Fargo, North Dakota Short-Term Rental Market
Fargo, ND STRs averaged $125/night at 57.0% occupancy in April 2026, with revenue up 5.9% year-over-year.
Quick Answer: Fargo, North Dakota is an active short-term rental market. average occupancy is 57%. average monthly revenue is $1,870. average daily rate is $125. the top operator is Leavetown with 51 listings. market score is 91/100 (grade A).
Market Score Breakdown
Five dimensions Apivex evaluates per market.
Market Overview
Fargo is North Dakota’s largest city and the commercial hub of the Fargo-Moorhead metro, home to North Dakota State University and major event venues including the Fargodome. With a population of 138,574, the STR market is driven by business travel, university-related visitors, event and convention attendees, and regional leisure travelers from the Upper Midwest. The market has 1,781 total tracked listings across platforms. In April 2026, average ADR was $125, occupancy was 57.0%, and RevPAR was $71.
Year-over-year metrics show steady improvement: revenue grew 5.9%, ADR rose 3.7%, and occupancy increased 2.3% compared to April 2025. The market’s composite score is 90.9 out of 100, led by exceptional rental demand (93.2) and strong seasonality scores (88.2), indicating consistent demand generation from the university and Fargodome event calendar.
The listing mix leans toward entire-place units: 1,587 entire-place properties (89.1% of listings) and 194 private rooms. By bedroom count, 1-bedroom units lead at 583, followed by 2-bedrooms at 531, 3-bedrooms at 391, 4-bedrooms at 202, and 5-bedroom-plus at 71. Channel distribution: 532 dual-listed on both Airbnb and VRBO, 1,119 Airbnb-exclusive, and 130 VRBO-exclusive.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 47% | $92 | $1,268 |
| Feb | 52% | $94 | $1,262 |
| Mar | 53% | $94 | $1,365 |
| Apr | 54% | $94 | $1,351 |
| May | 57% | $102 | $1,513 |
| Jun | 64% | $117 | $1,979 |
| Jul | 64% | $117 | $2,071 |
| Aug | 60% | $112 | $1,899 |
| Sep | 58% | $106 | $1,645 |
| Oct | 61% | $110 | $1,844 |
| Nov | 52% | $98 | $1,448 |
| Dec | 50% | $95 | $1,361 |
Top Short-Term Rental Operators in Fargo
Ranked by total active listings. Useful for understanding the competitive landscape.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Leavetown | 51 | 48 | ★ 3.92 |
| 2 | Salvestr | 41 | 4,129 | ★ 4.67 |
| 3 | Hytter | 26 | 811 | ★ 4.34 |
| 4 | Guardian Property Management | 23 | 881 | ★ 4.90 |
| 5 | Evolve | 18 | 685 | ★ 4.67 |
What Kind of STR Should I Buy in Fargo?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 583 |
| 2 bed | 531 |
| 3 bed | 391 |
| 4 bed | 202 |
| 5 bed | 71 |
ADR by Property Tier
| Entire Home | $132 |
| Luxury | $228 |
| Professionally Managed | $154 |
Revenue by Dwelling Type
| Apartment | $1,632 |
| Entire Place | $1,983 |
| House | $2,110 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 62.8% |
| vrbo | 7.3% |
| both | 29.9% |
Investment Analysis
Fargo’s investment case rests on its status as a regional economic hub with above-median occupancy and low entry costs relative to most STR markets. No housing value data was available in the most recent snapshot, so yield calculations cannot be stated precisely, but Fargo’s affordable residential market relative to national comparables positions it as a lower-capital-intensity STR entry point. April 2026 revenue averaged $1,870 per listing per month, which annualizes to approximately $22,440 at current run-rate. This is below the national median for STR markets but must be read against acquisition costs that are substantially lower than coastal or mountain resort markets.
The tier spread points to meaningful upside for higher-quality inventory. Standard entire-home ADR runs $132 per night. Professionally managed properties average $154 per night, a 23% premium over the all-market average of $125. The luxury tier reaches $228 per night, nearly double the market average. YoY revenue has grown consistently: 2022 averaged $1,722/month, 2023 improved to $1,946, 2024 reached $2,142, and 2025 averaged $2,195 annually. This represents a four-year streak of year-over-year revenue growth.
The market’s investability score of 77.8 and rental demand score of 93.2 signal that demand fundamentals are strong, even if absolute revenue figures are modest by national standards. The regulation score of 54.0 reflects some regulatory uncertainty, primarily from neighboring West Fargo’s proposed restrictions, though Fargo proper remains permissive.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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In April 2026, Fargo bookings were made an average of 33 days in advance, with guests staying an average of 5.4 nights. The 33-day lead time is shorter than the national STR norm, consistent with a market where a significant portion of demand is spontaneous business or event-driven rather than planned leisure travel. This compressed booking window means rate strategies should be adjusted 4-5 weeks out rather than months in advance.
The 5.4-night average stay is notable and longer than expected for an urban market. This likely reflects multi-night business trips, university-related extended stays, and event weeks (Fargodome concert series, convention blocks, NDSU football weekends) where guests book multiple nights together. Minimum-stay policies of 3-5 nights during NDSU home-game weekends and Fargodome event weeks can capture premium event-period rates. Mid-week gaps between events may benefit from shorter minimum-stay settings to avoid vacancy.
Short-Term Rental Regulations
Fargo operates one of the more permissive short-term rental environments in the U.S. The city has no dedicated STR permit, license, or registration program. Short-term rentals are permitted city-wide with no owner-occupancy or primary-residence requirement and no cap on rental nights or total licenses. Zoning in Fargo does not impose an STR-specific overlay; operators are subject to standard residential parking and property-maintenance codes.
On the tax side, operators must register with the North Dakota Office of State Tax Commissioner and collect 5% state sales tax. The City of Fargo imposes a local lodging tax (commonly cited at 3%), which major platforms including Airbnb collect and remit automatically. Additional city and county sales taxes apply to the combined lodging bill. Fargo’s city sales tax rose by 0.25 percentage points to 2.25% effective April 1, 2025. Enforcement is complaint-based, focused on noise, parking, and nuisance issues rather than proactive licensing, with fines in the approximately $50-$250 range.
Investors should distinguish the City of Fargo from the adjacent City of West Fargo, which in 2025 advanced a proposal requiring STRs to be the owner’s primary residence, along with an annual license requirement. That proposal passed a first reading 3-2 in June 2025 but subsequent readings were tabled. It does not apply within Fargo city limits. Because Fargo has no formal STR ordinance, the regulatory picture could shift if the city decides to act.
Market Comparison
Fargo’s April 2026 ADR of $125 is well below the U.S. STR median of approximately $220, consistent with its position as an affordable Midwest market with lower acquisition costs. However, occupancy at 57.0% is slightly above the national median of roughly 55%, indicating the market generates solid utilization despite lower rates. The revenue growth trend of 5.9% YoY and a 2025 annual average of $2,195/month represent consistent performance for a non-resort urban market.
The operator landscape is smaller-scale and more fragmented than coastal markets. Leavetown leads by listing count with 51 properties but has a notably low review base (48 reviews, 3.92 rating), suggesting relatively new inventory or low review conversion. Salvestr is second with 41 listings and a strong track record (4,129 reviews, 4.67 rating). Hytter operates 26 listings (4.34 rating), Guardian Property Management holds 23 listings with the highest rating at 4.90 (881 reviews), and Evolve rounds out the top five at 18 listings (4.67 rating). No single operator dominates this market, leaving meaningful room for well-run independent properties to compete on review quality.
Frequently Asked Questions About Fargo, North Dakota
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