U.S. RV Park Industry 2026: A Maturing $10.9 Billion Sector Navigates Normalization

The U.S. RV park and campground industry generated an estimated $10.9 billion in revenue in 2025, reflecting a 2.5% annual increase and an 8.3% compound annual growth rate since 2020, with investment outlook and cap rates reflecting the sector's institutional maturation and site plan design increasingly driving competitive differentiation. The broader camping economy is substantially larger, with total U.S. camping spending reaching $61 billion in 2024 encompassing all camping-related expenditures beyond campground fees alone. Industry revenue is projected to reach approximately $11.4 billion by 2028 and $11.9 billion by 2030, implying a deceleration to roughly 1.9% CAGR through the end of the decade as post-pandemic tailwinds normalize.

The U.S. now has approximately 16,419 privately owned campground and RV park businesses, a 2.2% increase from the prior year, with a growth rate of 3.4% annually since 2020. Including public campgrounds operated by federal, state, and local agencies, the total approaches 29,000 or more locations encompassing over 1.3 million campsites nationally. Roughly 88% of private parks remain independently owned, with just 2% controlled by REITs and 10% by multi-facility operators. About 38% of parks also operate as manufactured-home or long-term RV communities. An estimated 18,000 or more new campsites are expected to come online between 2023 and 2027 across 90 new campgrounds and expansions, though new campground openings declined 7.7% in 2024 due to elevated construction costs and interest rates.

RV Shipments Remain Steady but Below Pandemic Peaks

Wholesale RV shipments totaled 333,733 units in 2024 with a retail value of $20.27 billion. Full-year 2025 shipments reached 342,220 units, a modest 2.5% increase, with towable units at 306,191 (up 2.5%) and motorhomes at 36,029 (up 3.3%). Park model RV shipments reached 4,305 units, up 9.6%. Industry forecasts project a median of 337,000 units for 2026 with a range of 320,400 to 353,500. Retail registrations in 2024 totaled 356,518 units, down 6.9% from 2023. The most recent comprehensive ownership study estimates 11.2 million RV-owning households in the U.S., up 62% since 2001. The industry's total economic impact stands at $140 billion annually, supporting approximately 680,000 jobs.

Occupancy Softened in 2025 While ADR Edged Higher

Campground occupancy was characterized as fairly flat across private U.S. parks in 2025, with some summer softening and the Rocky Mountain/High Plains region experiencing an 8% decline in bookings. The first half was softer due to economic and political uncertainty. Trailing 365-day occupancy across major booking platforms showed approximately 3% year-over-year growth, though this masked divergence by segment. Seasonal and long-term campgrounds led at 51.5% occupancy in May 2025, up 6% year-over-year. RV resorts with three or more resort amenities posted 41.2% occupancy, essentially flat. Glamping resorts surged 17% in occupancy but from a low base of 5.6%.

By site type, the most recent industry benchmarking data showed full-hookup sites averaging 68% occupancy during operating months, park model cabins at 52%, rustic cabins and modern RV trailers at 41%, and tent sites at just 25%. Advance bookings for Summer 2026 showed U.S. advance occupancy at 30.1%, essentially flat versus the prior year.

Average daily rates continued their upward trend. Overall ADR on major booking platforms reached $33.12 in May 2025, up 4% year-over-year. Trailing 365-day ADR grew roughly 2%. Lodging sites including cabins and glamping showed the strongest ADR growth at 6%, while tent site ADR was flat. By region, nightly rates in 2025 ranged from $25 to $55 in the Midwest to $60 to $120 on the West Coast and $50 to $100 in the Southeast, with Florida Keys locations exceeding $150 per night. Luxury glamping accommodations command $200 or more per night. Monthly rates span approximately $500 to $650 in winter to $1,000 or more in summer.

Cap Rates Averaged 9.3% in 2024 as Transactions Slowed

RV park transaction cap rates averaged 9.3% across 21 parks sold in 2024, with an average time on market of 8.8 months, up from prior years as the market softened. The broader cap rate range for stabilized, well-performing parks sits at 8% to 10%, while premium resort-style properties in strong markets trade at 6% to 7%. Value-add and tertiary-market campgrounds are targeted at 9% to 10% going-in yields with upside past 12% on a yield-on-cost basis. Cap rates have moved upward from approximately 7% toward 8% to 9% since 2022 due to rising interest rates. Price per site in transactions ranges from $15,000 to over $50,000 depending on amenities and location, with one notable 2024 sale of a 273-site Wisconsin resort trading at approximately $54,700 per site.

Institutional Operators Anchor a Consolidating Market

Sun Communities operated 645 developed properties as of December 31, 2024, encompassing roughly 176,390 developed sites plus 48,760 wet slips and dry storage spaces. Its RV portfolio includes approximately 179 communities and 58,000 sites (33,000 annual, 25,000 transient). North America same-property NOI grew 4.1% in full-year 2024, with blended manufactured housing and RV occupancy reaching 99.0%. Core FFO per share was $6.81 in 2024. Sun disposed of approximately $570 million in non-strategic assets during 2024 to early 2025.

Equity LifeStyle Properties controls 455 properties with trailing 12-month revenue of approximately $1.45 billion as of late 2025. Core NOI grew 6.5% and normalized FFO grew 5.9% in 2024. Its Thousand Trails membership portfolio encompasses roughly 80 properties with 24,000 to 26,000 sites and 108,000 members, selling approximately 19,500 new camping-pass memberships in 2024. Manufactured housing and long-term RV revenue alone exceeds $1 billion.

KOA operates 500 or more franchised and owned campgrounds and remains the largest franchise system. Jellystone Park ranks as the second-largest chain with 75 or more locations and 18,000 or more campsites in 32 states and 5 Canadian provinces. Northgate Resorts operates 39 camp resorts across 16 brands, including approximately 19 to 20 Jellystone locations as the largest Jellystone operator.

Development Costs Range from $15,000 to $50,000 Per Site

New RV park development typically costs $15,000 to $50,000 per site including grading, roads, and utility hookups, according to a consensus across multiple industry sources. Large-scale luxury RV resorts can run $60,000 to $80,000 per site excluding land. Specific cost components include utility hookups at $2,000 to $5,000 per site, clearing and grading at $8,000 to $12,000 per acre, gravel roads at $4 to $10 per square foot, and asphalt at $7 to $15 per square foot. Major amenity additions include pools at $50,000 to $150,000 and clubhouses at $100,000 to $300,000 or more. RV site expansion declined 28% in 2024 while construction costs continued climbing.

Seasonal demand follows a pronounced bell curve peaking in June through August with near-100% capacity at popular destinations and 75% to 85% occupancy nationally during peak. Off-peak floors typically reach 20% to 30%. A notable 2025 trend is booking-window compression, with reservations shifting to 60 days or less before the trip and 54% of campers booking within 5 weeks. The amenity arms race continues: 34% of new parks feature resort-level amenities including pools, splash pads, and organized activities.

Implications for Feasibility and Valuation

The RV park sector has matured from a pandemic-fueled boom into a normalizing market characterized by flat occupancy, steadily rising ADR, elevated cap rates averaging 9.3%, and slowing new development. These conditions favor operators with amenity-rich, well-located assets capable of commanding premium nightly rates. For feasibility analysis, the key variables have shifted from raw demand growth projections toward competitive density assessment, seasonal revenue modeling with explicit peak-to-trough differentials, and capital expenditure planning for the amenity investments that increasingly differentiate top-performing parks from commodity campgrounds. The widening performance gap between institutional-quality resorts trading at 6% to 7% cap rates and basic campgrounds at 9% to 10% underscores that quality and location differentiation are becoming the dominant value drivers in this sector.

For lenders and investors evaluating projects in this sector, UnionMetric provides independent RV park feasibility study services that meet SBA and USDA requirements.

Sources

1. IBISWorld, Campgrounds & RV Parks in the US Industry Analysis, 2025
2. KOA, 2025 Camping & Outdoor Hospitality Report
3. RVParkIQ, The Market Size of the U.S. RV Park & Campground Industry, 2025
4. RVIA, RV Shipments End 2025 with 342,220 Units, December 2025
5. RVIA, 2024 RV Industry Profile
6. Campspot/OHI, The Data Dig Monthly Report, May 2025
7. ARVC/OHI, National Benchmarking Report for Campgrounds and RV Parks, 2023
8. Harvest Hosts, What Does an RV Site Really Cost in 2025, June 2025
9. RVBusiness, Data Varies But Most Park Operators Note 2025 Was Flat, September 2025
10. Sun Communities, Q4 2024 Earnings Press Release, February 2025
11. Equity LifeStyle Properties, Q4 2024 Earnings Call Transcript, January 2025
12. Parks & Places Brokerage via RVBusiness, Campground Market Softens, December 2024
13. RoverPass, Annual Report: Key Outdoor Hospitality Insights for 2025