This month’s featured market is Killington, Vermont. Investments in both winter and summer attractions at the local ski resort, the transformation into a year-round vacation paradise, and the good value of real estate prices have all contributed to a hot vacation rental market in the Killington area.
According to Mountain Times, 80% of current home buyers in the area “are looking for a vacation property and the ability to use them for rentals as well as personal ski vacations.” With all that Killington has to offer, It’s no wonder that most buyers want to utilize their property as a family vacation home, as well as a rental. The idyllic town, which is best known for having the largest ski area in the East, is only five hours north of New York by car and a 3½-hour drive from Boston. Home to just 800 or so permanent residents, the town welcomes thousands more each winter for skiing, snowboarding, and other snow-related recreation. But summertime activities are available as well. A popular Appalachian hiking trail conveniently cuts right through the center of town. Golf, mountain biking, ATV rides, concerts, shopping and dining are other popular pastimes. The closest airport resides less than a two-hour drive away in Burlington, Vermont.
The peak season in Killington is during ski season is December through February, when the average rental can pull in up to $6,000 in a month. The average rate for a rental is around $392 per night. The average vacation rental size is 2.8 bedrooms and hosts 8 guests. According to VRBO, the area enjoys a 7% quarterly growth rate.
In order to meet full income potential, properties in the area must have updated furnishings and decor. Often requested amenities in the area are a hot tub, fireplace, pool table, rustic feel, and scenic views. Being located near the Killington Ski Resort can add to the property’s appeal.
The median home sale price in Killington is $208,828, which can spell a great ROI for marketable vacation rentals.