Crested Butte, Colorado Short-Term Rental Market
Crested Butte STRs averaged $306/night in April 2026, with July peak occupancy reaching 74.7% across 1,445 active listings.
Quick Answer: Crested Butte, Colorado is an active short-term rental market. average occupancy is 65%. average monthly revenue is $4,793. average daily rate is $388. the top operator is Alpine Property Management Crested Butte with 90 listings. market score is 43/100 (grade D).
Market Score Breakdown
Five dimensions Apivex evaluates per market.
Market Overview
Crested Butte, Colorado operates one of the more distinct short-term rental markets in the mountain West, shaped almost entirely by two concentrated demand seasons: a ski winter and a summer outdoor recreation window. As of April 2026, the market holds 1,445 active listings. The overwhelming majority, 1,397 (96.6%), are entire-place rentals; private rooms account for just 48 listings. Bedroom distribution skews toward mid-size units: 3-bedroom properties lead at 411 listings, followed by 2-bedroom (405) and 1-bedroom (326), with 4-bedroom (209) and 5-bedroom-plus (93) rounding out the mix.
Channel presence reflects dual-platform reliance: 971 listings appear on both Airbnb and VRBO, 321 are Airbnb-only, and 153 are VRBO-only. The overall market score sits at 42.72 out of 100, held down by a seasonality score of 42.70 that reflects the pronounced demand swings. Investability scores higher at 73.21 and regulation clarity at 74.39, indicating that while the market performs unevenly across the year, the permitting framework is relatively well-defined for operators willing to navigate it.
The 2025 annual average occupancy was 48.97% at $401 ADR, generating $5,049 in average monthly revenue per listing. Year-over-year as of April 2026, occupancy rose 4.1%, ADR climbed 4.5%, but revenue slipped 6.1%, consistent with April being the market’s deepest off-peak month.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 49% | $390 | $4,984 |
| Feb | 62% | $412 | $6,212 |
| Mar | 61% | $432 | $7,296 |
| Apr | 11% | $360 | $2,350 |
| May | 38% | $323 | $2,227 |
| Jun | 62% | $358 | $3,947 |
| Jul | 75% | $385 | $6,792 |
| Aug | 53% | $354 | $4,906 |
| Sep | 49% | $317 | $3,808 |
| Oct | 25% | $264 | $2,182 |
| Nov | 19% | $273 | $1,571 |
| Dec | 62% | $432 | $3,851 |
Top Short-Term Rental Operators in Crested Butte
Ranked by total active listings. Useful for understanding the competitive landscape.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Alpine Property Management Crested Butte | 90 | 6,402 | ★ 4.92 |
| 2 | Iron Horse Property Management | 79 | 1,481 | ★ 4.89 |
| 3 | RedAwning | 70 | 583 | ★ 4.44 |
| 4 | Peak Property Management And Sales | 65 | 1,286 | ★ 4.81 |
| 5 | Crested Butte Lodging | 55 | 2,321 | ★ 4.64 |
What Kind of STR Should I Buy in Crested Butte?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 326 |
| 2 bed | 405 |
| 3 bed | 411 |
| 4 bed | 209 |
| 5 bed | 93 |
ADR by Property Tier
| Entire Home | $394 |
| Luxury | $807 |
| Professionally Managed | $396 |
Revenue by Dwelling Type
| Apartment | $3,251 |
| Entire Place | $4,849 |
| House | $7,516 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 22.2% |
| vrbo | 10.6% |
| both | 67.2% |
Investment Analysis
Entry costs in Crested Butte are substantial. The Zillow typical home value as of April 2026 stands at $1,454,390, while the median active list price is $2,185,833. With 2025 average monthly revenue of $5,049 per listing, annualized revenue runs approximately $60,588, yielding a gross return of roughly 4.2% on the typical home value. Investors purchasing at list-price levels should expect gross yields closer to 2.8%.
The tiered ADR structure reveals meaningful upside at the premium end. The all-listing average ADR was $306 in April 2026, but entire-home units averaged $310, and professionally managed properties averaged $365, a 19% premium over the all-listing baseline. Luxury-tier properties commanded $683 per night, more than double the market average, though this tier serves a narrower demand segment.
House-category listings produced $3,335 in average monthly revenue in April versus $1,314 for apartment-style units, confirming that larger, standalone properties capture disproportionate revenue in a market where space and ski-in/ski-out access drive guest decision-making.
Revenue growth scored 51.77 out of 100, suggesting modest upward momentum rather than rapid expansion. The hard cap of 198 Unlimited STR licenses in the Town of Crested Butte limits new supply and provides some protection for existing license holders. Buyers should verify license availability before acquisition, as only a small number of slots remain under the 198-unit cap, and licenses are non-transferable on sale.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Booking Insights
Crested Butte guests book an average of 45 days in advance (as of April 2026), with an average length of stay of 3.86 nights. The 45-day lead time is consistent with mountain resort markets where guests plan ski trips and summer outdoor excursions well ahead of travel dates, but not so far out as to require the 60-90 day pricing horizons seen in ultra-luxury or international destination markets.
The nearly 4-night average stay reflects the destination nature of the market: guests travel significant distances and typically book multi-night packages around ski weekends or festival periods rather than single-night stops. This LOS profile reduces turnover frequency, lowering cleaning costs per occupied night relative to urban or drive-to markets with shorter stays.
For operators, the 45-day booking window means that pricing adjustments made more than 6 weeks out have the most influence on occupancy. Last-minute discounting in the final 2 weeks is rarely necessary for peak winter and July dates but may be required to move inventory during shoulder months (April, May, October, November).
Short-Term Rental Regulations
Crested Butte’s STR regulatory environment is among the more structured in Colorado, with two incorporated municipalities governing the area under separate frameworks.
In the Town of Crested Butte, STR permits are called vacation rental licenses and come in two tiers. The Unlimited License costs $800 per year and allows unrestricted rental nights. A hard townwide cap of 198 Unlimited licenses applies. With approximately 189 currently active, fewer than 10 slots remain in qualifying blocks, and a block-face concentration limit bars more than 2 active Unlimited licenses per block face. Licenses are non-transferable on sale. The Primary Occupancy License costs $250 per year and is available to owners who live in the property at least 6 months per year; it caps rental use at 90 nights per calendar year and carries no quantity limit. Both license types renew annually in October. Three verified violations (noise, occupancy, or safety) trigger license revocation and a 2-year ban.
In Mt. Crested Butte, any property rented 29 nights or fewer requires a license ($400/year, valid through the calendar year). No cap on total licenses applies, and owner-occupancy is not required, though a property inspection is required on first application.
The combined STR tax rate is 20.9%, covering town sales tax, a 7.5% excise tax dedicated to Crested Butte’s Affordable Housing Fund, plus state, county, and regional components. Recent changes: Mt. Crested Butte voters approved an excise tax increase from 2.9% to 4.9% in November 2024. Enforcement is rated strict.
Market Comparison
Against U.S. STR benchmarks of approximately 55% median occupancy and $220 median ADR, Crested Butte’s 2025 annual averages of 48.97% occupancy and $401 ADR present a mixed picture. Occupancy runs below the national median due to the market’s pronounced seasonality, while ADR runs 82% above it, reflecting the premium pricing power of a high-altitude resort destination with limited hotel competition and constrained STR supply.
The operator landscape is concentrated. Alpine Property Management Crested Butte leads with 90 listings and 6,402 reviews (rating 4.92). Iron Horse Property Management holds 79 listings with a 4.89 rating. RedAwning operates 70 listings (rating 4.44). Peak Property Management and Sales manages 65 listings (rating 4.81), and Crested Butte Lodging rounds out the top five with 55 listings (rating 4.64). Together, the top 5 operators manage 359 listings, representing approximately 24.8% of the 1,445-listing market. The remaining 75% is operated independently or through smaller local managers, suggesting that hands-on independent operators retain a significant market share here compared to markets dominated by national platforms.
Frequently Asked Questions About Crested Butte, Colorado
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What is the typical home value in Crested Butte and how does it affect STR investment returns?
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