Feasibility Study Company Independent Feasibility Analysis

RV Parks & Outdoor Hospitality · Asset Class

RV Park & Campground Feasibility & Market Studies

Independent, lender-grade analysis for RV parks, campgrounds, and outdoor-hospitality projects across SBA 7(a) and 504, USDA Business and Industry, conventional bank, CMBS, and debt-fund capital. This page is our standing read on where the outdoor-hospitality market stands, how feasibility and ramp-up forecasts fail review, and the difference between the market study, the feasibility study, and the going-concern appraisal a lender requires.

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$10.9B
2025 US RV-park & campground revenue, up 2.5%4
9.3%
Average cap rate across 21 parks sold in 20247
52M
North American camping households, 20253
91%
ELS revenue from annual sources, Dec 20245
The Outdoor-Hospitality Thesis

A campground is a going concern, not passive real estate.

RV parks and campgrounds are the rare asset class that lenders and appraisers treat as a going concern, real estate plus furniture, fixtures and equipment plus an operating business, rather than as passive real estate. That single distinction reorders everything: the value driver is net operating income, the eligible capital sources are hospitality and rural lenders rather than agency multifamily, and the appraisal is a business-enterprise-value exercise. We prepare the market study and the feasibility study, and support the going-concern appraisal, each aligned to the standard that will judge the file.

The variable that decides the outcome is the revenue mix. Transient nightly income is higher-rate but volatile and seasonal; annual and seasonal income is lower-rate but stable and MHC-like. The two dominant public consolidators have voted decisively for stability. Equity LifeStyle Properties derived 91 percent of revenue from annual sources as of December 31, 2024, and Sun Communities has converted nearly 7,000 transient RV sites to annual since 2020.56 A pro forma that blends the two streams into a single occupancy and a single rate is not analyzable.

And the tailwind has reversed. RV wholesale shipments, the sector's leading demand indicator, completed a full boom-bust-normalize cycle: a 600,240-unit peak in 2021, a 313,174 trough in 2023, 342,220 in 2025, and a 314,000-unit forecast median for 2026, down 8.2 percent.12 Underwriting to 2020–2022 growth is the single most dangerous assumption in the sector today. What follows is organized as a working desk: a national and regional supply and demand monitor, the feasibility and ramp-up forensics that sink RV-park studies, the capital-source routing that decides which deliverable a project needs, and the study-type distinctions competitors state loosely. Every figure is dated and attributed in the sources below.

The Supply & Demand Monitor

Where the RV-park market stands, market by market.

A supply-and-demand read for the US outdoor-hospitality market and its principal destination regions, built from named primary sources. Because this sector has no CoStar-equivalent and no metro-level cap-rate series, the regional matrix is directional and must be corroborated deal-by-deal. Data current through mid-2026; the 2026 shipment figure is a forecast.

The national picture frames every region. The US campgrounds and RV-parks industry generated about $10.9 billion in revenue in 2025, up 2.5 percent, across roughly 15,000 to 16,200 private parks with 1.3 million campsites, plus an estimated 13,000 public campgrounds that function primarily as demand generators.4824 The structure is defining: 78 to 88 percent of parks are independently owned and REITs hold about 2 percent, a fragmented base that met an institutional consolidation wave now cooled by higher rates.8 Demand has normalized above pre-pandemic levels but stopped growing, with camping households at just over 52 million, above the 42.0 million of 2019 but below the 58.5 million 2022 peak, while RV wholesale shipments fell from a 600,240-unit peak in 2021 to a 314,000-unit forecast median for 2026.312 The result is a market past its boom, structurally sound, and sharply divided by region and by revenue mix.

Supply pressure: Oversupply risk Balanced Supply-constrained Volatile / seasonal. Regional reads are directional, built from broker commentary and REIT disclosure, not a systematic metro survey.
Region / market Primary demand drivers Seasonality Rate read (directional) Supply pressure
Florida / Gulf Coast Snowbirds, beaches, year-round tourism; largest, most durable RV market Inverse winter peak plus summer; near year-round Highest revenue/site nationally; upscale resorts $15,000+/site/yr; premium nightly $80–$125+ BalancedLocalized oversupply risk from new resort pipeline; roughly 3,600 sites added 2022–2024; watch hurricane and insurance cost
Texas Winter Texans, Gulf Coast, Hill Country tourism, energy and workforce; no state income tax Winter peak on the Gulf Coast; summer inland; workforce demand less seasonal Monthly snowbird $400–$1,200; stable workforce extended-stay demand Deep demandMost parks in the US (~3,000); workforce parks raise SBA passive-income questions; Hill Country a USDA B&I fit
Arizona / Desert SW Snowbird retirees, desert winter climate; large seasonal resorts Strong inverse: winter peak, summer trough High winter occupancy; annual and seasonal-heavy revenue mix BalancedPhoenix, Yuma, and Apache Junction hub; annual-heavy parks trade more like MHCs at lower cap rates
California coast Coastal scarcity, national-park gateways, large outdoor population Summer peak coastal; some year-round Highest ADRs; coastal sites can be 2–3x rural Midwest Supply-constrained919 parks; high land cost and zoning barriers constrain new supply; heavy regulation
Mountain West / park gateway Yellowstone, Grand Canyon, Glacier and other park-adjacent transient demand Short, intense summer peak; shoulder risk Strong peak ADR; short season compresses annualized occupancy VolatileHigh transient volatility; ELS flagged normalization tied to national-park service-level changes in 2025
Southeast (Carolinas, TN, GA, AL) Smoky Mountains, coast, and lakes; strong local RV ownership Summer peak; milder shoulder Mid-range ADR; workforce and destination mix BalancedActive consolidation and development (e.g., Pigeon Forge); rising competition
Great Lakes / Midwest Lakes and summer family camping; large drive-to population Highly seasonal: 6–8 month season, winter closure Lower ADR; seasonal revenue concentration Seasonal riskRoughly 20% of national supply; off-season fixed-cost coverage is the key underwriting risk
Pacific Northwest Coast, forests, outdoor lifestyle Summer peak; wet shoulder Mid-range ADR BalancedLength-of-stay rules (e.g., Oregon's 14-night default) constrain long-stay conversion

Regional matrix compiled from national broker commentary, REIT geographic disclosure (ELS, Sun Communities), RVParkIQ supply counts, and analytical sources; see sources 5–9, 16, and 18. RV-park operating data is not organized by MSA, with no CoStar equivalent or metro-level cap-rate series, so every cell is directional and must be corroborated deal-by-deal from traffic counts, attraction visitation, and competitor rate sheets. ELS reported higher turnover in its North and Northeast RV portfolio and demand normalization in northern transient markets in 2025, versus continued strength in Sunbelt annual markets.

Occupancy means nothing without its basis

No figure in this sector is more misread than occupancy. On an annual site-nights basis a typical independent park runs 60 to 70 percent, peaking near 100 percent in prime season; on an annual-lease-occupancy basis the REITs report 97 to 99 percent, because that number counts long-term contracts rather than nightly turns.56 Sun Communities reported North America manufactured-housing-and-RV same-property blended occupancy of 99.2 percent in the third quarter of 2025, a figure that is not remotely comparable to a transient park's site-nights utilization and must never be blended with it.6 Any study that cites a single occupancy number without stating its basis, and without separating peak, shoulder, and off-season, is not defensible.

The revenue mix is the hidden rate story

Headline nightly rates hide how a park actually earns. Transient standard sites run roughly $35 to $90 a night and premium destination sites $60 to $150-plus, while annual and seasonal snowbird sites let for $400 to $1,200 a month, a four-to-five-month winter season totaling $2,000 to $6,000.18 An upscale Florida resort can generate more than $15,000 in annual revenue per site against roughly $8,000 for a basic park in a less-trafficked region.20 Seasonality inverts by geography: northern parks may operate only six to eight months yet carry year-round fixed costs, while Sunbelt snowbird markets run their peak in winter. This is why an annualized occupancy or a blended rate is analytically useless, and why the transient-versus-annual split, not the site count, drives value. Ancillary revenue from the camp store, cabin rentals, propane, laundry, and activities realistically contributes 10 to 25 percent of the total, with site rentals expected to produce 80 percent or more of gross income.1819

Cap rates, transaction volume, and the going-concern floor

Outdoor hospitality prices at a discount to core real estate because it is an operating business. The strongest transacted read is Parks & Places' 9.3 percent average cap rate across 21 parks sold in 2024, with average time-on-market of 8.8 months, up from 8.2 months in 2023.7 Broker and analytical ranges run 8 to 12 percent, with resort-quality destination assets sometimes at 6 to 8 percent and value-add or tertiary parks at 10 to 14 percent-plus; EV/EBITDA multiples generally run 4.0 to 7.0x.723 Development runs roughly $15,000 to $50,000 per site all-in, which anchors the cost approach: a February 2026 seven-property, 1,500-plus-site portfolio traded at about $62,000 per site, above typical build cost and reflecting stabilized income and a location premium.2022 Transaction volume fell in 2023 and 2024 on higher borrowing costs before a partial 2025–2026 recovery; NAI's Jesse Pine described 2024 as markedly slower, with rising cap rates compressing values and a persistent bid-ask gap, while Matrix Capital Markets Group named Sun Communities, Equity LifeStyle Properties, and Modern American Campgrounds as the meaningful consolidators.79

Common Review Failures

How RV-park feasibility and ramp-up forecasts fail review.

Seasonality, revenue mix, and the operating ramp are the variables a credit committee scrutinizes most, and the places outdoor-hospitality studies most often break. Each failure below is tied to a real mechanism or number.

  1. Annualized occupancy masks the seasonal curve

    A blended annual occupancy figure hides the peak, shoulder, and off-season curve. A northern park at 65 percent annual occupancy may run near 100 percent in July and August and near zero from November to March. Lenders should require peak, shoulder, and off-season occupancy separately; a single annualized number is a red flag.12

  2. A revenue mix that double-counts

    Transient sites carry a higher ADR but are volatile and seasonal; annual sites are stable but lower-rate. Pro formas that credit both peak transient ADR and high stable occupancy at once are double-counting. The REIT record shows transient revenue can fall 9 to 10 percent in a single year even as annual income grows.56

  3. Underwriting to a demand curve that no longer exists

    With shipments down to a 314,000-unit 2026 median and camping households flat at just over 52 million, forecasts that extrapolate 2020–2022 boom growth are underwriting to demand that is gone. As one broker put it, more supply has been added to most markets and a chunk of COVID-era travelers have gotten back on planes.237

  4. Demand asserted without quantified drivers

    Parks within a 30-to-60-minute drive of a major attraction consistently outperform remote locations on both occupancy and ADR. Studies that assert demand without quantifying attraction visitation, corridor traffic counts, event calendars, and snowbird-route proximity fail the demand-driver test.21

  5. Resort ADR on a budget-build cost basis

    Resort amenities (pools $50k–$150k, clubhouses $100k–$300k+, splash pads, pickleball) drive ADR but inflate development cost and opex, and each site still needs 30- and 50-amp electric, water, and sewer or septic at $5,000 to $15,000 all-in. A pro forma that assumes resort ADR on a budget-build cost basis is internally inconsistent.20

  6. Understated expense ratios and seasonal labor

    With operating expenses at 50 to 70 percent of revenue, an understated ratio inflates NOI and therefore value. Seasonal labor is a specific trap: peak-season staffing must be covered by peak revenue, and off-season fixed costs (taxes, insurance, financing, minimal staffing) must be covered by reserves. An expense ratio materially below 50 percent is a red flag.204

  7. Length-of-stay and zoning rules that cap the mix

    Many jurisdictions cap transient stays and regulate RV parks distinctly from residential use, and numerous counties deem an RV permanently occupied at 30-plus consecutive days, triggering landlord-tenant law. These rules directly constrain the transient-to-annual conversion thesis, can cap the achievable revenue mix, and intersect with SBA eligibility.12

  8. Peak run-rate sizing instead of stabilized DSCR

    Because cap rates are high and seasonal cash flow is lumpy, loan sizing should be constrained by stabilized debt-service coverage under conservative occupancy, not by a peak-season run-rate. Weekly DSCR tracking against fixed debt service is prudent for seasonal operators, and a credible ramp projects gradual occupancy over 18 to 24 months rather than high day-one occupancy.1912

Capital-Source Routing

Which channel funds the project, and what it requires.

RV parks route through hospitality and rural capital, not agency multifamily, and each channel requires a different deliverable and coverage test. The study is built to the union of requirements across the channels actually in play, starting with the one eligibility line that decides SBA access.

The outdoor-hospitality lender matrix
Deliverable and terms by capital source. Figures are program parameters and market conventions, not universal minimums.12
Capital sourceDeliverableTerms & convention
SBA 504Feasibility study (special-use property)Fixed assets up to ~$16M, ~10% down (15%+ special-use)
SBA 7(a)Feasibility / going-concern valuationUp to $5M per borrower; >50% short-term (≤30-day) revenue
USDA Business & Industry (rural)Feasibility over $1M, plus NEPA reviewUp to $25M ($40M select), 80% guarantee, 25-year amortization
Conventional bankGoing-concern appraisal and DSCR analysisLarger resorts and multi-park; sized on stabilized NOI
CMBS / debt-fundStabilized-cash-flow underwritingStabilized assets; bridge for not-yet-stabilized
Agency (Fannie / Freddie MHC)Excludes pure RV resortsMH component only on blended MH/RV communities

Sources: SBA SOP 50 10 8 (effective June 1, 2025); USDA OneRD rule (7 CFR Part 5001); Freddie Mac and Fannie Mae MHC program terms. See sources 12, 13, and 14.

The central eligibility point is subtle and worth stating plainly, because borrowers hit it constantly. Under SBA SOP 50 10 8, released April 22, 2025 and effective June 1, 2025, more than 50 percent of a park's gross revenue must come from short-term stays of 30 days or less for the park to qualify as an eligible hospitality business. Up to 49.9 percent may come from monthly extended-stay guests, provided the guest agreements are month-to-month with no guaranteed right of renewal, an extended-stay hospitality guest rather than a residential tenant.12 A park deriving more than half its revenue from long-term or annual tenants is classified as residential rental and is ineligible, because the SOP treats apartment buildings and mobile-home parks as passive real estate. The more a park resembles passive lot rental or an MHC, the more the passive-real-estate prohibition bites, and corporate block leases to a single employer push a workforce park toward ineligible passive rental.

The manufactured-housing blur matters on the agency side too. Freddie Mac's MHC loan program states plainly that no RV resorts or broken condominiums are allowed, and Fannie Mae's MHC program carries similar exclusions.14 A blended manufactured-housing and RV community may therefore access agency debt on its MH component, but a pure transient RV resort generally cannot, which is precisely why outdoor hospitality routes through SBA, USDA, conventional bank, CMBS, or debt-fund channels rather than through the agency window that anchors apartment finance. USDA Business and Industry, governed by the consolidated OneRD rule, is a natural fit for rural parks, guaranteeing up to 80 percent of loans up to $25 million in communities of 50,000 or fewer.13

  • Rural, owner-operated park (community of 50,000 or fewer)USDA Business & Industry, with a feasibility study for loans over $1 million plus NEPA review, up to $25 million and an 80 percent guarantee.
  • Owner-operated park, short-term revenue over 50 percentSBA 504 or 7(a) as an eligible hospitality business, with a feasibility study and a going-concern valuation on change of ownership.
  • Park with more than 50 percent long-term or annual revenueTreated as residential rental and SBA-ineligible; route to conventional bank, CMBS, or agency on the MH component if blended.
  • Pure transient RV resortAgency MHC programs exclude it; route to SBA, USDA, conventional bank, CMBS, or a debt fund on a going-concern basis.
  • Value-add, ground-up, or repositioning (not yet stabilized)Bridge, hard-money, or debt-fund capital through the ramp, with SBA financing frequently the permanent takeout.
Study Types

Market study, feasibility study, appraisal: three questions.

These three documents answer different questions and are not substitutes. Lenders and borrowers conflate them constantly; SBA, USDA, and appraisal reviewers do not.

What each document answers, and the standard that governs it.
DocumentQuestion answeredGoverning standard
AppraisalWhat is it worth? A going-concern, business-enterprise-value opinion on the income approach, with allocation among real estate, FF&E, and business value.USPAP (incl. Standards 7 and 8)
Market studyIs there a viable project? Supply and demand in the trade area, the first test, without the site-specific financial model.Specialist-advisory convention
Feasibility studyCan it be built, financed, and operated profitably? The market study plus the pro forma, DSCR, and viability conclusion.SBA SOP 50 10 8 / USDA B&I

The critical point is that RV parks are valued as going concerns, not as pure real estate. The total asset is real estate plus furniture, fixtures and equipment plus the business, operations, and intangibles, which places outdoor hospitality in the same category as gas stations, car washes, and senior care, and distinct from pure-real-estate retail. Appraisers use the cost, sales-comparison, and income approaches, but the income approach on a going-concern basis governs because value is driven by net income. Specialist appraisers such as Sage Outdoor Advisory and BBG's MHC and RV practice build a stabilized net-operating-income pro forma, or a ten-year discounted-cash-flow for an unstabilized or proposed property, then allocate value among the real estate, the FF&E, and the business components.15

Allocation is not mechanical. Appraisal-industry guidance warns that deducting the contributory value of FF&E and intangibles does not necessarily leave a clean real-estate residual, and that USPAP Standards 7 and 8 competency applies when personal property and business value are separated. The transient-versus-annual income split directly affects the cap rate applied: stable annual and MHC-like income supports a lower cap rate and a higher value, while volatile transient income commands a higher cap rate.15 As for when each is required, SBA SOP 50 10 8 requires a feasibility study for special-purpose property, and USDA Business and Industry requires one for loans over $1 million, which must additionally address community and economic impact and NEPA environmental review; the market study is the go/no-go first step.1213

Outdoor-hospitality formats, each with a distinct study scope

RV-Park Questions

RV-park feasibility and market-study questions.

Are RV parks and campgrounds eligible for SBA 7(a) or 504 financing?

Yes, as owner-operated hospitality businesses rather than passive real estate, and eligibility turns on one test. Under SBA SOP 50 10 8, effective June 1, 2025, more than 50 percent of a park's gross revenue must come from short-term stays of 30 days or less. Up to 49.9 percent may come from monthly extended-stay guests provided the agreements are month-to-month with no guaranteed right of renewal. A park deriving more than half its revenue from long-term or annual tenants is classified as residential rental and is ineligible, because the SOP treats apartment buildings and mobile-home parks as passive real estate. SBA 504 finances fixed assets up to $16 million; 7(a) up to $5 million per borrower.

What is the difference between a market study, a feasibility study, and an appraisal for an RV park?

A market study analyzes supply and demand in the trade area and is the first test of whether a viable project exists. A feasibility study goes further, testing whether a specific project can be built, financed, and operated profitably; SBA SOP 50 10 8 requires one for special-purpose property and USDA Business and Industry requires one for loans over $1 million. An appraisal concludes a value under USPAP. For RV parks all three rest on the same going-concern reality: value is driven by net operating income, not by land and improvements alone.

How are RV parks and campgrounds valued?

As going concerns, not as pure real estate. The total asset is real estate plus furniture, fixtures and equipment plus the business and operating intangibles, the same category as gas stations, car washes, and senior care. Appraisers use the cost, sales-comparison, and income approaches, but the income approach on a going-concern basis governs because value follows net income. Specialists build a stabilized net-operating-income pro forma, or a ten-year discounted-cash-flow for a proposed property, then allocate value among real estate, FF&E, and business components, with USPAP Standards 7 and 8 competency required for the personal-property and business elements.

Why does the transient-versus-annual revenue mix matter so much?

Because the two income streams price differently. Transient nightly income carries a higher rate but is volatile and seasonal; annual and seasonal income is lower-rate but stable and MHC-like, and it supports a lower cap rate and a higher value. The distinction now drives public-REIT results: Equity LifeStyle Properties derived 91 percent of revenue from annual sources as of December 31, 2024, and Sun Communities has converted nearly 7,000 transient RV sites to annual since 2020. A pro forma that credits peak transient rates and high stable occupancy at the same time is double-counting.

Can an RV resort be financed by Fannie Mae or Freddie Mac?

Generally no. The agencies' manufactured-housing-community programs exclude pure RV resorts; Freddie Mac's MHC program states plainly, "No RV resorts or broken condominiums allowed," and Fannie Mae's program has similar exclusions. A blended manufactured-housing and RV community may access agency debt on its MH component, but a pure transient RV resort cannot, which routes it toward SBA, USDA, conventional bank, CMBS, or debt-fund capital instead.

What cap rates do RV parks trade at?

Higher than apartments or self-storage, reflecting operational intensity and going-concern risk. The strongest transacted read is Parks & Places' 9.3 percent average across 21 parks sold in 2024. Broker and analytical ranges run 8 to 12 percent typically, with resort-quality destination assets sometimes at 6 to 8 percent and value-add or tertiary parks at 10 to 14 percent or higher. EV/EBITDA multiples generally run 4.0 to 7.0x. Cap rates repriced upward through 2024 on higher borrowing costs before a partial 2025–2026 recovery.

Is the RV and camping boom over?

It has normalized, not collapsed. RV wholesale shipments peaked at 600,240 units in 2021, bottomed at 313,174 in 2023, and recovered to 342,220 in 2025, but the RVIA Summer 2026 forecast cut 2026 to a 314,000-unit median, an 8.2 percent decline. Camping households sit at just over 52 million, above the 42.0 million of 2019 but below the 58.5 million 2022 peak. The correct posture is to underwrite to normalization, not to renewed boom, and to reject pro formas that extrapolate 2020–2022 growth.

By Market

RV-park feasibility studies by state.

Outdoor-hospitality demand is intensely local, and supply is concentrated: Texas leads with roughly 3,000 parks, followed by Florida with more than 1,000 and California with 919.8 Explore the state markets where seasonality, the local pipeline, and length-of-stay rules determine whether a park pencils.

Financing an RV park or campground? Start with the revenue mix.

Feasibility Study Company prepares independent RV Park & Campground feasibility and market studies, built to the review standard your capital source applies. A methodology briefing walks through the going-concern framework, the deliverable your capital source requires across SBA, USDA, bank, and CMBS, and the current supply, demand, and cap-rate data for your region and format.

Request a methodology briefing
Sources

Data sources and dates.

Every figure on this page traces to a named authority. Outdoor-hospitality data is thinner and more concentrated than apartment or retail data; national figures are directional, single-provider dependence is flagged where it exists, and metrics are labeled by basis because transient and annual figures are routinely confused. Readings are point-in-time and should be corroborated at the deal level.

  1. RV Industry Association (RVIA), December 2025 shipment data and 2025 RV Industry Profile (via RV PRO and RV News): wholesale shipments of 600,240 units (2021 peak), 313,174 (2023 trough), 333,733 (2024), and 342,220 (2025, retail value $20.40 billion), with historical thresholds first passing 400,000 in 2016, 500,000 in 2017, and 600,000 in 2021.
  2. RVIA and ITR Economics, RV RoadSigns forecast: Summer 2026 edition (2026 median 314,000 units, range 300,000–328,100, down 8.2 percent, with CEO Craig Kirby citing economic headwinds and higher financing costs), superseding the Winter 2025 edition (349,300-unit 2026 median).
  3. KOA 2026 Camping & Outdoor Hospitality Report (12th annual; conducted by Cairn Consulting Group; released April 14, 2026; 4,088 surveys; US margin of error ±1.82 points), via SGB Media: over 52 million North American camping households in 2025 (52.2 million), versus 52.5 million (2024), 58.5 million (2022 peak), and 42.0 million (2019); $66 billion local-community economic footprint; glamping share.
  4. IBISWorld, Campgrounds & RV Parks (NAICS 72121 / OD1667), May 2025 and 2026 updates: industry revenue of $10.6 billion (2024, down 0.8 percent) and $10.9 billion (2025, up 2.5 percent), an 8.3 percent 2020–2025 CAGR IBISWorld flags as artificially high, and 16,419 to 17,037 establishments.
  5. Equity LifeStyle Properties (ELS): Investor Presentation, SEC Form 8-K (February 2025); Q2 2025 and Q4 2025 earnings (January 2026): 452 properties and 173,201 sites as of December 31, 2024, 91 percent of revenue from annual sources, full-year 2025 annual base rental income up 4.1 percent while seasonal and transient rent fell 9.1 percent, and Q1 2026 guidance.
  6. Sun Communities (SUI): FY2023 Annual Report (2024); Q3 2024 earnings transcript (via The Motley Fool); FY2025 results (February 2026): nearly 7,000 transient-to-annual RV conversions since 2020, RV same-property NOI down 6.9 percent in Q3 2024, 99.2 percent MH-and-RV blended occupancy (Q3 2025), and the roughly $5.5 billion Safe Harbor Marinas sale and deleveraging.
  7. Parks & Places, via RVBusiness (December 18, 2024): a 9.3 percent average cap rate across 21 parks sold in 2024, with average time-on-market of 8.8 months (up from 8.2 in 2023); NAI Outdoor Hospitality Brokers' Jesse Pine on the 2024 slowdown and bid-ask gap.
  8. RVParkIQ (2025): 16,200-plus private parks, 1.3 million campsites, an estimated 13,000 public campgrounds, ownership fragmentation (about 88 percent independent, 2 percent REIT), and geographic concentration (Texas nearly 3,000 parks, Florida 1,000-plus, California 919).
  9. Matrix Capital Markets Group, "Outdoor Recreation & Marine Update — RV Edition" (February 2025): 2023–2024 characterized as a transaction slowdown and 2025 as poised for a breakout, naming Sun Communities, Equity LifeStyle Properties, and Modern American Campgrounds as meaningful consolidators.
  10. Grand View Research, Horizon Databook (2025): US glamping market of $737.9 million (2024) projected to $1.517 billion (2030) at a 12.8 percent CAGR; North America $885.3 million (2024); provider divergence noted against global figures of $2.6–3.8 billion.
  11. RVIA, 2025 RV Owner Demographic Profile / Go RVing (February 2025): RV ownership across 8.1 million US households, median owner age 49 (down from 53 in 2021), and median use of 30 days per year; older 11.2-million-household figures noted as a different survey basis.
  12. US Small Business Administration, SOP 50 10 8 (released April 22, 2025; effective June 1, 2025; technical update May 29, 2025), via SBA504Blog, FundMySBA, and Great Lakes Commercial Finance: the short-term (30-day-or-less) revenue eligibility test, month-to-month extended-stay treatment, franchise directory, and streamlined environmental review.
  13. USDA Rural Development, Business & Industry (B&I) program under the OneRD Guaranteed Loan rule (7 CFR Part 5001, effective October 1, 2020), via MMCG, Business Finance Depot, and RV Park University: guarantees up to 80 percent on loans up to $25 million ($40 million select), rural (50,000-or-fewer population), 25-year amortization, and feasibility required over $1 million.
  14. Freddie Mac and Fannie Mae manufactured-housing-community loan program terms (via Multifamily.loans and CommercialRealEstate.loans, 2025): the RV-resort exclusion ("No RV resorts or broken condominiums allowed"); specialist lenders such as Lument finance MH and RV resort properties.
  15. Sage Outdoor Advisory and BBG (MHC/RV appraisal practice), 2025; RV Park University and CREUniversity: going-concern and business-enterprise valuation, the income approach and ten-year DCF for proposed properties, market-study-versus-feasibility distinctions, and allocation among real estate, FF&E, and business value under USPAP Standards 7 and 8.
  16. Woodall's Campground Magazine, via RVBusiness (2024–2026): at least 4,146 new RV sites across 31 new parks and another 1,570 sites added to 36 existing parks between 2024 and early 2026; Florida added roughly 3,600 sites 2022–2024.
  17. Blue Water Development, Roberts Resorts/Communities, KOA, Northgate Resorts, and RREAF Holdings, via RVBusiness and trade coverage (2024–2026): third-party management scale and consolidator activity, including KOA's 500-plus franchised and owned campgrounds.
  18. Feasibility-study-consultant.com, RoverPass, RJourney, and RV Podcast (2025–2026): transient nightly rates ($35–$90 standard, $60–$150+ premium), annual/seasonal snowbird rates ($400–$1,200/month), ancillary-revenue share (10–25 percent), and seasonality.
  19. Financial Models Lab (2025): site rentals producing 80 percent-plus of gross income, and weekly DSCR tracking against fixed debt service for seasonal operators.
  20. Loan Analytics / MMCG and Innowave Studio (2024–2025): revenue per site (roughly $8,000–$15,000+), development cost of $15,000–$50,000 per site all-in, utility line items ($5,000–$15,000/site), and the 50–70 percent operating-expense band.
  21. SDRetirementPlans (2026, citing RVIA and industry data): outperformance of parks within a 30-to-60-minute drive of a major attraction, remote-work demand drivers, and the roughly 20 percent franchise revenue-per-site premium.
  22. OH Weekly / Woodall's (February 2026): Park Brokerage's off-market seven-property, 1,500-plus-site portfolio (approximately $97 million, roughly $62,000 per site) as a resort-quality price-per-site benchmark.
  23. DealStream (2025): EV/EBITDA multiples for RV parks generally running 4.0 to 7.0x, with higher-amenity parks at the top of the range.
  24. RVIA Campground Industry Market Analysis / RVIA Market Pulse Dashboard: the public-private split, with public agencies operating 55 percent of campgrounds while private operators provide 71 percent of campsites (widening to roughly 5-to-1 for RV-specific sites).