Cody, Wyoming Short-Term Rental Market Overview
Visitor Profile
Cody, Wyoming, attracts approximately 1.5 million visitors annually, drawn by its rich history, stunning landscapes, and proximity to Yellowstone National Park. The primary demographics of these tourists include families, outdoor enthusiasts, and history buffs, with a notable percentage being retirees aged 55 and older. The main reasons for visiting Cody include exploring its western heritage, engaging in outdoor activities such as hiking and fishing, and attending events like the Cody Stampede. This influx of visitors significantly contributes to the local economy, generating over $200 million in revenue each year and supporting thousands of jobs in the hospitality and service sectors.
In terms of visitor statistics, Cody sees a diverse range of tourists throughout the year. The peak seasons are summer and early fall, with July and August being the busiest months, accounting for nearly 40% of annual visits. The average length of stay for visitors is around three to four days, allowing ample time to explore attractions such as the Buffalo Bill Center of the West and the nearby Shoshone National Forest. According to the tourism bureau (https://www.codychamber.org), the majority of visitors come from neighboring states like Montana and Colorado, but there is also a significant international presence, particularly from Canada and Europe. The visitor demographics reveal that 60% of tourists are traveling for leisure, while 30% are attending events or conferences. Understanding these patterns is crucial for STR operators, as they can tailor their offerings to meet the needs of this diverse visitor base. For more detailed insights, refer to the visitor statistics report (https://www.codywyoming.com).
Top Attractions
Cody, Wyoming, is a captivating destination that offers a rich blend of history, culture, and outdoor adventure, making it a must-visit for travelers seeking unique experiences. Known as the “Rodeo Capital of the World,” Cody is home to several signature attractions that highlight its Wild West heritage. Visitors can explore the Buffalo Bill Center of the West, which showcases the life and legacy of William F. Cody, and enjoy the stunning natural beauty of the nearby Shoshone National Forest. With a variety of attractions ranging from museums to outdoor activities, Cody promises unforgettable experiences for families, history buffs, and nature lovers alike.
One of the top attractions in Cody is the Buffalo Bill Center of the West, a complex of five museums dedicated to the art, history, and culture of the American West. Here, you can delve into the life of Buffalo Bill Cody and explore exhibits on Native American culture, firearms, and Western art. For more information, visit their official website at https://centerofthewest.org. Another popular spot is the Cody Nite Rodeo, where visitors can experience authentic rodeo events in a family-friendly atmosphere, showcasing the region’s cowboy culture. Although it operates seasonally, the spirit of rodeo is central to Cody’s identity.
For outdoor enthusiasts, the Shoshone National Forest offers breathtaking landscapes and a plethora of recreational activities, including hiking, fishing, and camping. The forest is a gateway to the Absaroka Mountains and is perfect for those looking to immerse themselves in nature. For details, check out https://www.fs.usda.gov/main/shoshone/home. Lastly, the Cody Firearms Museum, located within the Buffalo Bill Center, features an extensive collection of firearms that narrate the story of the American West. This museum is a must-see for anyone interested in the history of guns in the United States.
With its diverse attractions, Cody is a treasure trove of experiences waiting to be discovered.
Regulations
Cody, Wyoming, is a popular destination for tourists seeking adventure in the nearby Yellowstone National Park. As a property owner looking to capitalize on the short-term rental market, it is essential to understand the local regulations governing this sector. The City of Cody requires all short-term rental operators to obtain a business license and adhere to specific zoning laws. Additionally, property owners must collect a lodging tax, which is currently set at 5%. Understanding these regulations is crucial for compliance and to avoid potential penalties. This guide will provide you with a comprehensive overview of Cody short-term rental regulations, ensuring you are well-informed before entering this lucrative market.
To operate a short-term rental in Cody, you must first secure a business license from the City of Cody. This process involves submitting an application and paying the required fees. The city enforces zoning restrictions, which dictate where short-term rentals can operate, typically requiring properties to be located in designated areas. Property owners must also comply with safety requirements, including smoke detectors and fire extinguishers, to ensure guest safety. Additionally, the lodging tax of 5% must be collected from guests and remitted to the city on a quarterly basis. Failure to comply with these regulations can result in fines or the revocation of your rental license. For more detailed information on licensing and regulations, visit the City of Cody’s official website at https://www.codywy.gov or check the municipal code at https://library.municode.com/wy/cody.
Vacation Rental Market Overview for Cody
Cody attracts visitors with its outdoor recreation and natural beauty and urban amenities and entertainment. The short-term rental market here serves diverse traveler demographics, from business professionals to family vacationers.
This destination’s rental market offers unique opportunities for property investors, with comprehensive data revealing seasonal patterns and demand drivers.
Cody, Wyoming Market Performance Trends
Short-Term Rental Market Performance Analysis for Cody
The short-term rental market in Cody demonstrates dynamic pricing patterns and occupancy trends that savvy property investors and managers monitor closely. This comprehensive 12-month analysis reveals seasonal variations and revenue optimization opportunities.
Market Trend Summary
Current market indicators show: mature market with optimized pricing patterns
Market data updated daily. Professional-grade analytics trusted by thousands of property managers and real estate investors.
Cody, Wyoming Housing Market Data
Home Value Trends
Market Overview
- Typical Home Value:$503,203
- Median List Price:$595,666
Current Inventory
- Homes For Sale:176
- New Listings:24
Detailed Market Analysis
Real Estate Market Analysis for Cody, Wyoming
The residential real estate market in Cody, Wyoming presents unique opportunities for investors and homebuyers alike. Current market dynamics show steady growth patterns in an established market with inventory levels and pricing trends that reflect broader economic conditions and local demand factors.
Key Market Factors
Important considerations for this market include: proximity to major employment centers, quality school districts, and developing infrastructure These factors contribute to the overall market performance and future growth potential.
Real estate investments in Cody, Wyoming benefit from balanced supply-demand dynamics and reasonable price points. Prospective buyers and investors should consider both current market conditions and long-term growth indicators when evaluating opportunities in this market.
Cody, Wyoming Rental Market Insights
10-Year Market Growth
Booking Activity
- 1-3 Months:63% Booked
- 4-6 Months:53.1% Booked
- 7-9 Months:25.1% Booked
- 10-12 Months:4.7% Booked
Cancellation Policies
- Flexible:0%
- Moderate:0%
- Strict:0%
- Super Strict:0%
Minimum Stay
- 1 Day:0
- 2 Days:0
- 3 Days:0
- 4-6 Days:0
- 7-29 Days:0
- 30+ Days:0
Short-Term Rental Regulations and Booking Patterns in Cody
Cody vacation rental operators navigate specific local regulations and booking patterns that shape market dynamics. Understanding minimum stay requirements, cancellation policies, and booking windows is essential for successful property management.
Market analysis reveals balanced approach between flexibility and stability. These insights help property managers optimize their listing strategies and maximize occupancy.
Local regulations and platform policies influence rental operations. StaySTRA provides comprehensive policy tracking and compliance insights.
Cody, Wyoming Rental Market Composition
Entire Place by Beds
Common Rental Amenities
Amenity data is not available for this location.
Vacation Rental Property Types in Cody
The vacation rental market in Cody features a diverse mix of property types, from cozy studios to spacious family homes. Understanding the property composition helps investors identify market gaps and opportunities.
Market characteristics include concentration in 2-3 bedroom properties ideal for small groups. This distribution reflects local demand patterns and traveler preferences.
Premium amenities and guest ratings play a crucial role in rental performance, with data showing clear correlations between specific features and booking rates.
