Butte, Montana Short-Term Rental Market
Butte, MT STRs averaged $158/night at 42.9% occupancy in April 2026, an event-driven market anchored by mining heritage and 4 million acres of public land.
Quick Answer: Butte, 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
Butte is a historic mining city in southwest Montana, home to the nation’s largest National Historic Landmark District, and the center of a market that draws visitors to copper-mining heritage sites, the Montana Folk Festival, the Butte 100 mountain bike race, and access to approximately 4 million acres of public land along the Continental Divide. As of April 2026, the market posted an average daily rate of $158, occupancy of 42.9%, and RevPAR of $68. Approximately 4,408 active listings span a range of sizes, with 1-bedroom units leading at 1,525 listings, followed by 2-bedroom (1,256), 3-bedroom (955), 4-bedroom (422), and 5-bedroom (237). Entire-place listings account for 4,124 (94% of inventory), with 284 private-room listings. Airbnb is the primary channel with 2,126 listings, while 1,823 properties list on both Airbnb and VRBO, and 459 list exclusively on VRBO. Year-over-year through April 2026, occupancy grew fractionally (+0.2 percentage points), ADR improved 2.8%, and revenue grew 2.0%. The total market score of 53 out of 100 reflects moderate performance, with investability at 71/100 and regulation at 70/100. Butte is primarily a drive market; its visitation is event-driven and heritage-oriented rather than natural-park gateway.
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 Butte
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 Butte?
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
Butte’s STR investment profile is that of a moderate-yield, lower-barrier-to-entry market. Average monthly revenue of $1,790 in April 2026 annualizes to approximately $21,479. No Zillow home value data is currently published for Butte, so a standardized gross yield calculation is not available. Property type differentiation is modest: house listings averaged $1,883 per month, entire-place listings $1,829, and apartment units $1,558, suggesting limited income spread by property type relative to larger resort markets. Luxury-tier properties command $340 ADR versus the market average of $158, and professionally managed listings average $183 ADR, slightly above market mean. The multi-year revenue trend shows the market peaked in 2022 at $2,563/month average, declined to $2,456-$2,495 during 2023-2024, and stabilized at $2,514 in 2025. The April 2026 trailing figure of $1,790 reflects shoulder-month seasonality rather than annual performance. The market’s investability score of 71/100 is reasonable for a small Montana city without a major national-park gateway position, and the regulatory environment, while requiring a discretionary Special Use Permit in residential zones, does not represent a blanket prohibition on new STRs. Property acquisition costs in Butte are historically lower than Montana resort markets, which may support acceptable yields even at lower ADR levels, but home value data to compute a specific yield is not currently available.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Butte guests book an average of 38 days in advance, a moderate lead time consistent with an event-driven and leisure market where travelers plan trips around specific festivals, races, and summer itineraries. The average length of stay is 4.4 nights, longer than might be expected for a smaller city market, reflecting the drive-market visitor base that typically combines Butte with other Montana destinations on multi-stop itineraries. A 4-night average benefits operators through lower per-stay turnover costs and suggests guests who are using Butte as a hub for regional exploration rather than a single-night stop. The 38-day lead combined with the event-driven demand pattern suggests operators should set dynamic pricing that holds rates firm well ahead of the Montana Folk Festival and Butte 100 dates, when demand spikes above the seasonal baseline. Outside major event windows, pricing flexibility within the 30-day window will be important to maintain occupancy during the softer spring and early winter periods.
Short-Term Rental Regulations
Short-term rentals are legal in Butte but require a discretionary permit in residential zones. Butte is governed by the consolidated Butte-Silver Bow city-county government. An STR located in an existing residence in a residential zone (R-1 or R-2) requires a Special Use Permit under Municipal Code Section 17.38.180, reviewed case-by-case by the Zoning Board of Adjustment. The process includes a pre-application meeting at the Planning Department (155 W. Granite St., Room 108), followed by planning and zoning review, with board deliberation typically taking up to 15 days, extending to 45 days when additional zoning analysis is required. Neighbors can and do object at public hearings, and some permits have been approved over objections. No explicit cap on annual rental nights and no published owner-occupancy mandate were found; approvals are case-by-case. In addition to the Special Use Permit, operators must obtain a Butte-Silver Bow business license (approximately $35 per year) and a Montana public accommodation (lodging) license from the state Department of Public Health and Human Services under Montana Code Annotated Title 50, Chapter 51. The Montana statewide lodging tax rate is 8%, comprising a 4% lodging facility use tax and a 4% lodging sales tax. Airbnb and VRBO collect and remit this tax for platform bookings. Enforcement is characterized as moderate, via civil penalties and possible permit revocation for repeated or serious violations.
Market Comparison
Butte’s April 2026 ADR of $158 runs below the U.S. STR median of approximately $220, and its occupancy of 42.9% falls below the national median of roughly 55%. Both metrics reflect Butte’s position as a heritage-tourism and event market without a major national-park or ski-resort anchor to support year-round premium demand. The 2025 annual average occupancy of 50.0% is more representative of typical market performance than the April 2026 shoulder reading. The total market score of 53 out of 100 and investability score of 71 indicate a functional but modest-yield market. The operator landscape is fragmented and modest in scale. Evolve leads with 167 listings and a 4.84 rating across 7,613 reviews. AAA Red Lodge Rentals holds 45 listings with a 4.92 rating (3,512 reviews), and Red Lodge Reservations has 32 listings at 4.89 (1,818 reviews). Alpine Basin Homes (30 listings, 4.95 rating, 881 reviews) and Anaconda Pintler Property Services (30 listings, 4.95 rating, 713 reviews) round out the top five. Evolve accounts for approximately 167 of the estimated 4,408 listings, about 3.8% of total inventory. The top five operators together manage roughly 304 listings, representing 6.9% of the market, a low professional-management penetration compared to resort markets of similar size.
Frequently Asked Questions About Butte, Montana
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