Evansville, Indiana Short-Term Rental Market
Evansville STRs averaged $157/night at 54.5% occupancy in April 2026, with year-over-year revenue up 3.8%.
Quick Answer: Evansville, Indiana is an active short-term rental market. average occupancy is 55%. average monthly revenue is $2,181. average daily rate is $157. the top operator is Evolve with 171 listings. market score is 78/100 (grade B).
Market Score Breakdown
Five dimensions Apivex evaluates per market.
Market Overview
Evansville, Indiana is the state’s third-largest city, with 116,176 residents situated at the Ohio River’s tri-state junction of Indiana, Illinois, and Kentucky. Tourism generates approximately $503 million in annual economic impact for the Vanderburgh County region, with sports events alone driving more than $25 million and 27,000+ hotel room nights in 2024. The short-term rental market here serves a mix of convention and event visitors, regional drive-market leisure travelers, and business transients.
As of April 2026, the Evansville STR market averaged $156.82 per night in ADR at 54.5% occupancy, producing a RevPAR of $85.49. Monthly revenue per active listing averaged $2,181. Year-over-year trends are positive across all three headline metrics: occupancy gained 4.95 percentage points, ADR rose 3.16%, and revenue increased 3.83%. This upward trajectory puts Evansville among the markets recovering from the 2022-2023 STR demand correction.
The inventory skews toward entire-place listings: 7,129 of roughly 7,823 tracked units are whole-home or whole-unit properties (about 91%), with 692 private-room and 2 shared-room listings. By bedroom count, the market leans toward smaller properties: 1BR (2,454 listings), 2BR (2,186), and 3BR (1,828) together account for 84% of inventory, with 4BR (787) and 5BR+ (554) properties serving larger-group travel. The market’s total score of 78.3 out of 100 and investability score of 96.8 are notably strong, reflecting a combination of affordable entry costs, growing demand, and a permissive regulatory environment.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 39% | $129 | $1,541 |
| Feb | 48% | $129 | $1,541 |
| Mar | 51% | $135 | $1,849 |
| Apr | 51% | $143 | $1,893 |
| May | 53% | $167 | $2,192 |
| Jun | 62% | $212 | $3,351 |
| Jul | 67% | $221 | $3,995 |
| Aug | 59% | $212 | $3,451 |
| Sep | 50% | $183 | $2,482 |
| Oct | 51% | $165 | $2,400 |
| Nov | 47% | $153 | $2,017 |
| Dec | 45% | $147 | $1,887 |
Top Short-Term Rental Operators in Evansville
Ranked by total active listings. Useful for understanding the competitive landscape.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Evolve | 171 | 6,322 | ★ 4.70 |
| 2 | Beachwalk Vacation Rentals | 139 | 4,331 | ★ 4.72 |
| 3 | General Manager of Hills O' Brown Vacation Rentals | 71 | 2,216 | ★ 4.70 |
| 4 | Imperial Access Rental | 48 | 138 | ★ 4.68 |
| 5 | MTM Premier Property Management | 40 | 1,054 | ★ 4.78 |
What Kind of STR Should I Buy in Evansville?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 2,454 |
| 2 bed | 2,186 |
| 3 bed | 1,828 |
| 4 bed | 787 |
| 5 bed | 554 |
ADR by Property Tier
| Entire Home | $165 |
| Luxury | $314 |
| Professionally Managed | $198 |
Revenue by Dwelling Type
| Apartment | $1,712 |
| Entire Place | $2,291 |
| House | $2,376 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 53.5% |
| vrbo | 6.4% |
| both | 40.2% |
Investment Analysis
Evansville presents an accessible entry point for STR investment, with a market profile driven by consistent demand rather than peak-season tourism spikes.
No housing snapshot was available in the data for Evansville at the time of this report, so a precise gross yield calculation cannot be provided here. Investors should source current comparable sales from local brokers before underwriting.
At $2,181 in average monthly revenue (April 2026), the annualized gross revenue run rate is approximately $26,168. The 2025 calendar-year average revenue was $2,672/month, implying a trailing annual gross closer to $32,064. The year-over-year growth of 3.83% in revenue, 4.95 percentage points in occupancy, and 3.16% in ADR all suggest a market gaining momentum rather than contracting.
Tier-level ADR shows meaningful upside for premium and managed properties. All-listings ADR averaged $157/night, entire-home ADR averaged $165/night, and professionally managed properties averaged $198/night, a $41/night premium over the market average. Luxury-tier properties reached $314/night, though that tier represents a small share of a market where most inventory is modestly priced.
The investability score of 96.8 out of 100 is one of the stronger readings across tracked markets, reflecting Evansville’s combination of affordable acquisition costs, growing occupancy, and an investor-friendly regulatory framework that imposes no owner-occupancy requirement and no cap on rental nights.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Evansville guests book an average of 39.5 days in advance as of April 2026, and stays average 4.1 nights. Both figures reflect a market that blends event-driven short bookings with extended leisure travel.
The 39.5-day lead time is moderate and consistent with a mid-market regional destination. It suggests guests are planning trips roughly five to six weeks out, which gives operators a reasonable pricing window. Holding rates through the 45-day mark and applying dynamic adjustments in the final two weeks is a workable strategy here.
The 4.1-night average stay is longer than many comparable Midwestern urban markets and reflects the mix of week-long leisure visitors (Ohio River recreation, family events) and multi-night event attendees. Operators with a 3-night minimum will be reasonably well matched to demand patterns, though in slower months a 2-night minimum may help fill shoulder gaps. At 4 nights average, flat cleaning fees have a lower per-night cost dilution than in markets with 2-night averages, giving operators more flexibility to price cleaning realistically.
Short-Term Rental Regulations
Evansville has a permissive STR regulatory environment relative to many Indiana cities. The city has no dedicated STR ordinance, no cap on rental nights, no owner-occupancy requirement, and no primary-residence rule.
All residential rental properties, including short-term rentals, must register annually with the City of Evansville Building Commission. The registration fee is approximately $5 per rental parcel. Indiana state law (House Bills 1035 and 1036) governs the broader framework: it prohibits cities from outright banning vacation rentals and caps any initial STR permit fee at $150.
Operators must comply with general zoning, safety, and nuisance ordinances. No STR-specific density caps or overlay districts are codified in Evansville. Enforcement is classified as minimal.
On taxes, STR stays under 30 days are subject to the Vanderburgh County innkeeper’s tax of 8%, plus Indiana’s 7% state sales tax, putting the combined lodging tax burden at approximately 15%. Airbnb and VRBO generally collect and remit these taxes on behalf of hosts.
No new STR ordinance changes were enacted as of mid-2026. The 8% innkeeper’s tax rate has been in place since September 1, 2007. Third-party commentary has speculated about a future inspection or registration regime, but nothing had been enacted at the time of the profile date.
Market Comparison
Evansville’s April 2026 occupancy of 54.5% sits near the US STR median of approximately 55%, making it a middle-of-the-pack performer by that measure. Its ADR of $157/night is meaningfully below the national STR median of approximately $220, reflecting a Midwestern regional market where hotel rates are comparably low (the CVB reported hotel ADR near $103 in mid-2024) and where STRs compete on price as much as experience.
Within Indiana, Evansville is the state’s largest STR market by population base outside Indianapolis. Its year-over-year revenue growth of 3.83% and occupancy growth of 4.95 percentage points compare favorably to many national markets that saw flat or declining occupancy in 2025-2026.
The professional management sector is moderately active. Evolve leads with 171 listings and 6,322 reviews at a 4.70 average rating. Beachwalk Vacation Rentals holds 139 listings and 4,331 reviews at a 4.72 rating. Hills O’Brown Vacation Rentals operates 71 listings with 2,216 reviews at a 4.70 rating. The top three operators together hold approximately 381 listings, representing roughly 4.9% of total tracked inventory. That concentration is low, indicating an owner-operated market where professional managers have significant room to grow.
Frequently Asked Questions About Evansville, Indiana
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