Klamath Falls, Oregon Short-Term Rental Market
Klamath Falls STRs averaged $174/night at 45.7% occupancy in April 2026 across 6,310 active listings.
Quick Answer: Klamath Falls, Oregon is an active short-term rental market. average occupancy is 46%. average monthly revenue is $2,220. average daily rate is $174. the top operator is Vacasa with 372 listings. market score is 55/100 (grade C).
Market Score Breakdown
Five dimensions Apivex evaluates per market.
Market Overview
The Klamath Falls, Oregon short-term rental market counted 6,310 active listings as of the April 2026 snapshot, making it a mid-sized regional market anchored by proximity to Crater Lake National Park. Entire-place listings dominate at 5,822 units (92.3% of supply), with 480 private rooms and just 8 shared rooms rounding out the mix. The channel split shows broad dual-platform distribution: 3,079 listings on Airbnb only, 506 on Vrbo only, and 2,725 listed on both platforms simultaneously.
By bedroom count, 1-bedroom units are the most common at 2,382 listings, followed by 2-bedroom (1,591) and 3-bedroom (1,507). Larger configurations include 564 four-bedroom and 259 five-bedroom units, reflecting demand from groups visiting Crater Lake and regional recreation areas.
In April 2026, the market averaged $174/night ADR and 45.7% occupancy, producing $79.62 RevPAR. Year-over-year, occupancy declined 2.93 percentage points and revenue fell 3.12%, though ADR posted a 3.54% gain. The 2025 annual average occupancy was 52.93% with an ADR of $204, suggesting April is a seasonally soft month relative to full-year performance.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 42% | $186 | $2,247 |
| Feb | 48% | $184 | $2,201 |
| Mar | 50% | $175 | $2,338 |
| Apr | 48% | $162 | $2,109 |
| May | 55% | $170 | $2,339 |
| Jun | 66% | $193 | $3,234 |
| Jul | 69% | $202 | $3,798 |
| Aug | 64% | $199 | $3,513 |
| Sep | 54% | $183 | $2,665 |
| Oct | 50% | $167 | $2,321 |
| Nov | 46% | $163 | $1,971 |
| Dec | 48% | $192 | $2,497 |
Top Short-Term Rental Operators in Klamath Falls
Ranked by total active listings. Useful for understanding the competitive landscape.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Vacasa | 372 | 27,196 | ★ 4.58 |
| 2 | Evolve | 123 | 5,400 | ★ 4.72 |
| 3 | The Official Collins Lake Resort | 89 | 360 | ★ 4.78 |
| 4 | Mt Hood Vacation Homes | 66 | 3,894 | ★ 4.52 |
| 5 | Arrived Vacation Rentals | 63 | 4,437 | ★ 4.75 |
What Kind of STR Should I Buy in Klamath Falls?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 2,382 |
| 2 bed | 1,591 |
| 3 bed | 1,507 |
| 4 bed | 564 |
| 5 bed | 259 |
ADR by Property Tier
| Entire Home | $181 |
| Luxury | $311 |
| Professionally Managed | $240 |
Revenue by Dwelling Type
| Apartment | $1,920 |
| Entire Place | $2,307 |
| House | $2,357 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 48.8% |
| vrbo | 8% |
| both | 43.2% |
Investment Analysis
For investors evaluating Klamath Falls, the April 2026 snapshot shows a monthly gross revenue of approximately $2,220 for an average listing. Annualized, that implies roughly $26,637 per year, against a typical home value of $308,092, yielding an estimated gross return of approximately 8.6%. That figure reflects only rental revenue before expenses, management fees, and vacancy; net returns will be lower.
Tier differentiation is meaningful here. The all-listings ADR of $174 compares to $181 for entire-home listings and $240 for professionally managed properties, suggesting skilled operators extract a 38% ADR premium over the market average. Luxury-tier listings average $311/night, nearly double the market-wide rate, indicating room at the top for well-positioned premium properties.
The 2021 peak (65% occupancy, $185 ADR, $3,164/month average revenue) has not been recaptured. Revenue has stabilized in the $2,820-$3,002/month range annually for 2023-2025, down from 2021-2022 highs. The 2024-2025 ADR trend (both years averaging $197-$204) indicates pricing power has held even as occupancy softened. Median days to pending of 69 days and a sale-to-list ratio of 0.79 suggest a buyer-friendly resale market, which can benefit acquisition pricing.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Booking Insights
The average booking lead time for Klamath Falls STRs is 39 days, meaning guests typically book about five to six weeks in advance. This is a moderate lead window that gives operators a reasonable horizon for dynamic pricing adjustments but is short enough that last-minute availability gaps can still be filled.
Average length of stay is 3.69 nights, which is slightly longer than a standard weekend stay. This suggests guests are using Klamath Falls as a base for multi-day Crater Lake and regional recreation itineraries rather than quick weekend stops. Longer stays reduce turnover costs per booking and can improve net margins relative to markets with 1-2 night average stays.
For pricing strategy, the 39-day lead window suggests setting base rates firm 40-plus days out and using shorter-window discounting selectively to fill gaps. The 3.69-night average also supports minimum-stay policies of 3-4 nights during peak season to reduce cleaning cost per booking while matching typical guest intent.
Short-Term Rental Regulations
Short-term rentals are legal in Klamath Falls but require a Short-Term Rental Permit under Article 18.5 of the Community Development Ordinance (Sections 12.700-12.745), adopted in fall 2023. Operators must also hold a City Business License. The combined first-year permit and license cost is approximately $200; thereafter only the Business License renews at $50 annually. The City set a September 30, 2024 compliance deadline for all existing STRs to obtain permits.
There is no owner-occupancy or primary-residence requirement. However, density limits apply in residential zones: generally no more than two dwelling units on a property may contain an STR (except in Downtown, General Commercial, and Mixed Use zones), only one of two units (including ADUs) may operate as an STR concurrently, and shared-wall units face additional restrictions unless both units or the owner-occupied adjoining unit is also an STR. Parking minimums require two spaces plus one additional off-street space per bedroom above three.
Klamath County separately levies an 8% Transient Room Tax on stays under 30 days. Operators must register with the County Tax Collector, obtain a certificate of authority, and remit this tax. Enforcement is rated moderate. No annual night cap was found in available sources.
Market Comparison
Klamath Falls’ April 2026 occupancy of 45.7% falls below the US STR median of approximately 55%, which is consistent with it being a seasonal outdoor market in an off-peak month. Its ADR of $174 is also below the national median of approximately $220, reflecting smaller average unit sizes and a drive-market price point rather than a destination resort pricing structure.
The market’s total score of 55.4 out of 100 (investability 69.2, rental demand 67.4, regulation 62.5, revenue growth 55.1, seasonality 77.2) positions it as a moderate-performing regional market rather than a top-tier investment destination. The high seasonality score reflects the wide summer-to-winter swing.
On the operator side, Vacasa leads with 372 listings (5.9% market share) and 27,196 reviews at a 4.58 rating. Evolve follows with 123 listings and 5,400 reviews at a 4.72 rating. The Official Collins Lake Resort holds 89 listings at a 4.78 rating. These three operators collectively manage approximately 584 listings, or about 9.3% of total market supply, leaving the large majority of listings in the hands of individual hosts.
Frequently Asked Questions About Klamath Falls, Oregon
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