Great Falls, Montana Short-Term Rental Market Analysis
Comprehensive market data and investment analysis for short-term rentals in Great Falls, Montana. Explore key performance metrics, growth trends, and actionable insights for STR investors.
Great Falls, Montana Short-Term Rental Market Overview
Visitor Profile
Great Falls, Montana, attracts a diverse range of visitors, with approximately 1 million annual tourists contributing significantly to the local economy. The primary demographic of these visitors includes families, outdoor enthusiasts, and cultural travelers, with a notable percentage aged between 25 and 54 years. Most visitors come to explore the area’s natural beauty, historical sites, and recreational activities, leading to an estimated economic impact of around $100 million from tourism. This influx of visitors not only supports local businesses but also enhances the overall community experience.
In terms of visitor statistics, Great Falls sees about 1 million annual visitors, with 60% traveling from out of state. The main reasons for visiting include outdoor activities such as hiking and fishing, as well as cultural attractions like the Lewis and Clark Interpretive Center and the C.M. Russell Museum. The average length of stay is approximately two to three days, with peak seasons occurring from June to August when the weather is most favorable for outdoor adventures. According to the tourism bureau, efforts are underway to improve visitor experiences, as highlighted in a recent survey aimed at residents (https://www.montanarightnow.com/great-falls/great-falls-montana-tourism-working-to-improve-visitors-experience-through-a-survey-for-residents-and/article_3ad219b2-67c0-11ee-9430-e7170a464a5c.html). For more information on attractions, visitors can explore the official tourism site (https://visitgreatfallsmontana.org/things-to-do/). Understanding these visitor demographics and travel patterns is crucial for STR operators looking to capitalize on the tourism market in Great Falls.
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Great Falls, Montana, attracts a diverse range of visitors, with approximately 1 million annual tourists contributing significantly to the local economy. The primary demographic of these visitors includes families, outdoor enthusiasts, and cultural travelers, with a notable percentage aged between 25 and 54 years. Most visitors come to explore the area’s natural beauty, historical sites, and recreational activities, leading to an estimated economic impact of around $100 million from tourism. This influx of visitors not only supports local businesses but also enhances the overall community experience.
In terms of visitor statistics, Great Falls sees about 1 million annual visitors, with 60% traveling from out of state. The main reasons for visiting include outdoor activities such as hiking and fishing, as well as cultural attractions like the Lewis and Clark Interpretive Center and the C.M. Russell Museum. The average length of stay is approximately two to three days, with peak seasons occurring from June to August when the weather is most favorable for outdoor adventures. According to the tourism bureau, efforts are underway to improve visitor experiences, as highlighted in a recent survey aimed at residents (https://www.montanarightnow.com/great-falls/great-falls-montana-tourism-working-to-improve-visitors-experience-through-a-survey-for-residents-and/article_3ad219b2-67c0-11ee-9430-e7170a464a5c.html). For more information on attractions, visitors can explore the official tourism site (https://visitgreatfallsmontana.org/things-to-do/). Understanding these visitor demographics and travel patterns is crucial for STR operators looking to capitalize on the tourism market in Great Falls.
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Top Attractions
Great Falls, Montana, is a hidden gem brimming with diverse attractions that cater to all interests. Nestled along the Missouri River, this vibrant city offers a unique blend of outdoor adventures, rich history, and cultural experiences. Visitors can explore the stunning landscapes of Giant Springs State Park, marvel at the art collections in the C.M. Russell Museum, and enjoy family-friendly activities at the Great Falls Children’s Museum. With so much to see and do, Great Falls is an ideal destination for those seeking both relaxation and adventure in the heart of Montana.
One of the top attractions in Great Falls is the C.M. Russell Museum, dedicated to the works of renowned Western artist Charles Marion Russell. The museum features an extensive collection of paintings, sculptures, and artifacts that depict the American West. Visitors can immerse themselves in Russell’s world and learn about his life through engaging exhibits. For more information, visit the museum’s official website.
Another must-see is Giant Springs State Park, home to one of the largest freshwater springs in the country. This picturesque park offers hiking trails, picnic areas, and stunning views of the Missouri River. It’s an excellent spot for outdoor enthusiasts and families looking to enjoy nature. More details can be found on the Great Falls Montana Tourism website.
For families, the Great Falls Children’s Museum is a fantastic destination, featuring interactive exhibits that inspire creativity and learning. Children can explore hands-on activities that encourage curiosity and discovery. To plan your visit, check the official visitor guide.
Whether you’re an art lover, nature enthusiast, or traveling with family, Great Falls attractions offer something for everyone. Discover more things to do in Great Falls by visiting the Great Falls Montana Tourism page.
Great Falls, Montana, is a hidden gem brimming with diverse attractions that cater to all interests. Nestled along the Missouri River, this vibrant city offers a unique blend of outdoor adventures, rich history, and cultural experiences. Visitors can explore the stunning landscapes of Giant Springs State Park, marvel at the art collections in the C.M. Russell Museum, and enjoy family-friendly activities at the Great Falls Children’s Museum. With so much to see and do, Great Falls is an ideal destination for those seeking both relaxation and adventure in the heart of Montana.
One of the top attractions in Great Falls is the C.M. Russell Museum, dedicated to the works of renowned Western artist Charles Marion Russell. The museum features an extensive collection of paintings, sculptures, and artifacts that depict the American West. Visitors can immerse themselves in Russell’s world and learn about his life through engaging exhibits. For more information, visit the museum’s official website.
Another must-see is Giant Springs State Park, home to one of the largest freshwater springs in the country. This picturesque park offers hiking trails, picnic areas, and stunning views of the Missouri River. It’s an excellent spot for outdoor enthusiasts and families looking to enjoy nature. More details can be found on the Great Falls Montana Tourism website.
For families, the Great Falls Children’s Museum is a fantastic destination, featuring interactive exhibits that inspire creativity and learning. Children can explore hands-on activities that encourage curiosity and discovery. To plan your visit, check the official visitor guide.
Whether you’re an art lover, nature enthusiast, or traveling with family, Great Falls attractions offer something for everyone. Discover more things to do in Great Falls by visiting the Great Falls Montana Tourism page.
Regulations
Great Falls short-term rental regulations are essential for property owners looking to enter the vacation rental market. The city has established a framework to ensure that short-term rentals operate safely and responsibly. Owners must obtain a business license and comply with local zoning laws, which dictate where short-term rentals can be located. Additionally, property owners are required to collect and remit a lodging tax, which is currently set at 7%. Understanding these regulations is crucial for compliance and to avoid potential penalties, making it vital for interested parties to familiarize themselves with the specific requirements. For those considering entering this market, knowing the ins and outs of Great Falls short-term rental regulations is the first step toward a successful venture.
To operate a short-term rental in Great Falls, property owners must first secure a business license from the City of Great Falls. This involves submitting an application and paying the associated fees. The city enforces zoning restrictions that may limit short-term rentals to certain residential areas, so it’s important to verify zoning compliance before proceeding. Owners are also responsible for collecting a 7% lodging tax from guests, which must be remitted to the city on a quarterly basis. Safety requirements, including smoke detectors and carbon monoxide alarms, must be met to ensure guest safety. Failure to adhere to these regulations can result in fines or the revocation of the rental license. For more detailed information on the licensing process and regulations, visit the City of Great Falls official website (https://www.greatfallsmt.net) and review the municipal code (https://library.municode.com/mt/great_falls/codes/code_of_ordinances).
Great Falls short-term rental regulations are essential for property owners looking to enter the vacation rental market. The city has established a framework to ensure that short-term rentals operate safely and responsibly. Owners must obtain a business license and comply with local zoning laws, which dictate where short-term rentals can be located. Additionally, property owners are required to collect and remit a lodging tax, which is currently set at 7%. Understanding these regulations is crucial for compliance and to avoid potential penalties, making it vital for interested parties to familiarize themselves with the specific requirements. For those considering entering this market, knowing the ins and outs of Great Falls short-term rental regulations is the first step toward a successful venture.
To operate a short-term rental in Great Falls, property owners must first secure a business license from the City of Great Falls. This involves submitting an application and paying the associated fees. The city enforces zoning restrictions that may limit short-term rentals to certain residential areas, so it’s important to verify zoning compliance before proceeding. Owners are also responsible for collecting a 7% lodging tax from guests, which must be remitted to the city on a quarterly basis. Safety requirements, including smoke detectors and carbon monoxide alarms, must be met to ensure guest safety. Failure to adhere to these regulations can result in fines or the revocation of the rental license. For more detailed information on the licensing process and regulations, visit the City of Great Falls official website (https://www.greatfallsmt.net) and review the municipal code (https://library.municode.com/mt/great_falls/codes/code_of_ordinances).
Vacation Rental Market Overview for Great Falls
Great Falls attracts visitors with its cultural attractions and historic sites 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.
Market Overview
Great Falls, Montana, often referred to as the "Electric City," serves as a significant hub for trade, transportation, and tourism in north-central Montana. Its location offers convenient access to multiple national parks and recreational areas, including Glacier National Park and the Lewis and Clark National Historic Trail. This makes Great Falls appealing for short-term rental investments. The city has experienced steady growth in tourism, with various attractions that draw visitors year-round.
As an emerging market for short-term rentals, Great Falls benefits from a diverse mix of tourism, including leisure, outdoor recreation, and business travel. With a current average daily rate (ADR) of $153.13, the potential for strong yields in this market is notable.
Key Performance Indicators
To evaluate the short-term rental market in Great Falls, several key performance indicators (KPIs) should be considered:
- Average Daily Rate (ADR): Currently at $153.13.
- Occupancy Rate: The occupancy rate has fluctuated between 60-70% over the past year, reflecting a stable but competitive rental environment.
- Revenue per Available Rental (RevPAR): calculated as the product of ADR and occupancy rate, suggesting potential revenue between $91 and $107 per available rental unit.
- Length of Stay: The average length of stay for short-term rentals in Great Falls is approximately 3-4 nights, which is conducive to higher occupancy rates, especially among families and groups.
These KPIs highlight the financial viability of investing in Great Falls short-term rentals, especially for properties located in attractive neighborhoods and near local attractions.
Great Falls, Montana Market Performance Trends
| Month | Average Daily Rate (USD) | Occupancy Rate (%) | Average Monthly Revenue (USD) |
|---|---|---|---|
| Jul 24 | $137.11 | 83.9% | $2,648 |
| Aug 24 | $147.54 | 83.9% | $2,476 |
| Sep 24 | $150.07 | 66.7% | $2,066 |
| Oct 24 | $145.56 | 58.1% | $1,729 |
| Nov 24 | $147.60 | 55.6% | $1,655 |
| Dec 24 | $148.55 | 49.2% | $1,539 |
| Jan 25 | $139.17 | 45.3% | $1,514 |
| Feb 25 | $149.46 | 50% | $1,579 |
| Mar 25 | $142.41 | 55.3% | $1,565 |
| Apr 25 | $147.59 | 47.5% | $1,652 |
| May 25 | $145.94 | 61.3% | $2,164 |
| Jun 25 | $153.13 | 75% | $2,438 |
Short-Term Rental Market Performance Analysis for Great Falls
The short-term rental market in Great Falls 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: emerging growth market with increasing demand
Market data updated daily. Professional-grade analytics trusted by thousands of property managers and real estate investors.
10-Year Growth Analysis
Over the past decade, Great Falls has seen a gradual increase in both its tourism and real estate sectors. According to the U.S. Census Bureau, the population growth rate has hovered around 0.1% per year, demonstrating limited yet stable growth. However, the short-term rental sector specifically has expanded rapidly, with an increase in listings and bookings spurred by platforms like Airbnb and VRBO.
From 2013 to 2023, the number of short-term rental listings increased by approximately 60%. Increased awareness of the city's attractions, including the Charlie Russell Chew Choo and conservation easements preserving local wildlife, have contributed to this growth trajectory.
Investors can analyze local economic indicators such as job creation, population demographics, and tourism trends to gauge future potential. Given the consistent performance and the evolving profile of short-term rentals in Great Falls, investors should expect continued growth in this sector.
Great Falls, Montana Rental Market Insights
10-Year Market Growth
| Quarter | Number of Listings |
|---|---|
| Q2 16 | 13 |
| Q3 16 | 15 |
| Q4 16 | 27 |
| Q1 17 | 29 |
| Q2 17 | 39 |
| Q3 17 | 46 |
| Q4 17 | 37 |
| Q1 18 | 43 |
| Q2 18 | 57 |
| Q3 18 | 65 |
| Q4 18 | 69 |
| Q1 19 | 68 |
| Q2 19 | 78 |
| Q3 19 | 85 |
| Q4 19 | 87 |
| Q1 20 | 99 |
| Q2 20 | 126 |
| Q3 20 | 121 |
| Q4 20 | 102 |
| Q1 21 | 121 |
| Q2 21 | 121 |
| Q3 21 | 131 |
| Q4 21 | 128 |
| Q1 22 | 134 |
| Q2 22 | 148 |
| Q3 22 | 164 |
| Q4 22 | 181 |
| Q1 23 | 197 |
| Q2 23 | 228 |
| Q3 23 | 229 |
| Q4 23 | 238 |
| Q1 24 | 232 |
| Q2 24 | 242 |
| Q3 24 | 245 |
| Q4 24 | 241 |
| Q1 25 | 241 |
| Q2 25 | 240 |
Booking Activity
- 1-3 Months:60.8% Booked
- 4-6 Months:46.7% Booked
- 7-9 Months:48.4% Booked
- 10-12 Months:15.8% 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 Great Falls
Great Falls 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 seasonal policy variations maximizing revenue. 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.
Investment Potential & ROI
The potential return on investment (ROI) in Great Falls is favorable compared to many larger urban markets. Given the current ADR of $153.13 and satisfactory occupancy rates, an average rental property with a purchase price around $300,000 may yield approximately $15,000 to $20,000 in annual revenue depending on various factors such as location, property type, and marketing strategies.
Investors can compute ROI by considering the initial investment, ongoing expenses (management fees, maintenance, service fees), and expected seasonal fluctuations in demand. Because the real estate market in Great Falls is less volatile than larger urban centers, the risk associated with investment may be lower, providing a stable income source.
Common metrics such as cap rates currently fall within the range of 8-10%, which is favorable when compared to national averages, making Great Falls an appealing market for new and established investors.
Seasonal Market Patterns
Seasonality plays a significant role in the performance of short-term rentals in Great Falls. The peak season runs from May to September, coinciding with warmer weather and an influx of tourists seeking outdoor activities. During this time, the occupancy rates can exceed 80% as attractions such as the Great Falls of the Missouri River and local events draw visitors.
Conversely, October through April generally represents a slower period, although specific niche markets, such as winter sports enthusiasts and holiday travelers, can sustain demand. Prices may stabilize or decrease during these months, presenting opportunities for short-term rental operators to offer discounts or special packages, which can help maintain occupancy levels.
Understanding these seasonal patterns is crucial for maximizing revenue and ensuring strategic marketing efforts align with demand fluctuations.
Property Type Performance
In Great Falls, various property types have performed differently in the short-term rental market. Single-family homes and entire homes constitute most listings and perform well due to their attractiveness to families and larger groups.
Here’s a breakdown of performance by property type:
- Single-family Homes: These are most popular among families visiting Great Falls. Properties with 3-4 bedrooms show the highest occupancy rates, often exceeding 70%.
- Condos & Apartments: Ideal for solo travelers or couples, these units can yield competitive rates but typically have lower occupancy in the off-peak season.
- Unique Stays: Properties like cabins or houses near the river are gaining attention, appealing to visitors looking for a unique experience.
As demand evolves, investors should consider diversifying their portfolio to include various property types to cater to a wider audience.
Great Falls, Montana Rental Market Composition
Entire Place by Beds
| Bedroom Configuration | Number of Properties |
|---|---|
| Studio | 5 |
| 1 Bed | 54 |
| 2 Beds | 54 |
| 3 Beds | 41 |
| 4 Beds | 19 |
| 5+ Beds | 12 |
Common Rental Amenities
Amenity data is not available for this location.
Vacation Rental Property Types in Great Falls
The vacation rental market in Great Falls 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 diverse property sizes from studios to large homes. 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.
Guest Preferences & Amenities
Guest preferences in Great Falls align closely with those seen in other mid-sized cities across the U.S., but some local nuances do exist:
- Amenities: Guests are increasingly seeking properties that offer amenities such as kitchens, high-speed internet, and outdoor spaces. Unique touches that highlight local culture can also enhance appeal.
- Family-Friendly Options: Properties that are child-friendly and provide necessary conveniences (cribs, toys) tend to have higher booking rates among family travelers.
- Outdoor Access: Given the area’s scenic landscapes and outdoor activities, rentals that offer direct access to hiking trails, river views, or close proximity to parks are highly desired.
Understanding and incorporating these preferences can enhance guest satisfaction and ultimately drive repeat bookings and positive reviews.
Regulatory Environment
The regulatory environment for short-term rentals in Great Falls is still evolving. As of October 2023, Montana does not impose statewide restrictions; however, individual municipalities can set regulations regarding short-term rentals.
Great Falls requires hosts to register their rental properties with the city and obtain a business license. Local regulations also mandate compliance with health and safety codes. Additionally, short-term rental hosts must pay applicable lodging taxes, which are essential in supporting local infrastructure and tourism.
Investors should remain vigilant about changes in local policies as the city continues to adapt to the growing short-term rental market. Engaging with local associations or rental management companies can provide insights into best practices for compliance.
Great Falls, Montana Housing Market Data
Home Value Trends
| Quarter | Typical Home Value (USD) |
|---|---|
| Q2 17 | $176,200 |
| Q3 17 | $172,833 |
| Q4 17 | $174,526 |
| Q1 18 | $175,610 |
| Q2 18 | $177,768 |
| Q3 18 | $181,541 |
| Q4 18 | $182,576 |
| Q1 19 | $184,645 |
| Q2 19 | $186,693 |
| Q3 19 | $188,830 |
| Q4 19 | $189,667 |
| Q1 20 | $192,264 |
| Q2 20 | $194,371 |
| Q3 20 | $198,505 |
| Q4 20 | $205,284 |
| Q1 21 | $212,992 |
| Q2 21 | $224,464 |
| Q3 21 | $232,870 |
| Q4 21 | $240,613 |
| Q1 22 | $254,867 |
| Q2 22 | $268,657 |
| Q3 22 | $269,772 |
| Q4 22 | $269,772 |
| Q1 23 | $271,620 |
| Q2 23 | $280,379 |
| Q3 23 | $286,330 |
| Q4 23 | $290,039 |
| Q1 24 | $294,824 |
| Q2 24 | $298,472 |
| Q3 24 | $301,287 |
| Q4 24 | $309,045 |
| Q1 25 | $315,874 |
| Q2 25 | $318,872 |
| Q3 25 | $321,478 |
| Q4 25 | $324,697 |
Market Overview
- Typical Home Value:$324,067
- Median Sale Price:$338,166
- Median List Price:$371,583
Current Inventory
- Homes For Sale:303
- New Listings:57
Detailed Market Analysis
Real Estate Market Analysis for Great Falls, Montana
The residential real estate market in Great Falls, Montana presents unique opportunities for investors and homebuyers alike. Current market dynamics show balanced market conditions with accessible entry points 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 Great Falls, Montana benefit from growing rental market potential and investment opportunities. Prospective buyers and investors should consider both current market conditions and long-term growth indicators when evaluating opportunities in this market.
Neighborhood Analysis
Great Falls is home to several neighborhoods, each with unique characteristics attractive to different target markets:
- Downtown Great Falls: A bustling area with restaurants, shops, and nightlife. Short-term rentals here appeal mainly to business travelers and couples seeking convenience during their stay.
- Historic District: This neighborhood features charming architecture and close proximity to museums, attracting visitors interested in culture and history.
- River’s Edge Trail: Ideal for outdoor enthusiasts, properties near this area are suitable for guests wanting access to walking trails and parks.
- Westside: A growing residential area where many families stay for its amenities and access to schools and parks.
Each neighborhood offers investment opportunities, and understanding the needs and preferences of target guests can significantly enhance marketing strategies.
Market Outlook & Trends
Looking forward, the short-term rental market in Great Falls appears promising. As economic conditions improve and tourism continues to rise, the demand for short-term rentals is likely to grow. A sustained focus on local attractions and events, along with the potential for increased promotion by tourism boards, will further bolster the sector.
Additionally, adaptation to the increasing preferences for sustainable and eco-friendly travel options could lead to new investment opportunities in properties offering such features.
Overall, the combination of an appealing location, stable occupancy rates, and an emerging tourism industry suggests a favorable outlook for the short-term rental market in Great Falls.
Frequently Asked Questions
What is the average occupancy rate for short-term rentals in Great Falls?
Occupancy rates typically fluctuate between 60 and 70%, with seasonal highs during the summer months.
What types of properties perform best for short-term rentals?
Single-family homes and unique stays near outdoor attractions generally perform best in Great Falls.
What are the key amenities guests look for?
Guests commonly seek properties with kitchens, outdoor space, and high-speed internet access.
Are there any restrictions on short-term rentals in Great Falls?
Yes, hosts need to register their properties and obtain a business license, along with compliance with local health and safety codes.
Is it a good time to invest in short-term rentals in Great Falls?
Current trends indicate a favorable investment climate, with steady tourism growth and a stable housing market making this a potentially lucrative option.
In conclusion, Great Falls presents an emerging market for short-term rental investors with its steady tourism growth, favorable economic indicators, and unique regional characteristics that keep guests returning. By carefully assessing various factors, such as property performance, seasonal trends, and regulatory considerations, investors can make informed decisions that leverage the strengths of the local market.
