South Lake Tahoe, California Short-Term Rental Market
South Lake Tahoe STRs averaged $405/night at 24.7% occupancy in April 2026, with over 11,200 active listings across a year-round resort market.
Quick Answer: South Lake Tahoe, California is an active short-term rental market. average occupancy is 25%. average monthly revenue is $3,438. average daily rate is $405. the top operator is Vacasa with 912 listings. market score is 45/100 (grade D).
Market Score Breakdown
Five dimensions Apivex evaluates per market.
Market Overview
South Lake Tahoe is one of California’s largest short-term rental markets, with over 11,000 active listings as of the latest snapshot. The market is dominated by entire-place rentals, which account for 10,974 of 11,243 tracked listings (97.6%), with private rooms representing just 269 units (2.4%). Bedroom distribution skews toward larger properties: 3-bedroom units lead with 3,717 listings, followed by 4-bedroom (2,305), 2-bedroom (2,238), 1-bedroom (1,993), and 5-bedroom (957).
In April 2026, the latest data month, the average daily rate was $405 and occupancy was 24.7%, consistent with April being the post-ski, pre-summer shoulder season. RevPAR was $100. Year over year, April occupancy fell 17.7% and revenue dropped 10.4%, while ADR rose 4.8%. These YoY swings reflect the market’s pronounced seasonality rather than a structural decline. On a 2025 full-year basis, the market averaged 47.3% occupancy, $474 ADR, and $5,993 in monthly revenue per listing.
Channel distribution shows meaningful diversification: 7,057 listings appear on both Airbnb and VRBO, while 3,140 are Airbnb-only and 1,046 are VRBO-only. The market’s total score is 45.3 out of 100, with revenue growth (70.5) and regulation (69.3) scoring highest and seasonality (53.3) presenting the largest structural challenge for investors.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 48% | $457 | $5,857 |
| Feb | 56% | $468 | $6,506 |
| Mar | 44% | $423 | $5,459 |
| Apr | 33% | $356 | $3,547 |
| May | 41% | $359 | $3,274 |
| Jun | 61% | $428 | $5,703 |
| Jul | 70% | $455 | $7,922 |
| Aug | 58% | $442 | $6,837 |
| Sep | 40% | $386 | $4,163 |
| Oct | 31% | $348 | $3,242 |
| Nov | 38% | $377 | $3,114 |
| Dec | 55% | $502 | $6,061 |
Top Short-Term Rental Operators in South Lake Tahoe
Ranked by total active listings. Useful for understanding the competitive landscape.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Vacasa | 912 | 34,138 | ★ 4.41 |
| 2 | Tahoe Getaways | 353 | 10,145 | ★ 4.72 |
| 3 | Evolve | 216 | 11,511 | ★ 4.66 |
| 4 | Grand Welcome | 179 | 8,657 | ★ 4.54 |
| 5 | Tahoe Vacation Rentals | 177 | 4,621 | ★ 4.61 |
What Kind of STR Should I Buy in South Lake Tahoe?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 1,993 |
| 2 bed | 2,238 |
| 3 bed | 3,717 |
| 4 bed | 2,305 |
| 5 bed | 957 |
ADR by Property Tier
| Entire Home | $416 |
| Luxury | $995 |
| Professionally Managed | $485 |
Revenue by Dwelling Type
| Apartment | $2,460 |
| Entire Place | $3,495 |
| House | $3,948 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 27.9% |
| vrbo | 9.3% |
| both | 62.8% |
Investment Analysis
South Lake Tahoe presents a high-ADR, high-variance investment profile. The typical home value sits at $656,274 (Zillow, April 2026). Using the 2025 annual average of $5,993 in monthly revenue per listing, annualized gross revenue comes to approximately $71,916, implying a gross yield of roughly 11.0% before expenses. Investors should note that April’s monthly revenue of $3,438 illustrates the trough: the market swings from roughly $3,114 in November to $7,922 in July, a 2.5x spread. Cash flow management across slow months is a primary operational consideration.
ADR tiers reveal significant upside for premium operators. All-listings ADR averages $405, while entire-home listings average $416 and professionally managed properties average $485, a 20% premium over the market average. Luxury properties reach $995 ADR. Revenue by property type (April data): houses average $3,948 per month, entire-place listings $3,495, and apartments $2,460.
Year over year, the 2025 annual average ADR of $474 was up from $452 in 2024, a 4.9% gain. Revenue per listing improved from $5,692 in 2024 to $5,993 in 2025, a 5.3% gain, even as occupancy held nearly flat (47.2% vs 47.3%). The residential inventory cap of 900 VHR permits provides a degree of supply constraint in residential zones.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Booking Insights
The average booking lead time in South Lake Tahoe is approximately 44 days (roughly 6 weeks), and the average length of stay is 3.7 nights. Together, these figures shape how operators should approach pricing windows and operational planning.
A 44-day lead time indicates that most bookings are made well in advance rather than last-minute, giving hosts a meaningful window to set and hold rates during demand peaks. Dynamic pricing tools that capture demand in the 4-to-8-week booking window are likely to outperform flat rate strategies. Last-minute discounting may be needed to fill remaining inventory in the final week before arrival.
At 3.7 nights average stay, South Lake Tahoe skews toward extended weekend and short-trip stays rather than single nights or full weeks. Pricing structures that favor Thursday through Sunday check-in blocks tend to perform well in this pattern. Turnover frequency of roughly two stays per week creates meaningful cleaning and operations costs that should be incorporated into per-night pricing from the start.
Short-Term Rental Regulations
South Lake Tahoe requires a Vacation Home Rental (VHR) permit for all rentals shorter than 30 consecutive days. The current governing framework is Ordinance 2026-1203, effective April 23, 2026.
Residential zones are capped at 900 total VHR permits. Tourist Core, commercial, and recreational zones have no permit cap. The application fee is $548, with annual renewal fees ranging from $200 (non-residential, up to 4 occupants) to $3,485 (residential, 13 or more occupants). Permits renew annually.
Hosts collect and remit a 12% Transient Occupancy Tax directly to the city. Airbnb and VRBO do not collect TOT on hosts’ behalf in South Lake Tahoe. An additional $5.50 per night Tourism Improvement District fee applies to agent-managed properties.
Operational requirements in residential zones include: indoor noise monitors, exterior cameras, a 24/7 local property manager who must respond in person within 60 minutes to complaints, guest ID verification at check-in, signed Good Neighbor contracts, a minimum renter age of 25, and quiet hours from 10 PM to 8 AM for outdoor amplified sound and hot tub use. Commercial events such as weddings and large parties are prohibited. Three violations within 24 months results in permanent permit revocation. Owner-occupied and primary-residence requirements do not apply.
Context on recent changes: a 2018 ballot initiative (Measure T) that would have banned most residential VHRs was overturned by El Dorado County Superior Court in March 2025. The city subsequently adopted Ordinance 2025-1200 (effective July 2025) and amended it via Ordinance 2026-1203 (effective April 2026), which replaced a 150-foot residential buffer rule with the 900-permit cap, expanded attached condominium eligibility, and raised the minimum renter age to 25. Enforcement severity is rated strict.
Market Comparison
Relative to national STR benchmarks, South Lake Tahoe is a high-ADR, lower-occupancy resort market. The US STR median occupancy runs approximately 55% annually. South Lake Tahoe’s 2025 annual average of 47.3% runs about 7 percentage points below that benchmark. In contrast, the 2025 average ADR of $474 significantly exceeds the US median of approximately $220, placing South Lake Tahoe among the top-tier ADR markets nationally.
This combination of high rates and lower occupancy is characteristic of remote resort destinations where supply is permit-constrained and demand is heavily seasonal. RevPAR in April 2026 was $100, above the national monthly average during the shoulder season.
The professional management market is substantial and competitive. Vacasa leads with 912 listings and a 4.41 average rating across 34,138 reviews. Tahoe Getaways manages 353 listings with a 4.72 rating. Evolve holds 216 listings with a 4.66 rating and 11,511 reviews. Grand Welcome manages 179 listings (4.54 rating) and Tahoe Vacation Rentals manages 177 listings (4.61 rating). Together, the top 5 operators account for 1,837 listings, roughly 16% of total tracked inventory, indicating a market where the majority of hosts self-manage or use smaller local operators.
Frequently Asked Questions About South Lake Tahoe, California
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