Silver City, NM draws 100,000 annual visitors to a 112-listing STR market averaging $129 ADR in 2025.
Market Overview
Silver City, New Mexico is a small college and arts town of approximately 9,058 residents situated near Gila National Forest in Grant County. The short-term rental market held 112 active listings as of February 2026, a figure that has stayed in a tight band of 104 to 126 listings since 2021, indicating a stable and mature supply environment rather than a rapidly expanding one.
In 2025, the market averaged $129 in average daily rate (ADR), up significantly from $107 in 2021 and $114 in 2022. That ADR growth reflects genuine pricing power, even as occupancy has softened. Average annual occupancy across the market was 49.9% in 2025, down from a peak of 65.7% in 2022. Monthly average revenue per active listing came in at $2,046 for full-year 2025, compared to $2,577 at the 2021 high.
The market draws roughly 100,000 visitors per year, anchored by proximity to the Gila Cliff Dwellings National Monument, the Silver City Museum, and Western New Mexico University. Demand is distributed across outdoor recreation, heritage tourism, arts events, and university-related travel. Because the market is small, a single operator’s performance can vary considerably from the averages, making percentile data the more useful frame for evaluating individual property potential.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue | Active Listings |
|---|---|---|---|---|
| Jan | 51% | $118 | $1,997 | 117 |
| Feb | 54% | $115 | $1,914 | 118 |
| Mar | 64% | $109 | $2,474 | 114 |
| Apr | 62% | $112 | $2,387 | 115 |
| May | 60% | $117 | $2,378 | 107 |
| Jun | 61% | $118 | $2,357 | 112 |
| Jul | 61% | $117 | $2,432 | 119 |
| Aug | 56% | $118 | $2,251 | 120 |
| Sep | 59% | $119 | $2,249 | 120 |
| Oct | 61% | $120 | $2,434 | 114 |
| Nov | 56% | $120 | $2,079 | 114 |
| Dec | 52% | $121 | $2,094 | 116 |
Silver City’s STR seasonality is driven primarily by spring weather and outdoor recreation rather than a single peak season. March is the strongest occupancy month of the year, averaging 64.2% across the data history, followed closely by April at 61.6%. Both months benefit from mild temperatures, wildflower season in the Gila region, and spring break travel. October also performs well at 60.6%, reflecting fall foliage and the shoulder season for hiking.
Summer months (June through August) average 60.6%, 60.6%, and 56.4% occupancy respectively. The Gila National Forest draws hikers and campers through the summer, though the market does not see the extreme summer spikes common in coastal or ski-destination markets.
The weakest occupancy months are January (50.6%) and December (51.8%), which still represent reasonable utilization for a small arts-and-outdoor market in winter. February averages 54.0% historically, though the February 2026 snapshot at 38% reflects early-month data and should not be treated as the normalized February figure.
ADR variation across months is narrow, ranging from $109 in March to $121 in December. This compressed ADR seasonality means revenue swings are driven more by occupancy than by rate changes. Operators who pursue aggressive dynamic pricing in peak months (March, April, October) have the most direct lever for revenue improvement.
Revenue Breakdown
| Metric | 25th Pctile | Median | 75th Pctile | 90th Pctile |
|---|---|---|---|---|
| Revenue/mo | $454 | $1,191 | $2,208 | $2,994 |
| ADR | $96 | $115 | $157 | $187 |
| Occupancy | 14% | 36% | 57% | 75% |
Based on February 2026 percentile data, the bottom quartile of Silver City STR operators (p25) earned $454 in average monthly revenue, the median operator (p50) earned $1,191, the 75th-percentile operator earned $2,207, and the top decile (p90) earned $2,994.
Annualizing these figures: a median-performing property generates approximately $14,292 per year, a 75th-percentile property generates approximately $26,484 per year, and a 90th-percentile property generates approximately $35,928 per year. These are gross revenue figures before platform fees (typically 3 percent on Airbnb for hosts), gross receipts tax (7.3125%), property management fees (if applicable), and operating expenses.
In 2025, the market-wide average monthly revenue was $2,046, with a median of approximately $1,800 based on recent trailing months. The gap between the average ($2,046) and median ($1,800 to $1,900) indicates that a small number of high-performing properties pull the average upward. Investors targeting the top quartile of performance should focus on properties with outdoor access, dedicated workspace for remote workers, and capacity for 4 or more guests.
Investment Analysis
Revenue Trend
RevPAR & ADR Trend
| Date | Revenue | RevPAR | ADR |
|---|---|---|---|
| Mar 2021 | $2,814 | $91 | $97 |
| Apr 2021 | $2,530 | $84 | $97 |
| May 2021 | $2,695 | $87 | $98 |
| Jun 2021 | $2,643 | $88 | $98 |
| Jul 2021 | $2,756 | $89 | $104 |
| Aug 2021 | $2,471 | $80 | $113 |
| Sep 2021 | $2,644 | $88 | $114 |
| Oct 2021 | $2,598 | $84 | $116 |
| Nov 2021 | $2,317 | $77 | $114 |
| Dec 2021 | $2,298 | $74 | $117 |
| Jan 2022 | $2,297 | $74 | $112 |
| Feb 2022 | $2,330 | $83 | $110 |
| Mar 2022 | $2,613 | $84 | $107 |
| Apr 2022 | $2,500 | $83 | $108 |
| May 2022 | $2,595 | $84 | $120 |
| Jun 2022 | $2,593 | $86 | $116 |
| Jul 2022 | $2,570 | $83 | $112 |
| Aug 2022 | $2,319 | $75 | $115 |
| Sep 2022 | $2,527 | $84 | $115 |
| Oct 2022 | $2,469 | $80 | $118 |
| Nov 2022 | $2,383 | $79 | $118 |
| Dec 2022 | $2,398 | $77 | $122 |
| Jan 2023 | $2,424 | $78 | $114 |
| Feb 2023 | $2,029 | $72 | $106 |
| Mar 2023 | $2,458 | $79 | $110 |
| Apr 2023 | $2,807 | $94 | $122 |
| May 2023 | $2,303 | $74 | $117 |
| Jun 2023 | $2,108 | $70 | $114 |
| Jul 2023 | $2,384 | $77 | $107 |
| Aug 2023 | $2,167 | $70 | $103 |
| Sep 2023 | $2,052 | $68 | $106 |
| Oct 2023 | $2,366 | $76 | $108 |
| Nov 2023 | $1,796 | $60 | $110 |
| Dec 2023 | $1,675 | $54 | $117 |
| Jan 2024 | $2,032 | $66 | $115 |
| Feb 2024 | $1,827 | $63 | $108 |
| Mar 2024 | $2,242 | $72 | $111 |
| Apr 2024 | $2,015 | $67 | $112 |
| May 2024 | $2,305 | $74 | $119 |
| Jun 2024 | $2,295 | $77 | $130 |
| Jul 2024 | $2,203 | $71 | $124 |
| Aug 2024 | $2,292 | $74 | $123 |
| Sep 2024 | $2,033 | $68 | $125 |
| Oct 2024 | $2,402 | $78 | $128 |
| Nov 2024 | $2,035 | $68 | $121 |
| Dec 2024 | $2,103 | $68 | $119 |
| Jan 2025 | $1,717 | $55 | $119 |
| Feb 2025 | $1,945 | $69 | $118 |
| Mar 2025 | $2,241 | $72 | $121 |
| Apr 2025 | $2,082 | $69 | $122 |
| May 2025 | $1,994 | $64 | $131 |
| Jun 2025 | $2,143 | $71 | $133 |
| Jul 2025 | $2,245 | $72 | $136 |
| Aug 2025 | $2,004 | $65 | $136 |
| Sep 2025 | $1,990 | $66 | $135 |
| Oct 2025 | $2,335 | $75 | $132 |
| Nov 2025 | $1,865 | $62 | $135 |
| Dec 2025 | $1,994 | $64 | $131 |
| Jan 2026 | $1,516 | $49 | $131 |
| Feb 2026 | $1,439 | $51 | $131 |
Occupancy vs Supply
| Date | Occupancy | Active Listings |
|---|---|---|
| Mar 2021 | 70% | 98 |
| Jun 2021 | 69% | 111 |
| Sep 2021 | 68% | 120 |
| Dec 2021 | 57% | 123 |
| Mar 2022 | 74% | 129 |
| Jun 2022 | 67% | 128 |
| Sep 2022 | 66% | 127 |
| Dec 2022 | 60% | 125 |
| Mar 2023 | 65% | 125 |
| Jun 2023 | 59% | 122 |
| Sep 2023 | 61% | 127 |
| Dec 2023 | 44% | 103 |
| Mar 2024 | 57% | 99 |
| Jun 2024 | 57% | 80 |
| Sep 2024 | 52% | 116 |
| Dec 2024 | 51% | 117 |
| Mar 2025 | 55% | 120 |
| Jun 2025 | 51% | 117 |
| Sep 2025 | 49% | 111 |
| Dec 2025 | 47% | 113 |
Silver City offers low entry costs relative to most STR markets. Typical home values sit at approximately $217,337, which translates to a relatively accessible purchase price for investors evaluating buy-and-hold scenarios. At that price point, a property earning the 2025 median monthly revenue of roughly $1,800 to $2,000 would represent a gross revenue yield in the range of 10 to 11 percent annually before expenses, though net returns depend heavily on management fees, property taxes, financing costs, and the gross receipts tax obligation of 7.3125%.
Performance spread across the market is wide. In February 2026, the p25 operator earned $454 per month while the p75 operator earned $2,207 and the p90 operator earned $2,994. That spread signals that property quality, location, and management execution matter considerably in this market. A well-positioned, well-managed property can outperform the median by two to three times.
The primary risk factor is the occupancy trend. Occupancy dropped from 65.7% in 2022 to 49.9% in 2025, a 24 percent decline over three years, even as ADR rose from $114 to $129. This pattern, rising rate with falling occupancy, typically indicates a market absorbing post-pandemic normalization. Investors should underwrite at current occupancy levels rather than peak-year figures. The small market size, at roughly 112 listings, also means limited liquidity for resale to other STR investors if conditions deteriorate.
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| Date | Typical Home Value |
|---|---|
| Mar 2021 | $230,682 |
| Dec 2021 | $241,712 |
| Sep 2022 | $268,917 |
| Jun 2023 | $277,225 |
| Mar 2024 | $265,670 |
| Dec 2024 | $259,845 |
| Dec 2025 | $226,118 |
Booking Insights
Silver City’s average booking lead time is 37.8 days, with a median of 22 days. The gap between mean and median indicates that while most bookings come in three weeks or less before arrival, a meaningful share of longer-stay or peak-season bookings are made five or more weeks in advance. This pattern has practical implications for pricing strategy: operators who use dynamic pricing tools and open their calendar at least 90 days out will capture the advance-planners willing to pay higher rates for preferred dates.
The average length of stay is 12.0 days, while the median is 4.0 days. This is a notably wide spread. The high average relative to the median suggests the market includes a meaningful number of long-stay bookings, likely remote workers or extended leisure travelers using Silver City as a base for extended exploration of the Gila region. Operators willing to accommodate stays of one to three weeks can benefit from lower turnover costs and more stable monthly revenue. Minimum stay settings of 3 to 4 nights strike a practical balance between capturing the median short-stay guest and reducing single-night turnover burden.
Short-Term Rental Regulations
Silver City requires all short-term rental operators to obtain a business license through the Town of Silver City business licensing office. This license must be renewed annually, and operating without it exposes the owner to fines. The licensing process is handled directly by the town; contact information and registration forms are available through the town’s official website.
The most consequential financial regulation is the gross receipts tax (GRT) obligation. New Mexico imposes a statewide GRT, and Silver City’s combined local and state rate is 7.3125% as of the most recent available data. This tax applies to short-term rental revenue and must be remitted on a monthly basis. Unlike a lodging tax that applies only to the accommodation charge, New Mexico’s GRT applies broadly to gross receipts from the rental activity. Operators should account for this in their pro forma calculations, as it reduces net revenue materially compared to states with no such tax.
Zoning restrictions may limit where short-term rentals are permitted within the town. Property buyers should verify zoning compliance before purchase, particularly for properties outside the main residential core. Safety requirements include functioning smoke detectors and fire extinguishers in the rental unit.
For authoritative and current information, contact the Town of Silver City business licensing department directly. The Silver City Museum’s business resources page (silvercitymuseum.org) also links to relevant registration materials. Regulations can change, and operators should verify current requirements at least annually.
Market Comparison
Silver City is a micro-market by STR standards. Its 112 active listings and roughly 9,000-person population place it well below regional STR hubs like Santa Fe (which operates several hundred listings) or Taos. This small scale cuts both ways: the market lacks the depth of demand that larger destination cities provide, but it also means individual operators face less direct competition.
The 2025 ADR of $129 is consistent with small arts-and-outdoor markets in the Southwest that rely on nature tourism and cultural travel rather than convention or beach demand. Occupancy at 49.9% for 2025 is below the national STR average of approximately 54 to 56 percent for comparable small markets, reflecting the normalization trend that has affected many secondary markets since 2022.
Typical home values at $217,337 are substantially below the national median for markets with active STR activity, which commonly exceeds $350,000 to $400,000. This lower entry cost partially compensates for the below-average occupancy. Gross revenue yields at the median are competitive on a dollars-invested basis relative to higher-priced Western markets, though net yield comparisons require accounting for New Mexico’s 7.3125% gross receipts tax, which has no direct equivalent in many other states.
Frequently Asked Questions About Silver City, New Mexico
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