating real estate values and beautiful serene views, it’s not that hard of an investment decision to make when buying Airbnb rentals for weddings and events in Bar Harbor.
Park City, Utah
Home of the 2002 Winter Olympics, Park City, Utah is known for its beautiful real estate and ski resorts! It’s a place chosen by many to tie the knot! So, listen up, real estate investors! Here are some real estate stats about Park City real estate:
- Median Property Price: $920,858
- Traditional Cap Rate: 1.06%
- Airbnb Rental Income: $1,835
- Traditional Rental Income: $2,295
Looking at 19th-century buildings that line the central streets in town can give you a European vibe while maintaining a certain amount of class. Meanwhile investing in real estate in Park City can be a financially lucrative option. Let’s take a closer look at the median rental income in Park City. It’s clear that the real estate market is favorable for new investments. Moreover, it’s becoming more and more popular to buy larger scale cottages, lodges, and cabins to use as Airbnb rentals for weddings and events.
Nantucket, Massachusetts
Doesn’t every bride-to-be wish to have that island getaway wedding? Being on an island is going to give you a private and intimate wedding feel whether you plan for it or not! So, for those real estate investors looking to invest in short-term rentals for events, Nantucket, MA is offering just that! With manicured lawns bordering you and the white sandy beaches of the sea, it doubles as a wedding and vacation destination. Let’s take a closer look at the Nantucket real estate market through Mashvisor’s Airbnb profitability calculator:
- Median Property Price: $22,058,353
- Airbnb Cap Rate: 1.21%
- Airbnb Rental Income: $5,701
It’s an easy task to make money in real estate through Airbnb in Nantucket! You just have to find the right property to match your entrepreneurial skills! Get some more information on Mashvisor’s property finder feature by reading this blog post: Property Finder Tool – Finding Real Estate Investment Properties in 2018.
Aspen, Colorado
Going further down the list, we’ve transformed from tropical temperate weather into the beauty of a white covered mountain. With Aspen real estate, it’s not hard to fall in love with a snow-drizzled lodge! Any real estate investor can turn a lodge into an event hall with the right outdoor space usage! To better grasp Aspen real estate, here are some real estate stats:
- Median Property Price: $2,102,884
- Airbnb Cap Rate: 1.57%
- Traditional Cap Rate: 5.09%
- Airbnb Rental Income: $5,358
- Traditional Rental Income: $15,913
With Aspen real estate, the government subsidizes rents and purchased properties for locals to ensure that tourism is not affecting the standard of living for the local community. So, if you’re thinking of buying income properties in Aspen, make sure to conduct a proper real estate market analysis through an Airbnb profitability calculator.
Consider using Mashvisor’s Airbnb profitability calculator, and make use of the 14-day free trial by clicking here.
Final thoughts
Whether you’re buying rental properties to use as Airbnb rentals for weddings or to use as traditional rentals, you can use of the previous list to determine the most impressive cities and states where you can invest for a little extra rental income. Just make sure to incorporate the thinking process of couples looking to get married when going for Airbnb rentals for events.
If you have any more insights, please share them with us in the comments section.
