Photo courtesy of Forbes.Imagine trading your cramped office cubicle for a workspace with panoramic views of the Rockies or the serene beaches of the Gulf Coast. This dream is becoming a reality for many millennials, who are swapping traditional markers of success for a nomadic life of adventure and freedom on the road.
With my background as a hedge fund analyst, I’ve always sought unique investment opportunities, believing the NYC market is oversaturated. This pursuit led me to a skilled feasibility consultant, whose insights saved me from a poor investment. After meeting him in Mobile, Alabama, our professional relationship evolved into a joint venture. Now, I’d like to share how investors can tap into the potential of RV parks.
The Millennial Migration to Mobile Living
The average RV owner today is not planning retirement; at 32 years old, they are more likely planning their next “workation” spot. This age group, often bogged down by skyrocketing housing costs, interest rates and a thirst for work-life balance, is leading a seismic shift toward RV living. The RV Industry Association reports showing a staggering 62% increase in RV ownership among young adults in the last decade. This trend is less about the vehicle and more about what it represents — freedom, flexibility and an unbridled spirit of adventure. More and more millennials are choosing to “put their equity on wheels.”
A Market Gap Calling for Innovation
The RV boom is creating waves, with over 493,000 new units produced in 2022, yet the infrastructure for these homes-on-wheels is trailing. The industry faces a stark deficit, with only about 15,000 new RV pads developed in the same period. Most existing RV parks, relics of a bygone era, lack the amenities that the new-age digital nomad takes for granted, such as high-speed internet and cell phone service. The average age of the existing RV park is 40 years old. This gap is not just a problem; it’s an opportunity for visionary entrepreneurs to redefine the RV park experience.
Remote Work Fuels the Luxury RV Movement
Remote work, a legacy of the pandemic era, has untethered professionals from their desks. Over a third of workers who have the option of working remotely now do so all the time. Luxury RV parks are stepping up, offering not just a spot to park but a community with all the trappings of a modern office and resort, set in nature’s lap.
Luxury RV Parks: A New Destination for Work and Play
Modern luxury RV parks are reimagining the outdoor hospitality experience. They are destinations in their own right, boasting amenities like resort-style pools, gyms, pickle ball courts, co-working spaces, farm-to-table dining and even wellness programs. These parks are more than just a place to stay; they’re a lifestyle choice, offering a blend of work, leisure and community that resonates deeply with the millennial ethos.
To read the full report from Ben Spiegel in Forbes, click here.
