U.S. RV Park and Campground Investment Market Stabilizes After Post-Pandemic Surge

Written by:

Steve Marcinuk

Date:

28 Apr 2026

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The U.S. RV park and campground investment market has settled into a more stable pattern following the volatility of the pandemic era. After years of rapid growth fueled by travel restrictions and low interest rates, outdoor hospitality is now defined by steadier demand, more realistic pricing, and a renewed focus on operational fundamentals. This normalization is creating both opportunities and new challenges for investors seeking reliable returns in a changing landscape.

Post-Pandemic Demand Stabilizes

RV travel and outdoor hospitality grew rapidly in 2020 and 2021, driven by limited travel options and rising demand for socially distant recreation. RV sales and campground occupancy soared as people sought safe ways to travel and vacation. As Tim Dougan, President of Campground Brokers of America, recalls: “During the height of COVID, people couldn’t travel anywhere, so RV sales and camping demand skyrocketed.”

As restrictions eased and travel normalized, sector momentum slowed. Interest rates rose and demand stabilized. Dougan describes the current environment as “healthier and more sustainable for the asset class.” Deal sizes across the sector have ranged from $500,000 for small parks to $40 million for larger, amenity-rich resorts. Recent transactions across the country illustrate continued buyer interest, particularly from sellers preparing for retirement.

Pricing Expectations Align

One of the clearest signs of market stabilization is the narrowing gap between what sellers expect and what buyers are willing to pay. Dougan notes that “the bid-ask spread is definitely narrowing,” reflecting a shift in seller expectations. Many owners have adjusted to higher interest rates and normalized demand, moving away from inflated pandemic-era valuations.

This shift is making it easier for deals to close, as both sides now operate with more realistic pricing expectations. The result is a healthier transaction pipeline with less friction between buyers and sellers.

Management Demands Hands-On Work

Despite the appeal of outdoor hospitality, many investors underestimate the management required to run a successful RV park or campground. Dougan cautions that expectations of passive income are misplaced. “A lot of folks get swept away by the possibility of higher returns and think it’s a passive investment. That’s far from the truth,” he says.

Running an RV park requires hands-on involvement comparable to hotel management. Occupancy and reputation depend on delivering a strong guest experience. Negative reviews can damage a park’s reputation and reduce revenue. Successful operators must manage customer service, maintenance, marketing, and compliance. These tasks require significant time and expertise. Dougan points out that “the level of hands-on involvement to make sure customers are having a positive experience is the biggest misconception in the space.”

Investors Range From Operators to Institutions

The sector attracts both institutional investors and private, hands-on operators, each with distinct approaches to underwriting and management. Owner-operators who manage properties directly often achieve lower operating expenses. Their hands-on approach supports tighter cost controls and better guest experiences, allowing them to justify higher purchase prices. “They can typically run the property on a tighter expense load, and that allows them to justify a higher price,” Dougan explains.

Cap rates vary widely based on property quality and location. Premium resort properties in top markets may carry negative leverage. Value-add opportunities in less competitive areas can offer cap rates of 11 to 12 percent. This range reflects investors’ risk appetites and the operational expertise required to generate returns across market segments.

Workforce Housing Demand Grows

A notable trend in the sector is the shift toward long-term stays and workforce housing. Some operators remain focused on short-term guests and are performing well. Others have shifted toward extended-stay residents, including traveling workers and those seeking affordable housing.

Dougan notes that success depends on operator expertise and alignment with a property’s business model. “Some operators specialize in short-term stay parks and are absolutely crushing it right now,” he says, underscoring the importance of matching skills and strategy to market demand.

Workforce housing is becoming increasingly important as inflation and economic pressures make affordable living options more attractive. Dougan notes that “as inflation continues to be a driver, the need for affordable housing is going to continue to increase, and that will continue to drive value for those longer-term stay parks.” Parks serving this demand can benefit from steady occupancy.

Revenue Results Vary by Property

Transaction volume across the U.S. outdoor hospitality market has trended upward in recent years, even as individual property performance remains uneven. The distinction matters: strong deal flow does not guarantee uniform revenue growth at the property level. Many parks reported revenue declines in 2025 compared to 2024, while others posted improved results. Performance is closely tied to location, amenities, marketing strategies, and the ability to attract guests with unique experiences or features.

External factors, including inflation, gas prices, and international travel restrictions, continue to affect specific markets. Parks in Snowbird destinations and the Northeast experienced reduced Canadian travel in 2024 and into early 2025 due to border and political tensions. Dougan notes that this headwind has largely leveled out as of early 2026 and is not expected to be a significant drag on the market this year. Other regions proved more resilient throughout that period.

AI Drives Operational Efficiency

Technology adoption is increasingly shaping operational efficiency and guest satisfaction across the outdoor hospitality sector. Artificial intelligence offers tools to automate tasks, optimize pricing, and improve the guest experience without sacrificing personal service. Dougan predicts that “the folks that can integrate AI into their operation to limit expenses, but won’t take away from the customer experience, will be able to separate themselves from the rest.”

Beyond AI, marketing technology is advancing how properties are presented to prospective buyers. Virtual property tours now allow buyers to evaluate sites remotely, reducing the need for on-site visits and streamlining the transaction process. As these tools become more widely adopted across the industry, operators and brokers who invest in technology stand to gain a measurable competitive advantage.

New Capital Enters the Sector

The sector’s stability and returns relative to traditional real estate continue to attract new equity investors. With demand for affordable housing and outdoor recreation holding steady, well-positioned properties are likely to remain in favor among both private and institutional buyers. Dougan points to the continued entry of new equity players as a forward-looking indicator, noting that interest in the asset class is largely driven by the prospect of higher returns than more traditional investment vehicles such as multifamily real estate.

Industry Culture Fosters Collaboration

Beyond financial metrics, the outdoor hospitality sector is known for a collaborative culture. Dougan highlights the sense of community among service providers, vendors, and operators across the country.

Industry conferences and trade shows give regional operators opportunities to share insights and best practices, a level of openness rarely seen in other real estate sectors. This culture of collaboration supports innovation and knowledge sharing, helping operators adapt to changing market conditions and guest expectations.

Outlook Favors Operational Discipline

The U.S. RV park and campground investment market has moved past its pandemic-driven boom and now operates on a foundation of operational discipline and realistic pricing. Investors who understand the sector’s complexities, particularly the need for hands-on management and adaptability to shifting guest preferences, are best positioned to succeed.

Returns remain attractive compared to other real estate categories, but success depends less on speculation and more on execution. Properties that deliver strong guest experiences, embrace technology, and align with evolving market demands will capture the greatest value in the years ahead. For investors willing to engage deeply with operations and industry trends, the outdoor hospitality sector offers a stable and rewarding opportunity as it enters its next phase of growth.

About the Expert: Tim Dougan is President of Campground Brokers of America, where he specializes in RV park and campground transactions across the United States, drawing on deep experience in outdoor hospitality brokerage and market analysis. His perspective highlights how the sector has shifted from pandemic-era volatility into a more stable, operations-driven investment landscape shaped by realistic pricing, evolving demand, and increasing institutional interest.

This article is based on information provided by the expert source cited above. It is intended for general informational purposes only and does not constitute legal, financial, or real estate advice. Readers should conduct their own research and consult qualified professionals before making any real estate or financial decisions.