The Top 10 U.S. Airbnb Markets for 2025

STR underwriting starts with regulatory stability. Markets where city councils are actively restricting permits — Austin core, Nashville core, Denver — should carry a meaningful risk discount.

The strongest 2025 entry markets combine vacation demand, permit availability, and price-to-revenue ratios above 12%. Gatlinburg, Destin, Galveston, Branson, and Page (AZ) all qualify.

Always verify permit availability at the parcel level — not just citywide — before closing. Many markets have grandfathered structures that look operational but cannot transfer to new owners.