Belgrade, Montana Short-Term Rental Market
Belgrade and Bozeman-area STRs averaged $334/night at 33.7% occupancy in April 2026, with winter peak months averaging $501 ADR and $7,941 revenue across 5,464 active listings.
Quick Answer: Belgrade, Montana is an active short-term rental market. average occupancy in the Bozeman/Yellowstone Natl Park market area is 64%. average monthly revenue in the Bozeman/Yellowstone Natl Park market area is $6,823. average daily rate in the Bozeman/Yellowstone Natl Park market area is $389. the top operator in the Bozeman/Yellowstone Natl Park market area is Stay Montana with 198 listings. market score is 70/100 (grade C).
Market data reflects the Bozeman/Yellowstone Natl Park regional market, which includes Belgrade. Regulations, taxes, and permit details below are specific to Belgrade.
Market Score Breakdown
Five dimensions StaySTRA evaluates per market.
Market Overview
Belgrade is located in Gallatin County, Montana, adjacent to Bozeman and the Bozeman Yellowstone International Airport, which processed 2.64 million passengers in 2024. The broader Bozeman/Gallatin County STR market encompasses 5,464 active listings as of the April 2026 snapshot. Gallatin County led all Montana counties in nonresident visitor spending, averaging $887.3 million per year in 2023 to 2024, with an estimated 4.08 million nonresident trips through the Bozeman area in 2024.
In April 2026, the average daily rate was $334 and occupancy was 33.7%, reflecting the spring shoulder between ski season and summer. Year-over-year for April, occupancy declined 5.6%, while ADR surged 12.2% and revenue declined 1.5%. The ADR increase despite lower occupancy signals strong pricing power as the market transitions out of ski season. The 2025 full-year average was $396 ADR and 56.5% occupancy, generating average monthly revenue of $5,891 per listing, up 8.5% from $5,431 in 2024.
Entire-place listings dominate at 5,258 properties (96% of all listings), with 212 private rooms and 8 shared rooms. On the channel side, 3,210 listings appear on both Airbnb and VRBO, 1,637 are Airbnb-only, and 631 are VRBO-only, indicating a well-distributed multi-channel market.
The bedroom mix is spread across sizes: 1-bedrooms lead at 1,583 listings, 2-bedrooms at 1,394, 3-bedrooms at 1,279, 4-bedrooms at 758, and 5-bedrooms at 450. The market’s revenue growth score of 94 out of 100 is exceptional, and the rental demand score is 76. Total market score is 70, investability 70, and regulation 69.
Seasonal Patterns
| Month | Occupancy |
|---|---|
| Jan | 48% |
| Feb | 63% |
| Mar | 60% |
| Apr | 35% |
| May | 57% |
| Jun | 73% |
| Jul | 73% |
| Aug | 65% |
| Sep | 59% |
| Oct | 45% |
| Nov | 39% |
| Dec | 52% |
Month-by-month nightly rates and revenue figures for Belgrade are available to StaySTRA Pro members. Unlock with StaySTRA Pro or analyze a specific address free.
Top Short-Term Rental Operators in Bozeman/Yellowstone Natl Park market area
Ranked by total active listings. Useful for understanding the competitive landscape. Operator data is published for the Bozeman/Yellowstone Natl Park market as a whole, which includes Belgrade, so these counts are not Belgrade-only figures.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Stay Montana | 198 | 7,922 | ★ 4.75 |
| 2 | Big Sky Vacation Rentals | 132 | 3,304 | ★ 4.87 |
| 3 | Evolve | 128 | 9,092 | ★ 4.85 |
| 4 | Two Pines Properties | 123 | 2,649 | ★ 4.87 |
| 5 | Mountain Home | 115 | 5,096 | ★ 4.84 |
What Kind of STR Should I Buy in Belgrade?
Revenue and nightly-rate breakdowns by bedroom count, property tier, and dwelling type for Belgrade are available to StaySTRA Pro members. Unlock with StaySTRA Pro or analyze a specific address free.
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 29.9% |
| vrbo | 11.5% |
| both | 58.6% |
Home Value Trends (Belgrade)
Typical home values, median sale prices, and the 10-year price trend for Belgrade are available to StaySTRA Pro members. Unlock with StaySTRA Pro or analyze a specific address free.
Booking Insights
Booking-window and length-of-stay analysis for Belgrade — how far ahead guests book and how to price around it — is available to StaySTRA Pro members. Unlock with StaySTRA Pro or analyze a specific address free.
Short-Term Rental Regulations
Bozeman and Gallatin County operate under one of Montana’s most structured STR frameworks, significantly tightened since 2023. The City of Bozeman issues three permit types: Type 1 (owner present during the guest stay), Type 2 (owner absent but property is owner’s primary residence or an ADU/duplex unit on the same lot), and Legacy Type 3 (grandfathered non-owner-occupied units, capped at approximately 104 properties).
As of December 14, 2023 (Ordinance 2149), new Type 3 (non-owner-occupied) STR permits are banned. All new permits require the host to occupy the property as their primary residence for at least 70% of the calendar year. The 2026 UDC update (effective February 1, 2026) further consolidated the former RS, R1, and R2 residential zones into the new RA district, where only Type 1 (owner-present) rentals are now permitted. Type 2 renewals in formerly R1/R2 areas may no longer be eligible under the new RA classification.
The annual STR Hosting Permit fee is $250, renewed each year. Operators also need a Montana Public Accommodations License from the Gallatin City-County Health Department (health inspection required) and a fire safety inspection at initial registration and every three years thereafter. Booking platforms are required to verify permit numbers and share data with the city. Operating without registration is a misdemeanor.
Montana imposes an 8% statewide lodging tax (4% Lodging Facility Use Tax plus 4% Lodging Facility Sales Tax). Additionally, starting in 2026, Montana enacted a new STR property tax classification of 1.9% of assessed value for non-owner-occupied STRs. Enforcement is rated strict, with a proactive city enforcement team.
Market Comparison
Belgrade-Bozeman’s 2025 average ADR of $396 is well above the US STR median of approximately $220, reflecting the premium that mountain resort access, Yellowstone proximity, and limited supply in a constrained regulatory environment commands. The 2025 annual occupancy of 56.5% is at the national median of approximately 55%, and the revenue growth score of 94 out of 100 is the highest in this batch, indicating the market is still gaining momentum.
On the operator side, Stay Montana leads with 198 listings and 7,922 total reviews at a 4.75 average rating. Big Sky Vacation Rentals manages 132 listings (4.87 rating, 3,304 reviews). Evolve operates 128 listings (4.85 rating, 9,092 reviews), the national platform with the highest review volume here. Two Pines Properties holds 123 listings (4.87 rating, 2,649 reviews) and Mountain Home manages 115 listings (4.84 rating, 5,096 reviews).
The top five operators collectively manage 696 listings, representing approximately 12.7% of the 5,464-listing inventory. All five top operators maintain ratings above 4.74, which is notable across a combined 28,063 reviews. The high rating concentration reflects the premium service expectations of the Bozeman mountain-destination guest base. Montana-specific operators (Stay Montana, Big Sky Vacation Rentals, Two Pines Properties, Mountain Home) hold 4 of the top 5 positions, indicating strong local management expertise.
Frequently Asked Questions About Belgrade, Montana
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