Billings, Montana Short-Term Rental Market
Billings, MT STRs averaged $123/night at 73.1% occupancy in April 2026, with year-round demand holding above 54% even in January.
Quick Answer: Billings, Montana is an active short-term rental market. average occupancy is 73%. average monthly revenue is $2,367. average daily rate is $123. the top operator is Stay with Bo with 20 listings. market score is 73/100 (grade B).
Market Score Breakdown
Five dimensions Apivex evaluates per market.
Market Overview
Billings, Montana is Montana’s largest city and functions as the primary commercial and medical hub for a broad region spanning Montana and northern Wyoming. The short-term rental market here is driven by a mix of business travel, medical visits, convention attendance, and leisure guests accessing Yellowstone National Park, Little Bighorn Battlefield, and other regional attractions. The city draws more than 2.6 million visitors annually.
As of April 2026, the market posted an average daily rate of $123 and occupancy of 73.1%, reflecting strong year-round demand rather than a seasonal spike. RevPAR stood at $90.13. Year-over-year through April 2026, occupancy was down 2.9% and revenue was down 2.7%, while ADR grew 4.0%, pointing to modest rate compression with pricing power still intact.
The market comprises approximately 800 active listings. Entire-place units account for 729 listings and private rooms for 71. Airbnb is the dominant channel with 473 listings, followed by 289 cross-listed on both platforms, and 38 Vrbo-only. By bedroom count, 1-bedroom (263) and 2-bedroom (248) units lead inventory, followed by 3-bedroom (157), 4-bedroom (83), and 5-bedroom-plus (49). The 2025 annual average revenue was $2,389/month per listing.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 55% | $87 | $1,369 |
| Feb | 64% | $92 | $1,473 |
| Mar | 68% | $97 | $1,800 |
| Apr | 74% | $97 | $1,955 |
| May | 72% | $104 | $1,989 |
| Jun | 75% | $117 | $2,291 |
| Jul | 75% | $116 | $2,391 |
| Aug | 72% | $114 | $2,265 |
| Sep | 67% | $107 | $1,940 |
| Oct | 67% | $103 | $1,881 |
| Nov | 63% | $97 | $1,615 |
| Dec | 61% | $98 | $1,675 |
Top Short-Term Rental Operators in Billings
Ranked by total active listings. Useful for understanding the competitive landscape.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Stay with Bo | 20 | 4,051 | ★ 4.87 |
| 2 | Evolve | 15 | 480 | ★ 4.61 |
| 3 | Landing | 8 | 0 | ★ 0.00 |
| 4 | Landing, Inc. | 2 | 7 | ★ 3.75 |
| 5 | Anaconda Pintler Property Services | 1 | 40 | ★ 5.00 |
What Kind of STR Should I Buy in Billings?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 263 |
| 2 bed | 248 |
| 3 bed | 157 |
| 4 bed | 83 |
| 5 bed | 49 |
ADR by Property Tier
| Entire Home | $128 |
| Luxury | $169 |
| Professionally Managed | $139 |
Revenue by Dwelling Type
| Apartment | $2,013 |
| Entire Place | $2,468 |
| House | $2,633 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 59.1% |
| vrbo | 4.8% |
| both | 36.1% |
Investment Analysis
Billings presents a lower-cost urban investment profile with strong year-round occupancy. The Zillow typical home value as of April 2026 was $398,212, with a median sale price of $367,000, a median list price of $399,467, and 549 properties actively for sale, indicating meaningful buyer inventory availability. Median days to pending was 23, suggesting a moderately competitive resale market with a sale-to-list ratio of 91.9%.
Using the 2025 annual average monthly revenue of $2,389, the annualized gross revenue estimate is approximately $28,668, implying a gross rental yield of roughly 7.2% on a $398,212 asset before expenses, management fees, and taxes. This yield is above typical STR market ranges for comparable asset price points.
ADR tiering shows meaningful premiums at higher tiers. Luxury-tier properties averaged $169 per night in April 2026 versus $123 for all listings, a 37% premium. Professionally managed properties averaged $139 per night, 13% above the overall average. Entire-home ADR was $128, slightly above the all-listing figure.
The rental demand score of 99.2 out of 100 is exceptional, reflecting Billings’ position as a year-round urban market. The total score is 73.0 and investability score is 71.9. The revenue growth score of 44.3 reflects the post-pandemic moderation from 2021-2022 peaks, but the multi-year revenue trend is positive: from $1,227/month in 2017 to $2,389/month in 2025, a 95% gain over eight years.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Booking Insights
April 2026 booking lead time for Billings averaged 31.6 days, meaning guests book approximately four and a half weeks before their stay. This is a shorter window than typical leisure beach or mountain markets, consistent with the significant share of business and medical travel in the Billings visitor mix, where booking decisions are often made closer to the travel date.
Average length of stay was 5.32 nights in April 2026, notably longer than short weekend getaways common in leisure markets. This reflects the extended-stay nature of business travelers, medical visitors, and travelers using Billings as a base for multi-day regional exploration.
The 31.6-day lead time and 5.3-night average stay imply relatively low turnover per month. A property at 73% occupancy with a 5.3-night average stay would generate roughly 4 to 5 guest stays per month. This lower turnover reduces cleaning and operational costs relative to high-frequency short-stay markets, which can be a meaningful expense management advantage for operators.
Short-Term Rental Regulations
Short-term rentals are permitted in Billings. Operators must obtain two permits: a City business license ($55 initial fee) and an Annual Short-Term Rental Permit from the Planning Department ($300), for a combined annual cost of approximately $355. Both renew annually. Stays of fewer than 30 days are covered.
The city recognizes two property categories: a Guest Home is an owner- or long-term tenant-occupied property rented short-term; a Tourist Home is an unoccupied residential dwelling rented short-term. Owner-occupancy is not required, so investors can operate non-owner-occupied STRs as Tourist Homes. One permit is issued per dwelling.
All advertising must display the Billings STR permit number. A local contact person (not a corporation) must be designated and available to respond to issues. A one-time fire inspection and health inspection are required. Maximum occupancy is 2 persons per bedroom. No large gatherings are permitted; city noise rules apply from 8 pm to 7 am. Accessory structures cannot be permitted as STRs; only habitable space is eligible.
Montana imposes a combined 8% state lodging tax on stays under 30 days (4% Lodging Facility Use Tax plus 4% Lodging Facility Sales Tax), collected and remitted to the Montana Department of Revenue. Airbnb and Vrbo collect and remit the state 8% tax automatically. Enforcement severity is rated moderate. In March 2025, the city identified 300-plus STR properties operating without proper permits and issued courtesy letters with a 60-day compliance deadline, with civil penalties starting at $300 and escalating to $500 per day for continued non-compliance.
Market Comparison
Billings’ April 2026 ADR of $123 is below the approximate U.S. STR median ADR of $220, consistent with Montana’s lower cost of living and the urban business-travel profile of the market versus leisure resort destinations. However, at 73.1% April occupancy, Billings substantially exceeds the U.S. annual median occupancy of roughly 55%, driven by its year-round demand base.
The rental demand score of 99.2 out of 100 places Billings among the top markets in the data set for consistent utilization. The total score of 73.0 and investability score of 71.9 reflect the combination of strong occupancy, affordable entry price, and permissive regulations.
Property management in Billings is not highly concentrated among national operators. Stay with Bo leads with 20 listings and 4,051 reviews (4.87 average rating). Evolve holds 15 listings (480 reviews, 4.61 rating). Landing has 8 listings with no current reviews. The small scale of top operators suggests a largely self-managed or locally managed market. The top 3 operators account for only 43 listings out of approximately 800 total, or roughly 5% of the market.
Frequently Asked Questions About Billings, Montana
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