Morgantown, Indiana Short-Term Rental Market
Morgantown, IN tracked STR data shows $231/night at 62.4% occupancy across a wider Brown County tourism corridor.
Quick Answer: Morgantown, Indiana is an active short-term rental market. average occupancy in the Indiana Area market area is 62%. average monthly revenue in the Indiana Area market area is $3,810. average daily rate in the Indiana Area market area is $231. the top operator in the Indiana Area market area is Evolve with 168 listings. market score is 78/100 (grade B).
Market data reflects the Indiana Area regional market, which includes Morgantown. Regulations, taxes, and permit details below are specific to Morgantown.
Market Score Breakdown
Five dimensions StaySTRA evaluates per market.
Market Overview
The Morgantown short-term rental market tracked 7,816 active listings in the latest snapshot, with entire-place units at 91.1% of supply (7,121 listings) and private rooms at 8.9% (693). This tracked listing count is very large relative to Morgantown’s population of about 998 residents, and likely reflects the underlying data provider’s broader Brown County tourism-corridor submarket definition rather than listings confined to Morgantown itself; Morgantown sits on the traditional route from Indianapolis south to Brown County (Nashville, Indiana), a major Indiana tourism destination, so this tracked market plausibly extends into that wider area. The regulatory, housing, and population figures below are Morgantown-specific.
With that caveat, average daily rate was $230.74 at 62.40% occupancy in June 2026, generating average monthly revenue of $3,810 per listing. Occupancy rose 4.5 percentage points year over year while ADR fell 4.4% and revenue grew 4.5%, suggesting occupancy gains more than offset the rate decline.
Morgantown is a small historic town (population 998) in Jackson Township, Morgan County, Indiana, at the junction of SR 135 and SR 252. Visitors are largely day-trippers and pass-through travelers, notably motorcyclists and leaf-peepers in fall, who stop for meals and antiquing on Washington Street in the town’s National Register Historic District.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 39% | $129 | $1,542 |
| Feb | 48% | $129 | $1,541 |
| Mar | 51% | $135 | $1,848 |
| Apr | 51% | $143 | $1,893 |
| May | 53% | $170 | $2,256 |
| Jun | 62% | $214 | $3,402 |
| Jul | 67% | $221 | $3,994 |
| Aug | 59% | $212 | $3,451 |
| Sep | 50% | $183 | $2,482 |
| Oct | 51% | $165 | $2,400 |
| Nov | 47% | $153 | $2,017 |
| Dec | 45% | $147 | $1,887 |
Top Short-Term Rental Operators in Indiana Area market area
Ranked by total active listings. Useful for understanding the competitive landscape. Operator data is published for the Indiana Area market as a whole, which includes Morgantown, so these counts are not Morgantown-only figures.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Evolve | 168 | 6,280 | ★ 4.69 |
| 2 | Beachwalk Vacation Rentals | 139 | 4,328 | ★ 4.72 |
| 3 | General Manager of Hills O' Brown Vacation Rentals | 71 | 2,200 | ★ 4.70 |
| 4 | Imperial Access Rental | 48 | 138 | ★ 4.68 |
| 5 | MTM Premier Property Management | 40 | 1,048 | ★ 4.78 |
What Kind of STR Should I Buy in Morgantown?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 2,451 |
| 2 bed | 2,187 |
| 3 bed | 1,826 |
| 4 bed | 786 |
| 5 bed | 552 |
ADR by Property Tier
| Entire Home | $243 |
| Luxury | $444 |
| Professionally Managed | $359 |
Revenue by Dwelling Type
| Apartment | $2,319 |
| Entire Place | $4,004 |
| House | $4,296 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 53.5% |
| vrbo | 6.3% |
| both | 40.2% |
Investment Analysis
Given the scale caveat above, the tracked ADR and occupancy figures should be read as a Brown County corridor-wide reference point rather than Morgantown-exclusive performance. Within that tracked data, the professionally managed tier averages $359.02 a night (55.6% above the $230.74 blended ADR) and the luxury tier averages $444.24, 92.5% above blended, nearly double.
Against a typical Morgantown home value of $335,218, the tracked average listing revenue of $3,810 per month ($45,717 annualized) implies a gross yield of roughly 13.6% before operating expenses, though this figure inherits the scale caveat and should be verified against Morgantown-specific comparables. With only 24 active for-sale listings and a median list price of $344,600 (2.8% above typical home value), entry-level inventory is thin.
Regulatorily, Indiana is investor-friendly: state law prohibits municipalities from banning STRs or capping their number, and caps any local permit fee at $150. However, a 2026 change also grants homeowners associations new authority to regulate or ban STRs, so deed and HOA restrictions are now the layer most likely to constrain acquisitions here, even though the town and state cannot.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Booking Insights
Within the tracked (Brown County corridor-wide) data, average booking lead time is 64.5 days, one of the longer windows in this report, meaning most guests book more than nine weeks before arrival. That long lead time is consistent with planned trips tied to fall foliage season and motorcycle touring, both popular draws along this Indianapolis-to-Brown-County corridor.
Average length of stay is 4.17 nights, a moderate booking pattern. Operators should validate these figures against comparable listings specific to Morgantown given the scale caveat noted in the market overview.
Short-Term Rental Regulations
Morgantown has no town-specific short-term rental ordinance found in public records, so STR operation is governed mainly by Indiana state law and Morgan County tax rules. Indiana’s STR statute (IC 36-1-24) prohibits municipalities from banning short-term rentals or capping their number; a 2026 update further bars caps. Local governments may still require a permit, inspection, or insurance, but state law caps any STR permit fee at $150 and limits permits to a one-year term. No evidence indicates Morgantown imposes its own STR permit, owner-occupancy, or primary-residence requirement.
Operators must register with the Indiana Department of Revenue and collect the 7% Indiana state sales and use tax on stays under 30 days, plus the Morgan County Innkeeper’s Tax of 5.0% (Morgan County Council Ordinance 1-2-30, IC 6-9-3), for roughly 12% in transient lodging taxes total.
Importantly, as of 2026, Indiana homeowners associations gained authority to regulate or ban STRs, so deed and HOA restrictions can apply even though the town and state cannot prohibit short-term rentals outright. Enforcement at the town level is rated minimal, consistent with the community’s small size (roughly 1,000 residents). Investors should confirm current details directly with the Town of Morgantown and check any applicable HOA covenants before purchasing.
Market Comparison
Within the tracked (Brown County corridor-wide) data, this market runs above typical U.S. short-term rental benchmarks on both metrics. At 62.40% occupancy, the tracked figure is about 7.4 percentage points above the roughly 55% national median. Average daily rate of $230.74 is about 4.9% above the roughly $220 national median ADR.
Among property managers tracked in this data series, Evolve leads with 168 listings and 6,280 reviews at a 4.69 average rating. MTM Premier Property Management holds the highest guest rating among the top five at 4.78 across 40 listings. Beachwalk Vacation Rentals ranks second with 139 listings and 4,328 reviews at 4.72. The top five combined operators hold 466 listings, about 6.0% of tracked inventory, indicating a fragmented market dominated by independent operators across the wider corridor.
Frequently Asked Questions About Morgantown, Indiana
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What taxes apply to short-term rentals in Morgantown, IN?
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What is the average Airbnb occupancy rate near Morgantown, IN?
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