The Escape Home, a newsletter for second homeowners, reports that one Oregon town is punching above its weight in terms of the popularity of its vacation rentals on Airbnb.
No, it's not Portland. Move over, Bend. It's Eugene, Oregon.
The article explains what locals already know:
Boasting world-class wine and an abundance of natural beauty, Eugene is known as one of the nation’s most bike-friendly cities. It’s also home to one of the state’s largest universities, giving it a hub of culture and innovation.
A study assessing the market potential of vacation rentals ranked Eugene a solid number 15 out of 198 American cities. For comparison purposes, Portland was number 127.
The study looked at a number of factors that go into making a vacation rental profitable, including:
- Revenue Potential (occupancy rate and rental rate over 12 months)
- Initial investment (listing price and value shift over last 12 months)
- Overhead (property taxes, housekeeping, and other costs)
- Entertainment (number of nearby attractions)
- Safety (potential for crime and natural hazards)
- Climate (potential for extreme hot or cold weather)
Eugene scored highly in the Revenue Potential category while it was nearer to the bottom ranking in Initial Investment. This means that, while homes are relatively inexpensive to purchase there, they have significant interest to potential travelers, which translates to a high booking rate.
An interview with Airbnb CEO Brian Chesky further helps explain the allure of Eugene as a destination. He thinks travel patterns and trends are changing post-pandemic. Whereas people used to live in one place, work in another, and vacation in a third, he theorizes that people are now looking to create a more hybrid experience. They will stay somewhere for longer, and work, vacation, and live in that one space.
Eugene is an ideal candidate for this kind of hybrid life, meaning that its popularity as a vacation destination can only be expected to increase.
This post is not sponsored. Links are not affiliated.