March 17, 2026
So far in 2026, our team at North Star Brokerage & Advisory has spoken with individual 374 owners of RV parks, mobile home communities, campgrounds, and other outdoor hospitality properties across the country. We have meticulously combed through this information so that we can provide owners like you better insight into the overall market.
Some of these conversations turn into projects for our firm. Many do not.
But every conversation gives us a real-time look into how owners are thinking, what concerns they have, and how the market is evolving.
After reviewing recent conversations with owners across multiple markets, several clear themes have emerged. If you own an outdoor hospitality property, you may recognize some of these same dynamics in your own thinking or in conversations with other owners.
1. Many Owners Are Curious About Value — Even If They’re Not Ready to Sell
One of the most consistent themes we’re seeing right now is that owners want to understand the value of their property, even if they have no immediate plans to sell. The conversation often begins with something simple:
“I’m not looking to sell right now, but I’d be curious what it might be worth.”
“Maybe in a few years.”
“I’m starting to think about retirement.”
Understanding your property’s value today is critically important—not just because of what you could sell it for, but because it helps you understand why the value is what it is.
When owners understand the drivers behind their property’s valuation, they can focus their efforts on improving the areas that matter most.
For example:
- Financial reporting – If your books and records are not clean, organized, and verifiable, buyers and lenders cannot confidently evaluate your property. That uncertainty usually leads to lower offers.
- Marketing effectiveness – If your property is not effectively marketed to the traveling public or long-term residents, you may not be capturing the full potential of your market.
- Operational efficiency – If expenses are rising faster than revenue, that directly impacts the net operating income that drives valuation.
Understanding your value today—and the factors behind it—gives owners a roadmap for building a more valuable property before they ever decide to sell.
2. Timing Is the Biggest Reason Owners Wait
When owners tell us they are not ready to sell today, the reason is rarely because they dislike the market.
More often, it simply comes down to timing. Typical responses include:
“Maybe later this year.”
“Let’s check back after the season.”
“We need to get our financials organized.”
“We’re traveling right now.”
When we track the market, what we see is that market velocity is about 5%. In other words, roughly 5% of operating properties sell each year, while 95% do not sell that year.
That means that for every 20 properties we speak with, typically one will sell in the next 12 months and nineteen will not.
And that is perfectly normal.
For the 95% of owners who are not selling this year, the most productive focus is maximizing profitability and improving operations so that when it is their turn to sell, they have a more valuable asset to bring to the market.
3. Some Operators Are Feeling Burnout
Outdoor hospitality properties can be incredibly rewarding businesses, but they are also operationally demanding. We occasionally hear comments like:
“Running parks is getting harder.”
“We’re thinking about retiring.”
“It’s becoming more work than we want to deal with.”
The past few years have also introduced some additional pressures.
Last year alone, our firm underwrote 78 outdoor hospitality properties in Texas, and more than 65% of those properties experienced both declining revenue and rising expenses at the same time.
When revenue decreases while expenses increase, the result is a squeezed net operating income.
At the same time, many owners purchased their properties between 2020 and 2022, when outdoor hospitality assets were outperforming historical trends and debt was significantly cheaper.
Lower interest rates meant buyers could afford to pay more for properties, while income levels during that period were already elevated.
Today, the market looks different.
Debt costs are higher, operational expenses have increased, and many owners are adjusting to a more normalized operating environment.
The net result of this macroeconomic change is that its getting harder to operate properties and the return on investment is going down.
4. Owners Are Talking to Multiple Brokers — And They Should
One reality of today’s market is that many owners speak with multiple brokers before deciding whether to sell or who to hire.
We fully endorse that approach. In fact, owners should talk to as many brokers as possible before making a decision.
The reality is that more than half—and possibly closer to three-quarters—of brokers in the marketplace have little or no experience with outdoor hospitality assets.
Many brokers are simply trying to secure a listing agreement without having a real strategy or understanding of the asset class.
As an owner, you should be vetting brokers carefully.
A qualified broker should be able to clearly explain:
- How they will market your property
- How they manage buyer relationships
- What current buyer demand looks like
- What cap rates the market is seeing
- How they will position your property
- How they will negotiate offers
- What the process looks like from listing to closing
If a broker cannot give thoughtful, detailed answers to these types of questions, that is probably not the broker you want representing one of your most valuable assets.
You do not want someone learning the process on your property. You want someone who has already done it many times before.
5. Buyer Demand Remains Strong
Despite the changes in the market, buyer demand for outdoor hospitality assets remains strong.
At any given time, our firm is actively marketing between 20 and 25 outdoor hospitality properties, and collectively we are receiving roughly 20 to 30 qualified offers each month.
The buyer pool today includes:
- Experienced owner-operators
- High-net-worth investors
- Private equity-backed investment groups
- Institutional buyers seeking scale
Many of these investors are specifically looking to build portfolios of properties, capitalize on economies of scale, and eventually sell those portfolios as larger institutional assets.
This long-term investment strategy continues to drive strong interest in well-positioned outdoor hospitality properties
6. Owners Want Market Intelligence
Many of the conversations we have with owners today revolve around understanding the market itself.
Owners frequently ask questions like:
- What kind of demand are you seeing for parks right now?
- How many offers do listings receive?
- What are buyers focusing on during underwriting?
- Are cap rates moving?
Outdoor hospitality is still a specialized asset class, and many owners want to make sure they are making decisions based on accurate and current market information.
7. Pricing Expectations Are Still Adjusting
Like many commercial real estate sectors, outdoor hospitality is experiencing an adjustment in pricing expectations.
Several factors are influencing valuations today, including:
- New competition entering markets
- Changes in property performance
- Macroeconomic conditions
- Interest rates and cost of capital
All of these factors can influence pricing, sometimes year by year and sometimes month by month.
The pricing that many owners could have achieved in 2021 is often very different from what the market supports today.
Even pricing from six months ago may differ from current pricing, and pricing today may be different again six months from now.
Understanding where your property fits within the current market landscape is critical to making informed decisions.
8. Many Owners Are Also Buyers
Another interesting pattern we often see is that owners of parks are frequently looking to acquire additional parks.
Many experienced operators and investors are actively expanding their portfolios.
In particular, we are seeing significant activity from:
- Private equity-backed investment groups
- High-net-worth individuals
- Experienced operators seeking to scale
These buyers are often looking to build portfolios that allow them to capture operational efficiencies and eventually exit through larger portfolio sales.
What This Means for Owners
The current market could best be described as being in a “pre-sale phase.”
Many owners are:
- Evaluating the value of their properties
- Watching market conditions
- Gathering information
- Thinking about long-term plans
At the same time, there is a considerable amount of uncertainty in the marketplace.
We speak with owners every week—from single-property operators to owners with dozens of parks across multiple states—and what we can confidently say is that very few people feel they have a complete grasp on where the market is headed.
And that is perfectly normal.
Owners should not feel uncomfortable asking questions, seeking information, or exploring different options. In fact, those conversations are often the best way to clarify the path forward.
Final Thoughts
Our goal at North Star Brokerage & Advisory is not simply to sell properties.
Our goal is to be one of the many sources of information owners rely on when making decisions about their businesses, their finances, and their futures.
Many of the conversations we have with owners start with simple questions:
- What is my property worth today?
- How are other parks performing?
- What are buyers looking for right now?
- What could I do to make my property more valuable?
If any of the themes in this article resonate with what you are experiencing as an owner, we encourage you to reach out.
Even if you are not considering a sale today, having a conversation about your property, your market, and your goals can often reveal opportunities to increase profitability and position your property more favorably for the future.
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