With U.S. short-term-rental (STR) demand now back above its pre-pandemic average and supply poised to accelerate again, vacation rentals can still spit out double-digit cash‐on‐cash returns—if you choose the right market and stay ahead of the regulation curve. Here’s the 2025 playbook for would-be Airbnb and Vrbo hosts.

If you’ve ever scrolled past another “passive-income” reel and thought, “I’d rather own the building than watch it,” this is your blueprint. From house-hacking a duplex to syndicating a 200-unit complex—no trust fund required.

National self-storage occupancy is hovering in the low-90 % range, new-builds are slowing, and average cap rates have drifted above 6 %. For investors hunting predictable operating margins and fragmentation-driven roll-up opportunities, 2025 could be the moment to secure facilities before the next demand spike.

The U.S. affordable-housing gap hasn’t shrunk—waiting lists for vouchers remain years long in many metros. Congress responded by approving $36 billion for the Housing Choice Voucher (HCV) program for calendar-year 2025, including $31.9 billion for rent subsidies and almost $2.8 billion in PHA administrative fees