Manhattan, Kansas Short-Term Rental Market
Manhattan, KS STRs averaged $135/night at 49.0% occupancy in April 2026, anchored by Kansas State University and Fort Riley demand.
Quick Answer: Manhattan, Kansas is an active short-term rental market. average occupancy in the Kansas Area market area is 53%. average monthly revenue in the Kansas Area market area is $2,228. average daily rate in the Kansas Area market area is $148. the top operator in the Kansas Area market area is Evolve with 60 listings. market score is 86/100 (grade A).
Market data reflects the Kansas Area regional market, which includes Manhattan. Regulations, taxes, and permit details below are specific to Manhattan.
Market Score Breakdown
Five dimensions StaySTRA evaluates per market.
Market Overview
The Manhattan, KS (“The Little Apple”) short-term rental market encompasses Riley County’s college and military town, tracking 4,312 active listings. Manhattan is home to Kansas State University (approximately 20,000 students) and adjacent Fort Riley, creating a base of year-round demand tied to academic events, athletics, graduation, and visiting relatives of service members. In April 2026, the all-listings ADR reached $135 with occupancy at 49.0% and RevPAR at $66.
The market is predominantly entire-place rentals: 3,843 listings (89.1%) are entire-place, 466 (10.8%) are private rooms, and 3 (0.1%) are shared rooms. The bedroom distribution reflects mixed student and visitor demand: 1-bedroom properties lead at 1,408 (32.7% of the bedroom total), followed by 2-bedroom (1,320, 30.6%), 3-bedroom (936, 21.7%), 4-bedroom (420, 9.8%), and 5-bedroom-plus (223, 5.2%). Airbnb dominates: 2,866 properties list exclusively on Airbnb, 1,241 cross-list on both platforms, and 205 list exclusively on VRBO.
Year-over-year in April 2026, occupancy declined 9.8%, ADR grew 2.4%, and revenue declined 5.1%. Annual averages show consistent ADR growth: from $91 in 2018 to $134 in 2025, while average monthly revenue grew from $1,088 in 2018 to $1,941 in 2025. Annual occupancy has remained in the 50 to 53% range since 2020. The StaySTRA composite market score is 85.8 out of 100, with an exceptional investability sub-score of 94.8, rental demand at 75.6, and regulation at 66.7.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 40% | $100 | $1,206 |
| Feb | 45% | $99 | $1,135 |
| Mar | 49% | $105 | $1,394 |
| Apr | 50% | $109 | $1,459 |
| May | 52% | $119 | $1,665 |
| Jun | 54% | $122 | $1,827 |
| Jul | 56% | $114 | $1,795 |
| Aug | 52% | $112 | $1,652 |
| Sep | 51% | $118 | $1,634 |
| Oct | 49% | $118 | $1,628 |
| Nov | 53% | $116 | $1,691 |
| Dec | 47% | $115 | $1,556 |
Top Short-Term Rental Operators in Kansas Area market area
Ranked by total active listings. Useful for understanding the competitive landscape. Operator data is published for the Kansas Area market as a whole, which includes Manhattan, so these counts are not Manhattan-only figures.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Evolve | 60 | 2,085 | ★ 4.74 |
| 2 | Stay Awhile | 18 | 2,445 | ★ 4.95 |
| 3 | OwlStays | 11 | 445 | ★ 4.55 |
| 4 | Equi-Venture Farm | 10 | 2,664 | ★ 4.85 |
| 5 | Swin Housing | 8 | 451 | ★ 4.87 |
What Kind of STR Should I Buy in Manhattan?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 1,408 |
| 2 bed | 1,320 |
| 3 bed | 936 |
| 4 bed | 420 |
| 5 bed | 223 |
ADR by Property Tier
| Entire Home | $153 |
| Luxury | $256 |
| Professionally Managed | $181 |
Revenue by Dwelling Type
| Apartment | $1,890 |
| Entire Place | $2,360 |
| House | $2,443 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 66.5% |
| vrbo | 4.8% |
| both | 28.8% |
Investment Analysis
At a typical home value of $291,280 in the Manhattan, KS area, April 2026 monthly revenue of $1,794 implies an annualized gross yield of approximately 7.4% before platform fees and expenses. Using the 2025 full-year average of $1,941/month, the annualized gross yield rises to approximately 8.0% at current home prices. The combination of an affordable acquisition cost and consistent university-driven demand supports favorable yield math despite modest nightly rates.
The investability score of 94.8 is among the highest in this batch and reflects the balance of low acquisition cost, stable demand, and steady ADR appreciation.
Tier differentiation: the all-listings ADR was $135 in April 2026. Luxury listings averaged $237/night (a 75.1% premium). Professionally managed properties averaged $168/night (a 23.9% premium). Entire-home listings averaged $139/night (a 3.0% premium).
Revenue by property type: houses led at $1,947/month. Entire-place averaged $1,881. Apartments averaged $1,614, approximately 10.0% below the all-listing average. ADR has grown from $91 in 2018 to $134 in 2025, a 47.3% increase over seven years, demonstrating consistent rate appreciation in this college market.
The housing market is accessible by national standards: typical home value $291,280, median sale price $275,667, 248 homes for sale, and median days to pending of just 9 days. The sale-to-list ratio of 0.848 indicates homes are selling at 84.8% of list price, suggesting buyer negotiating power.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Booking Insights
Manhattan, KS STR guests book an average of 43 days in advance and stay approximately 3.9 nights. The 43-day lead time reflects the event-planning character of this market: visitors booking for K-State football weekends, graduation ceremonies, and university events plan weeks in advance rather than booking impulsively.
The 3.9-night average stay is slightly longer than a pure weekend pattern, suggesting some visitors extend stays around multi-day events or pair a campus visit with area exploration in the Flint Hills or downtown Manhattan.
For pricing, K-State football home game weekends (typically September through November) are the primary premium-pricing opportunity. Operators should set event-pricing 6 to 8 weeks ahead, consistent with the 43-day average lead time. May graduation weekend and August move-in weekend are secondary premium events. Off-season weekdays (December through February) benefit from competitive pricing to maintain the 40 to 47% baseline occupancy that university proximity sustains year-round.
Short-Term Rental Regulations
STRs in Manhattan, KS require two separate registrations. Riley County requires a Short-Term Rental License from Riley County Planning & Development, with a $200 annual fee. Properties inside Manhattan city limits additionally require a City of Manhattan rental registration, administered by the Fire Department’s Risk Reduction office. City-level non-compliance carries escalating fines from $100 to $500, with possible jail time for repeat violations.
The Riley County license requires: a Rules of Conduct document, a trash disposal plan, smoke detectors in each bedroom, kitchen and furnace-room fire extinguishers, carbon monoxide detectors, and compliance with the Riley County Sanitary Code and state/local fire codes. Operating rules include quiet hours from 10 PM to 7 AM (noise not to exceed 65 dBA at the property line), one marked off-street parking space per bedroom, and maximum occupancy of two overnight guests per bedroom plus three additional guests. Sleeping quarters must be in a habitable structure; sheds, garages, RVs, and temporary structures are not permitted.
On taxes, Manhattan charges a 7.5% transient guest tax (effective July 1, 2019) on lodging stays, plus applicable state and local sales taxes. No owner-occupancy, primary-residence, or annual night cap requirement was found.
In late 2025, Riley County proposed amendments to its STR regulations (for unincorporated areas only) that would add a 500-foot minimum separation between STR units. Operators should confirm the current status of these proposed amendments with Riley County Planning & Development.
Market Comparison
Manhattan’s STR market is priced well below national benchmarks but provides favorable yield math against local home prices. The US STR median occupancy is approximately 55% and median ADR approximately $220. Manhattan’s 2025 full-year average occupancy of 51.9% is near but below the national median. The April 2026 ADR of $135 is 38.6% below the national $220 median. However, the investability score of 94.8 reflects that this gap is substantially offset by the $291,280 typical home value.
Annual ADR has grown from $91 in 2018 to $134 in 2025, a 47.3% increase over seven years.
Among operators, Evolve leads with 60 listings and a 4.74 rating across 2,085 reviews. Stay Awhile manages 18 listings with 2,445 reviews at a 4.95 rating. OwlStays holds 11 listings at a 4.55 rating. Equi-Venture Farm manages 10 listings with 2,664 reviews at a 4.85 rating. Swin Housing rounds out the top five with 8 listings at a 4.87 rating. The top five operators manage 107 listings combined, reflecting the independent-host character of this college market.
Frequently Asked Questions About Manhattan, Kansas
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