Bozeman, Montana Short-Term Rental Market
Bozeman STRs averaged $334/night at 33.8% occupancy in April 2026 — new investor permits banned since December 2023, ADR up 12.1% year-over-year.
Quick Answer: Bozeman, Montana is an active short-term rental market. average occupancy is 34%. average monthly revenue is $3,178. average daily rate is $334. the top operator is Stay Montana with 201 listings. market score is 70/100 (grade C).
Market Score Breakdown
Five dimensions Apivex evaluates per market.
Market Overview
Bozeman, Montana implemented a ban on new non-owner-occupied (Type 3) short-term rental permits via City Ordinance 2149, effective December 14, 2023. New STRs must be owner-occupied primary residences. The market still shows active grandfathered inventory as of April 2026, recording an average daily rate of $334, occupancy of 33.8%, and RevPAR of $113.
Year-over-year, occupancy declined 5.6 percentage points while ADR surged 12.1%, reflecting the supply contraction from the ban combined with sustained strong demand from a rapidly growing city of approximately 56,114 residents near Yellowstone, Big Sky, and Bridger Bowl. Revenue is down 1.5% year-over-year.
Bozeman draws approximately 4.08 million annual visitors. The legacy active inventory reflects roughly 100 grandfathered Type 3 permits plus a significantly larger pool of primary-residence-based Type 1, 2A, and 2B operators. ADU-based permits (Type 2B) remain available for owner-occupied properties.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 48% | $446 | $5,686 |
| Feb | 63% | $501 | $7,328 |
| Mar | 60% | $502 | $7,948 |
| Apr | 35% | $266 | $2,728 |
| May | 56% | $241 | $2,989 |
| Jun | 72% | $308 | $5,161 |
| Jul | 73% | $322 | $6,024 |
| Aug | 65% | $301 | $5,292 |
| Sep | 59% | $266 | $4,187 |
| Oct | 45% | $225 | $2,855 |
| Nov | 39% | $212 | $2,205 |
| Dec | 52% | $418 | $4,444 |
Top Short-Term Rental Operators in Bozeman
Ranked by total active listings. Useful for understanding the competitive landscape.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Stay Montana | 201 | 7,915 | ★ 4.74 |
| 2 | Evolve | 131 | 9,076 | ★ 4.82 |
| 3 | Big Sky Vacation Rentals | 130 | 3,266 | ★ 4.87 |
| 4 | Two Pines Properties | 123 | 2,649 | ★ 4.87 |
| 5 | Mountain Home | 115 | 5,070 | ★ 4.84 |
What Kind of STR Should I Buy in Bozeman?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 1,585 |
| 2 bed | 1,391 |
| 3 bed | 1,275 |
| 4 bed | 756 |
| 5 bed | 446 |
ADR by Property Tier
| Entire Home | $346 |
| Luxury | $774 |
| Professionally Managed | $553 |
Revenue by Dwelling Type
| Apartment | $2,619 |
| Entire Place | $3,238 |
| House | $3,592 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 29.9% |
| vrbo | 11.5% |
| both | 58.6% |
Investment Analysis
Bozeman is effectively closed to new investor STR investment. New Type 3 (non-owner-occupied whole-home) permits have been banned since December 14, 2023. Legacy Type 3 permits under grandfathering are non-transferable and terminate upon property sale.
For primary residents, the market offers strong revenue upside. ADR grew 12.1% year-over-year to $334 in April 2026, and February through March historical peaks average $7,328 to $7,948 monthly revenue driven by Bridger Bowl ski season and Yellowstone winter tourism.
At a typical home value of $728,407 and April 2026 average monthly revenue of $3,178, annualized gross revenue is approximately $38,137, implying a gross yield of roughly 5.2% — before factoring in the high-season performance premium. For primary residents who qualify for Type 1 or 2A permits, the $334 ADR and strong summer and ski-season peaks create meaningful supplemental income on a Bozeman home.
The luxury-tier ADR of $774 per night is the highest among inland Montana markets in this batch, reflecting the premium that Bozeman’s outdoor recreation positioning commands.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Booking Insights
Bozeman bookings average a 53-day lead time, roughly 7 to 8 weeks in advance. This reflects the planned nature of ski trips and Yellowstone/Big Sky itineraries, where guests book lodge and accommodation well before the peak season windows.
Average length of stay is 4.1 nights, reflecting multi-day ski and outdoor recreation stays. The combination of long lead time and high peak-season ADR means operators can set firm pricing for February, March, and July without relying on last-minute demand. The 66% professionally managed ADR premium suggests that operators should invest in management quality to capture the full market potential.
Short-Term Rental Regulations
Bozeman operates under City Ordinance 2149 (effective December 14, 2023). New Type 3 (non-owner-occupied whole-home) STR permits are permanently banned. Three types remain active: Type 1 (owner present during rental, allowed in all zones), Type 2A (primary residence rented while owner is temporarily away, allowed in most zones except the RA residential district under a February 2026 UDC update), and Type 2B (ADU or second unit in owner’s primary-residence building). All require operators to reside at the property for at least 70% of the calendar year.
Approximately 100 legacy Type 3 permits continue under grandfather status and do not transfer upon property sale. All active operators must hold a City STR Hosting Permit ($250 annual fee) plus a Montana Public Accommodations License from the Gallatin City-County Health Department. A fire and safety inspection is required.
The occupancy tax rate is 8%. Enforcement is rated strict. Investors seeking Bozeman-area STR opportunities should verify whether a Type 2A or 2B structure is viable for their situation.
Market Comparison
Bozeman’s April 2026 ADR of $334 is approximately 52% above the US STR median of approximately $220, while occupancy at 33.8% is well below the national median — reflecting the April shoulder season data point rather than peak-season performance.
Stay Montana leads the market with 201 listings and 7,915 reviews (4.74 average rating). Evolve follows with 131 listings and 9,076 reviews (4.82 rating). Big Sky Vacation Rentals holds 130 listings (4.87 rating). Two Pines Properties manages 123 listings (4.87 rating). Mountain Home rounds out the top five with 115 listings (4.84 rating).
All five top operators maintain ratings above 4.74, indicating a highly competitive, quality-focused operator landscape. The presence of Montana-specialized operators (Stay Montana, Big Sky Vacation Rentals, Two Pines Properties) alongside Evolve reflects the local market knowledge advantage in managing seasonal demand in Bozeman.
Frequently Asked Questions About Bozeman, Montana
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Are ADU-based STRs still allowed in Bozeman?
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