College towns generate more than just reliable demand, they lead the short-term rental sector in gross yields, with the data to prove it. Among the ten highest-ranked college-town markets, gross yields range from 8.0% up to a remarkable 26.0%. This spectrum far exceeds the national median, highlighting markets where the academic calendar and event-driven surges translate directly into revenue.

What underpins these figures? The interplay of game weekends, graduation ceremonies, parent visits, and a chronic shortage of hotel rooms near campus. In places where football games or major university events can double or triple nightly rates, even moderate occupancy produces outsized returns. The top-yielding college towns are not always the largest or most well-known, they are the ones where home prices remain accessible compared to the earning power of a well-managed short-term rental.

Gross yield is calculated as annual rental income divided by the median home value, before expenses. While blunt, it remains a powerful tool for comparing markets. This is why trophy college towns with steep prices or strict regulation rarely appear among the leaders. Yield, not reputation, drives investment results. If you plan to underwrite a purchase in a college market, connect with a specialist agent who understands the local regulations and demand patterns.

College Town Airbnb Market Rankings 2026 (and the City-by-City Breakdown)

Source note: Data as of August 5, 2026, from Chalet Analytics. Each market’s annual revenue reflects its own median nightly rate (ADR) multiplied by occupancy and 365 days, using trailing 12-month data. The table reports the median listing’s revenue, median ADR, and median occupancy as separate medians, so multiplying the table’s ADR by its occupancy will not reproduce the revenue figure. Gross yield divides median revenue by the median home value (Zillow ZHVI). See the full data methodology for details.

The headline revenue figure includes all listings, but the active-operator benchmark screens for properties with consistent, sustained bookings. This benchmark gives a truer sense of what a committed owner can expect. Underwriting against the active-operator number provides a more realistic view of achievable returns.

1. Tuscaloosa, AL: Football Drives the Nation’s Top College-Town Yield

Tuscaloosa leads the college-town yield rankings with a 26.0% gross yield, among the highest nationwide. The market’s revenue engine is well established. Alabama football weekends trigger demand surges, raising ADRs to $316 and concentrating a significant share of annual bookings into a handful of lucrative dates.

Seasonality is sharp. Occupancy peaks at 70% in August and drops to 16% in January. Summer delivers 28% of annual revenue, with fall close behind at 27%. The revenue mix shows event-driven demand layered with steady university business and local tourism.

A 26.0% yield places Tuscaloosa in the 98th percentile among 501 US markets, reflecting both high ADRs and relatively accessible home prices (median $232,519, up 1.4% YoY). At the active-operator benchmark of $58,259, owners recoup their investment in just 4 years, one of the shortest timelines in the country. Most three-bedroom homes earn $26,390, but four-bedrooms reach $45,656, highlighting the upside for larger properties.

Who it fits. Buyers seeking maximum yield in a market defined by clear event-driven demand and a rapid payback timeline.

Regulation: Short-term rental rules vary by city, county, and HOA. Verify current requirements for the specific property before buying.

2. Oxford, MS: High ADRs, Big Events, and a Tight Calendar

Oxford posts an 18.3% gross yield, powered by high nightly rates and a calendar packed with major events. The median ADR stands at $346, far above the US median. Occupancy peaks at 67% in August and drops to 18% in July. Fall and summer each deliver over a quarter of annual revenue, reflecting the pull of Ole Miss football and graduation weekends.

Revenue trends show some softening, occupancy fell 62% YoY in July, but ADRs climbed 41%. The active-operator benchmark is $73,446, with a payback period of 5.7 years. These are strong metrics for a market where the median home value is $417,697 (up 5.3%). Three-bedrooms dominate, but four-bedrooms lead in revenue, earning $96,244 annually at a $758 ADR.

This yield places Oxford in the 95th percentile nationally. For a full breakdown by property type and season, the Oxford analytics page offers detailed insights.

Who it fits. Investors seeking high returns in a market with major event surges and strong pricing.

Regulation: Short-term rental rules vary by city, county, and HOA. Verify current requirements for the specific property before buying.

3. Athens, GA: Steady Demand, Expanding Supply

Home to the University of Georgia, Athens delivers a 13.9% gross yield, ranking in the 87th percentile of US markets. Academic schedules and a mix of concerts, sports, and university events shape the revenue profile. Occupancy hits 61% in August, dipping to 21% in January. Summer and fall each account for 28% of annual revenue, with other seasons trailing.

The median ADR is $215, slightly below the US median, yet occupancy (38%) is more resilient than in many other high-yield college towns. Investors face a 7.6-year payback at the active-operator benchmark of $45,215. Most listings are one-bedrooms, but five-bedroom homes gross $116,056 annually at $984 ADR, underscoring the opportunity in group stays.

Recent data shows a 12% drop in occupancy but a 28% increase in ADR, suggesting operators are holding pricing as demand softens. For more on Athens’ property mix and seasonality, see the Athens market analytics.

Who it fits. Buyers interested in a balanced market with moderate prices and reliable demand.

Regulation: Short-term rental rules vary by city, county, and HOA. Verify current requirements for the specific property before buying.

4. Ann Arbor, MI: Academic Magnet with Resilient Occupancy

Ann Arbor distinguishes itself with strong occupancy (46%) and a 12.9% gross yield, ranking in the 83rd percentile of US markets. The city’s academic and cultural gravity keeps bookings steady, with occupancy peaking at 78% in August and dipping to 31% in January. Summer brings in 29% of annual revenue, with spring close behind at 26%.

With a median ADR of $248 and a median home value of $536,407 (up 3.9%), buyers face about an 8-year payback at the active-operator benchmark of $67,395. Most listings are one-bedroom, but four-bedrooms deliver the highest returns at $128,877 on a $524 ADR.

Momentum shows a 21% drop in occupancy but a 7% gain in ADR, along with a 27% reduction in listings, suggesting that supply is consolidating around more dedicated operators. For deeper insights into Ann Arbor’s seasonality and property mix, the Ann Arbor analytics page offers granular data.

Who it fits. Buyers prioritizing stable occupancy and a diverse guest base in a market with high barriers to entry.

Regulation: Short-term rental rules vary by city, county, and HOA. Verify current requirements for the specific property before buying.

5. College Station, TX: Event-Driven Returns in Aggieland

College Station’s 12.3% gross yield reflects a market energized by Texas A&M’s packed event calendar. Occupancy reaches 60% in August, then falls to 16% in January. Fall and summer each contribute 29% and 28% of annual revenue. Median ADR matches the US median at $235, while occupancy lands slightly lower at 34%.

Home values sit at $350,643 (up 0.9%), and the payback period is 8.5 years at the active-operator benchmark of $41,162. Three-bedrooms are most common, but five-bedroom homes gross $45,813 annually at a $650 ADR, capitalizing on big weekends. Recent momentum shows a modest dip in occupancy but a 16% ADR increase, suggesting strong rates on event dates are maintaining revenue as demand softens.

For more details on College Station’s revenue mix and booking patterns, visit the College Station analytics page.

Who it fits. Investors targeting event-driven revenue spikes and moderate entry prices.

Regulation: Short-term rental rules vary by city, county, and HOA. Verify current requirements for the specific property before buying.

6. Auburn, AL: Balanced Calendar, Growing Home Values

Buyers watching price trends will note Auburn’s 11.1% gross yield, placing the market in the 72nd percentile nationally and comfortably above the US median of 8.8%. The $419,739 median home value has risen 5.3% over the past year, reflecting steady demand and long-term appreciation for investors.

Revenue is distributed evenly, with winter, fall, and summer each accounting for roughly a quarter of annual income. This balance helps smooth cash flow and reduce off-season risk.

August brings the highest occupancy rate at 67%, likely tied to university events and student move-ins, while December occupancy drops to 19%, illustrating the academic calendar’s direct impact. Despite a recent 22% drop in occupancy, operators have achieved a 45% jump in ADR, indicating that while stays are less frequent, pricing power remains strong for peak dates.

The current payback period is 9.2 years, based on active-operator revenue. Two-bedroom listings (171 active) offer entry-level options, but four-bedrooms command the highest earnings at $21,252 per year and a $362 ADR.

For a closer look at Auburn’s property types and seasonal revenue, the Auburn analytics page has the details.

Who it fits. Buyers looking for a market with balanced seasonality, upside in larger homes, and rising property values.

Regulation: Short-term rental rules vary by city, county, and HOA. Verify current requirements for the specific property before buying.

7. Gainesville, FL: Lower Prices, Steady Bookings

Summer shapes Gainesville’s revenue, with 29% of annual income arriving in the warmer months and occupancy peaking at 57% in August. University events and seasonal travel drive this surge. October marks the slowest period, with occupancy dipping to 33%. The market’s moderate seasonality keeps bookings consistent throughout the year.

This resilience, combined with a median home value of $300,239 (down 2.9% year over year), places Gainesville at the 63rd percentile for gross yield among 501 US markets, exceeding the national median by 1.1 percentage points.

With 643 full-time listings, Gainesville’s active-operator annual revenue is $28,437, translating to a payback period of about 10.6 years. One-bedroom properties dominate (319 listings), attracting solo guests and couples, though four-bedroom homes lead in annual earnings ($34,352 at a $309 ADR), making them appealing for group-stay strategies.

The past year saw a 3% rise in occupancy and a 36% jump in ADR, indicating growing demand and pricing power, supported by steady university travel and a resilient local economy despite modest home price declines.

For more on Gainesville’s property mix and occupancy trends, visit the Gainesville analytics page.

Who it fits. Value-focused buyers seeking a stable university market with accessible entry prices.

Regulation: Short-term rental rules vary by city, county, and HOA. Verify current requirements for the specific property before buying.

8. Bloomington, IN: University Calendar Drives Peaks

Bloomington’s seasonality closely follows the Indiana University calendar. Occupancy surges to 58% in August but plunges to 16% in January. Fall is the strongest quarter, contributing 29% of annual revenue. Summer follows at 27%, reflecting robust demand around campus events and move-in periods.

These swings keep average occupancy at 36%, below the US median of 45%. Average daily rates ($209) remain competitive for the region.

Investors face a 10.8-year payback based on active-operator revenue of $29,391, placing Bloomington at the 60th percentile for gross yield nationally. One-bedrooms dominate, but five-bedroom properties nearly triple the annual revenue at $34,188 and a $497 ADR, signaling strong demand for group stays during peak gatherings.

Over the past year, occupancy dropped 15% while ADR climbed 28%, as hosts raised rates to offset softer demand, especially on high-traffic weekends.

For a full breakdown of Bloomington’s seasonality and property mix, see the Bloomington analytics page.

Who it fits. Buyers seeking a university-driven market with clear seasonal peaks and group-stay upside.

Regulation: Short-term rental rules vary by city, county, and HOA. Verify current requirements for the specific property before buying.

9. Madison, WI: High Occupancy, Modest Yields

Recent data highlights Madison’s strong seasonal contrasts. Occupancy spikes to 88% in August but falls to 13% in January. This swing reflects the dual pull of the university calendar and summer tourism, concentrating nearly 30% of annual revenue in both fall and summer.

Madison’s 8.3% gross yield sits at the 44th percentile compared to the US median. Its $147 ADR is well below the national median of $235, keeping revenue moderate despite robust demand during peak months.

Operators face a payback period of about 12.9 years at the active-operator revenue benchmark of $33,629. This timeline is shaped by relatively high home values and lower nightly rates. Median occupancy (46%) is just above the US median, but recent momentum shows softening, with July 2026 occupancy down 19% and ADR off 7% from the prior year.

One-bedroom listings (149 active) dominate, serving solo travelers and couples, while three-bedroom homes deliver the highest returns at $32,224 per year and a $249 ADR, offering scale to investors seeking higher yields.

For more on Madison’s seasonality and property mix, see the Madison analytics page.

Who it fits. Buyers who value stable occupancy and are comfortable with longer payback periods.

Regulation: Short-term rental rules vary by city, county, and HOA. Verify current requirements for the specific property before buying.

10. Charlottesville, VA: Premium Pricing, Owner-Occupied Rules

Charlottesville completes the top ten with an 8.0% gross yield and a median home value of $525,079 (up 0.5%). Occupancy stands at 41%, with ADR at $224. Seasonality is balanced, with summer, fall, and spring each generating about a quarter of annual revenue. Occupancy peaks at 65% in August and falls to 24% in January.

Owners face a 12.9-year payback at the active-operator revenue of $40,714. Most listings are one-bedroom, but five-bedrooms gross $91,651 at $954 ADR, revealing the premium for large, high-end homes. Recent data shows a 27% drop in occupancy but a 35% rise in ADR, along with a slight reduction in listings. Operators are holding rates even as demand softens.

For more on Charlottesville’s property mix and revenue trends, visit the Charlottesville analytics page.

Who it fits. Buyers targeting a premium market with owner-occupied rules and strong group-stay potential.

Regulation: Short-term rental rules vary by city, county, and HOA. Verify current requirements for the specific property before buying.

Why the Big-Name College Towns Miss the List

Some of the most recognizable college towns, Austin, Boulder, Berkeley, do not appear in the top yield rankings. The main reason is cost. Home values in these markets have outpaced what even premium ADRs and strong occupancy can support, pushing gross yields below the national median. Regulation and supply constraints contribute as well, but the math of yield keeps them off the leaderboard.

How to Read These Rankings Before You Buy

Gross yield is a powerful screening metric, but it does not capture every nuance. It measures annual rental income as a percentage of the median home value, before expenses, taxes, or management costs. The headline revenue figure averages all listings, but the active-operator benchmark isolates those with sustained bookings. This is the number to underwrite against when sizing up a purchase.

Seasonality, event surges, and property type can shift the economics on a property-by-property basis. Before buying, confirm local regulations, tax requirements, and the specific revenue profile for your target property. Even within a single market, no two homes perform identically.

Ready to proceed? Match with a college-town short-term rental agent who knows the local rules and revenue drivers. Or, if you want to compare more markets, get your market match and start underwriting your next move.