Lexington, Virginia Short-Term Rental Market
Lexington, VA STRs averaged $244/night at 49.5% occupancy in April 2026, earning a 97.86 total market score.
Quick Answer: Lexington, Virginia is an active short-term rental market. average occupancy is 53%. average monthly revenue is $3,923. average daily rate is $262. the top operator is Evolve with 130 listings. market score is 98/100 (grade A).
Market data reflects the Shenandoah Valley regional market, which includes Lexington. Regulations, taxes, and permit details below are specific to Lexington.
Market Score Breakdown
Five dimensions Apivex evaluates per market.
Market Overview
Lexington is a historic college town in the Shenandoah Valley of western Virginia, home to Washington and Lee University and Virginia Military Institute. The STR market is anchored by Civil War heritage tourism, university visitation (alumni, parents, graduation events), Blue Ridge Parkway access, fall foliage season, and the Maury River outdoor recreation corridor.
In April 2026, the market recorded an ADR of $243.67 and occupancy of 49.5%, producing RevPAR of $120.63. Average monthly revenue per active listing was $3,353. Year-over-year, ADR grew 3.4%, revenue increased 2.8%, and occupancy declined 3.2%.
The listing mix is dominated by entire-home properties (4,108 units), with private rooms at 285 and shared rooms at 2. Bedroom distribution is led by 1-bedroom (1,204 units), 3-bedroom (1,123), and 2-bedroom (1,052) properties, with 4- and 5-bedroom listings adding 575 and 430 units respectively.
Airbnb is the primary channel (1,900 units), with a large cross-listed segment (2,216 units on both platforms) and a smaller VRBO-only pool (279 units).
Market scores are among the highest in the dataset: total score 97.86 out of 100, investability 89.81, seasonality 93.20, rental demand 77.24, revenue growth 77.44, and regulation 75.50. The dual-season demand base (summer leisure plus October fall foliage) and established STR ecosystem underpin these scores.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 39% | $215 | $2,496 |
| Feb | 43% | $216 | $2,398 |
| Mar | 45% | $202 | $2,614 |
| Apr | 52% | $209 | $2,926 |
| May | 51% | $225 | $3,065 |
| Jun | 54% | $227 | $3,383 |
| Jul | 60% | $223 | $3,688 |
| Aug | 58% | $220 | $3,593 |
| Sep | 49% | $215 | $2,836 |
| Oct | 57% | $228 | $3,647 |
| Nov | 50% | $223 | $3,105 |
| Dec | 45% | $223 | $2,911 |
Top Short-Term Rental Operators in Lexington
Ranked by total active listings. Useful for understanding the competitive landscape.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Evolve | 130 | 8,129 | ★ 4.69 |
| 2 | TripForth | 123 | 3,960 | ★ 4.62 |
| 3 | Bryce Mountain Escapes | 102 | 1,303 | ★ 4.71 |
| 4 | Be Still Getaways | 51 | 4,986 | ★ 4.92 |
| 5 | Vacay Away Vacation Rentals | 40 | 2,965 | ★ 4.53 |
What Kind of STR Should I Buy in Lexington?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 1,204 |
| 2 bed | 1,052 |
| 3 bed | 1,123 |
| 4 bed | 575 |
| 5 bed | 430 |
ADR by Property Tier
| Entire Home | $270 |
| Luxury | $424 |
| Professionally Managed | $289 |
Revenue by Dwelling Type
| Apartment | $2,101 |
| Entire Place | $4,069 |
| House | $4,300 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 43.2% |
| vrbo | 6.3% |
| both | 50.4% |
Investment Analysis
At an April 2026 average monthly revenue of $3,353 per active listing, a Lexington, VA STR generates approximately $40,235 in gross annual revenue. No housing price data is available in this dataset, so a gross yield calculation cannot be computed.
The tier structure shows close alignment between the all-market ADR ($244), entire-home ($251), and professionally managed ($252) tiers, indicating limited segmentation at the mid-market level. Luxury-tier properties command $387 per night, a 59% premium over the all-market average, the widest tier spread in this dataset.
Year-over-year, ADR increased 3.4% and revenue grew 2.8% through April 2026. The 2025 annual average revenue of $3,490 per month rose from $3,337 in 2024, a 4.6% increase, indicating a consistent upward trend. The exceptional total market score of 97.86 and investability score of 89.81 reflect the market’s sustained demand, multiple demand drivers, and dual-season peak pattern.
The primary investment constraint is Lexington’s owner-occupancy requirement: the property must be the host’s primary residence (occupied at least 185 days per year) and hosts may register only one unit citywide in residential zones. This effectively bars conventional non-owner-occupied investment STRs within city limits. Investors interested in the broader area should separately review Rockbridge County’s STR rules, which are distinct from the city’s requirements.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Booking Insights
In April 2026, the average booking lead time for Lexington, VA was 43.8 days, and the average length of stay was 3.18 nights.
A 44-day lead time indicates bookings typically arrive about six weeks before the stay. For a market with dual seasonal peaks (summer and October fall foliage), both high-demand windows should carry full pricing approximately six to eight weeks out. Operators who open October calendars with fall-foliage pricing in August or early September can capture the leaf-season premium before last-minute discounting erodes yield.
An average stay length of 3.18 nights is consistent with a weekend-focused market supplemented by 4- to 5-night stays during graduation weekends and university event weekends at Washington and Lee University and VMI. Setting 2- to 3-night minimums for weekend stays during peak months (July, October) controls turnover costs without restricting demand in a market where 3-night stays are the norm.
Short-Term Rental Regulations
Lexington, VA regulates short-term rentals under a Short-Term Residential Rental Registration program administered by the city’s Department of Planning and Development under Virginia Code § 15.2-983. Registration runs on a calendar year (January 1 through December 31) and must be renewed annually. An annual Accommodations Provider Attestation Form is due by January 30 each year.
The central operating constraints in residential zones (R-1, R-2, R-M):
– The rental dwelling must be the host’s primary residence, with the host occupying it at least 185 days per year.
– A host may register and operate only one residential dwelling unit citywide.
– These rules effectively bar non-owner-occupied investor STRs within the city’s residential zoning districts.
Operating an unregistered STR that is required to register carries a $500 penalty per occurrence.
On taxes, Lexington’s transient occupancy tax rate is 8% on stays of fewer than 30 consecutive days. Operators must remit this tax to the Commissioner of the Revenue. Note: the city recently revised the definition of a transient stay from 90 days or less to 45 days or less.
No permit application fee was identified in publicly available sources. Investors considering the broader market area should separately review Rockbridge County’s STR zoning rules, which differ from the city’s requirements. Enforcement is classified as moderate.
Market Comparison
Lexington, VA’s 49.5% occupancy in April 2026 is close to the US STR median of approximately 55%, with peak months reaching nearly 60% and a dual-season demand base that limits the severity of off-peak drops. The ADR of $244 exceeds the national median of approximately $220, reflecting the premium positioning of a Shenandoah Valley college town and heritage destination.
The total market score of 97.86 is among the highest recorded in this dataset, indicating strong overall fundamentals. The investability score of 89.81 is high despite the city’s owner-occupancy constraint.
Relative to other Virginia and Shenandoah Valley markets, Lexington benefits from the distinctive draw of two major universities and a Civil War heritage circuit, generating more consistent year-round demand than single-season outdoor or beach destinations.
Among active property managers, Evolve leads with 130 listings and 8,129 reviews at a 4.69 rating. TripForth operates 123 listings (4.62 rating) and Bryce Mountain Escapes 102 listings (4.71). Be Still Getaways operates 51 listings with 4,986 reviews and a 4.92 rating. Vacay Away Vacation Rentals manages 40 listings (4.53 rating).
Frequently Asked Questions About Lexington, Virginia
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