Anaconda, Montana Short-Term Rental Market
Anaconda, MT STR market shows 4,408 listings at 42.9% occupancy and $158 ADR in April 2026.
Quick Answer: Anaconda, Montana is an active short-term rental market. average occupancy is 43%. average monthly revenue is $1,790. average daily rate is $158. the top operator is Evolve with 167 listings. market score is 53/100 (grade D).
Market Score Breakdown
Five dimensions Apivex evaluates per market.
Market Overview
Anaconda, Montana is a former copper-smelting town of 9,525 residents at the base of the Pintler Mountains in southwest Montana. Its tourism identity is built on outdoor recreation, mining-era heritage, and its designation as a Continental Divide Trail Gateway Community. The short-term rental market serves hikers, skiers, golfers, and anglers drawn to Discovery Ski Area, the Jack Nicklaus-designed Old Works Golf Course, and the Anaconda-Pintler Wilderness.
The April 2026 data snapshot covers 4,408 active listings (a geographic market area that extends across the broader southwest Montana region including Red Lodge). Occupancy for April was 42.9%, average daily rate was $158, and RevPAR was $67.92. Average revenue per listing was $1,790 for the month. Year-over-year, ADR grew 2.8%, revenue increased 2.0%, and occupancy was essentially unchanged (+0.16 percentage points).
Entire-place listings dominate at 4,124 of 4,408 total units (94%). Private rooms account for the remaining 284 listings. The bedroom distribution skews toward smaller units: 1,525 one-bedroom listings lead the market, followed by 1,256 two-bedroom and 955 three-bedroom properties. Larger vacation homes make up a smaller share: 422 four-bedroom and 237 five-or-more-bedroom listings. The Airbnb channel leads distribution with 2,126 Airbnb-exclusive listings; 1,823 appear on both Airbnb and VRBO; 459 list exclusively on VRBO.
The market composite score of 52.9 reflects a smaller, seasonal market. Investability scores 71.2 and regulation scores 70.4, both above average for the composite, reflecting the permissive regulatory environment. Revenue growth at 56.7 and rental demand at 62.7 indicate a stable but not fast-growing market.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 38% | $151 | $1,649 |
| Feb | 46% | $157 | $1,747 |
| Mar | 46% | $156 | $1,921 |
| Apr | 43% | $138 | $1,571 |
| May | 52% | $151 | $1,805 |
| Jun | 64% | $192 | $2,890 |
| Jul | 66% | $201 | $3,575 |
| Aug | 59% | $190 | $3,104 |
| Sep | 52% | $172 | $2,423 |
| Oct | 45% | $148 | $1,904 |
| Nov | 47% | $144 | $1,757 |
| Dec | 43% | $163 | $1,836 |
Top Short-Term Rental Operators in Anaconda
Ranked by total active listings. Useful for understanding the competitive landscape.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Evolve | 167 | 7,613 | ★ 4.84 |
| 2 | AAA Red Lodge Rentals | 45 | 3,512 | ★ 4.92 |
| 3 | Red Lodge Reservations | 32 | 1,818 | ★ 4.89 |
| 4 | Alpine Basin Homes | 30 | 881 | ★ 4.95 |
| 5 | Anaconda Pintler Property Services | 30 | 713 | ★ 4.95 |
What Kind of STR Should I Buy in Anaconda?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 1,525 |
| 2 bed | 1,256 |
| 3 bed | 955 |
| 4 bed | 422 |
| 5 bed | 237 |
ADR by Property Tier
| Entire Home | $163 |
| Luxury | $340 |
| Professionally Managed | $183 |
Revenue by Dwelling Type
| Apartment | $1,558 |
| Entire Place | $1,829 |
| House | $1,883 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 48.2% |
| vrbo | 10.4% |
| both | 41.4% |
Investment Analysis
April 2026 revenue data shows an average listing generated $1,790 per month. Entire-place properties averaged $1,829 and house-type properties averaged $1,883. Annualizing April’s average revenue rate produces approximately $21,479 per year at the all-listings average, or roughly $22,601 annualized for house-type properties.
Housing value data for Anaconda was not available in the current snapshot, so direct gross-yield calculations cannot be completed. Given Montana’s generally lower home prices relative to coastal markets, investors should source current sale price data independently and calculate yield against actual acquisition cost.
The ADR spread across tiers is notable. Luxury-tier properties commanded $340 per night versus the $158 market average, a 115% premium. Professionally managed listings averaged $183 per night, a 16% premium over the overall market. This relatively small professional management premium suggests the market does not strongly reward management sophistication compared to markets where the premium is 30-50%.
Year-over-year trends since 2021 show ADR has held stable in the $179-$183 range (2022-2025 annual averages), while occupancy has settled in the 50-54% range after a 2020-2021 peak. Revenue in 2025 averaged $2,514 per month, essentially flat versus 2022’s $2,563. This plateauing pattern suggests Anaconda is a stable, mature STR market rather than a high-growth opportunity. Investors should price their return expectations accordingly.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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The April 2026 snapshot shows an average booking lead time of 38 days, meaning guests typically reserve about five to six weeks before arrival. This is a shorter planning horizon than many Montana mountain markets, suggesting Anaconda attracts a significant share of regional and spontaneous visitors rather than destination travelers with long-advance itineraries.
Average length of stay is 4.4 nights. This reflects the multi-day nature of outdoor recreation visits: hikers tackling segments of the Continental Divide Trail, golfers playing Old Works over multiple rounds, and ski-season visitors. Stays of 4-plus nights reduce turnover to roughly 6-7 times per month at average occupancy levels, lowering cleaning and operational costs compared to high-churn urban markets.
The combination of shorter lead times and moderate stay lengths suggests operators should use dynamic pricing tools that monitor availability in the 30-45 day booking window. If summer inventory is not filling 30-40 days out, proactive rate adjustments are needed before peak July dates pass.
Short-Term Rental Regulations
Anaconda-Deer Lodge County operates under a consolidated city-county government and has no dedicated short-term-rental ordinance. STRs are treated as a general lodging or business use subject to the county’s existing zoning and development-permit framework. Operators must confirm their property’s zoning district permits lodging or rental use through the ADLC Planning Department, and must obtain a standard county business license.
At the state level, Montana requires STR operators to hold a Public Accommodation License issued by the Montana Department of Public Health and Human Services (DPHHS). Operators must also register with the Montana Department of Revenue to collect and remit the 8% combined state lodging tax on stays under 30 days (4% Lodging Facility Use Tax plus 4% Lodging Facility Sales Tax).
Anaconda is not one of Montana’s designated resort-tax communities and exceeds the population threshold for resort-tax eligibility, so no additional local resort or room tax applies beyond the state’s 8%.
There is no night cap, no owner-occupancy requirement, no primary-residence requirement, and no STR-specific permit fee or renewal cycle. Enforcement is rated minimal given the absence of STR-specific rules. The primary compliance obligations are state licensing, tax registration, and a zoning-district confirmation.
No STR-specific regulatory changes were identified for Anaconda as of the June 2026 profile update.
Market Comparison
Anaconda’s 42.9% occupancy in April 2026 is below the US short-term rental median of approximately 55%, which is expected for an off-peak month in a seasonal Montana market. The $158 ADR is below the US median of approximately $220, consistent with a smaller rural market without the coastal or major resort price premiums.
Compared to its own historical baseline, the April 2026 RevPAR of $67.92 reflects the market’s April seasonal trough. The full-year 2025 annual average occupancy of 50.0% and ADR of $183 position Anaconda as a mid-tier Montana STR market in terms of performance.
Evolve leads the local operator landscape with 167 listings and 7,613 reviews (4.84 average rating), making it the dominant professional manager in this regional market by a wide margin. AAA Red Lodge Rentals holds second with 45 listings and 3,512 reviews (4.92 rating). Red Lodge Reservations manages 32 listings (4.89 rating), while Alpine Basin Homes and Anaconda Pintler Property Services each hold 30 listings with strong ratings of 4.95 and 4.95 respectively. The top five collectively manage approximately 304 listings, about 7% of the 4,408-listing market, indicating most properties are independently operated.
Frequently Asked Questions About Anaconda, Montana
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