Elmo, Montana Short-Term Rental Market
Elmo, MT STRs averaged $228/night at 34.6% occupancy in April 2026, with July peaks hitting 77% and $333 ADR.
Quick Answer: Elmo, Montana is an active short-term rental market. average occupancy is 35%. average monthly revenue is $2,059. average daily rate is $228. the top operator is Stay Montana with 167 listings. market score is 49/100 (grade D).
Market Score Breakdown
Five dimensions Apivex evaluates per market.
Market Overview
Elmo is a small unincorporated community on the Big Arm of Flathead Lake in northwestern Montana, situated within the Flathead Indian Reservation. The STR market here is heavily seasonal, driven by summer recreation on the largest natural freshwater lake in the western United States. In April 2026, the market posted an average daily rate of $228 across active listings, with occupancy at 34.6% and RevPAR of $78.81. Year-over-year, occupancy improved 5.2% and ADR rose 7.0%, though gross monthly revenue per listing declined 4.4% compared to April 2025.
The listing supply is dominated by entire-place rentals, which account for 5,436 of 5,624 total active listings by channel count. Private rooms represent 187 listings and shared rooms just 1. By bedroom count, the market skews toward smaller units: 1-bedroom properties account for 2,096 listings, followed by 2-bedrooms (1,454), 3-bedrooms (1,115), 4-bedrooms (598), and 5-bedrooms (352). Channel distribution shows significant dual-platform presence, with 3,064 listings active on both Airbnb and VRBO, 1,873 on Airbnb only, and 687 on VRBO only.
The market’s overall investability score is 68.1 out of 100, with revenue growth scoring particularly well at 80.7. Seasonality is the primary risk factor, scoring 44.7, reflecting the sharp swing between summer peaks and winter/shoulder troughs.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 39% | $286 | $2,947 |
| Feb | 52% | $304 | $3,497 |
| Mar | 44% | $262 | $2,966 |
| Apr | 34% | $195 | $1,794 |
| May | 51% | $217 | $2,079 |
| Jun | 68% | $297 | $4,145 |
| Jul | 77% | $333 | $6,458 |
| Aug | 68% | $318 | $5,890 |
| Sep | 54% | $266 | $3,972 |
| Oct | 33% | $200 | $2,067 |
| Nov | 33% | $178 | $1,674 |
| Dec | 51% | $286 | $2,660 |
Top Short-Term Rental Operators in Elmo
Ranked by total active listings. Useful for understanding the competitive landscape.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Stay Montana | 167 | 2,350 | ★ 4.73 |
| 2 | Evolve | 130 | 6,503 | ★ 4.82 |
| 3 | Vacasa | 120 | 5,091 | ★ 4.58 |
| 4 | Whitefish Mountain Resort Lodging | 118 | 1,042 | ★ 4.64 |
| 5 | Natural Retreats | 107 | 3,956 | ★ 4.82 |
What Kind of STR Should I Buy in Elmo?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 2,096 |
| 2 bed | 1,454 |
| 3 bed | 1,115 |
| 4 bed | 598 |
| 5 bed | 352 |
ADR by Property Tier
| Entire Home | $232 |
| Luxury | $446 |
| Professionally Managed | $281 |
Revenue by Dwelling Type
| Apartment | $1,573 |
| Entire Place | $2,090 |
| House | $2,330 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 33.3% |
| vrbo | 12.2% |
| both | 54.5% |
Investment Analysis
Elmo’s investment case rests on high peak-season rates in a supply-constrained lakefront market, but investors must account for deep shoulder-season softness. At April 2026’s average monthly revenue of $2,059 per listing, annualized gross revenue runs approximately $24,705 at that month’s pace. Using the typical home value of $812,298 from the April 2026 housing snapshot, that implies a gross yield near 3.0% based on April’s off-peak revenue pace alone. Summer months produce substantially more: July’s historical average revenue of $6,458 per listing demonstrates the seasonal upside.
The 2025 annual average across all months was $4,324/month in revenue at 51.4% occupancy and $322 ADR, producing a rough annualized figure of approximately $51,888. Against the $812,298 typical home value, that puts the 2025 annual gross yield near 6.4%. Professionally managed properties command a notably higher ADR of $281 versus the all-listings average of $228 in April, suggesting active management has measurable rate impact. Luxury-tier listings averaged $446 ADR.
A significant cost factor: Montana’s 2025 homestead property tax law (effective 2026) is expected to raise non-owner-occupied residential tax rates by approximately 68%, which materially affects STR operating costs. Investors should model this into pro forma before purchase.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Booking Insights
In April 2026, the average booking lead time for Elmo STRs was 50.6 days, meaning guests typically reserved approximately seven weeks in advance. For summer peak weeks (July in particular), this lead time likely extends further as demand competes for limited lakefront inventory. Operators who open their calendar at least 90 days out and set early-bird pricing windows aligned to the 50-day lead average should capture the highest-intent bookings before rates get pushed higher.
Average length of stay was 3.85 nights in April 2026. This falls between a typical weekend stay and a full week, suggesting a mix of long-weekend getaways and mid-week travelers. A 4-night minimum during peak summer months can reduce turnover costs while maintaining strong occupancy. During the slower shoulder months (October, November, April), relaxing minimums to 2 nights or even 1 night can help fill gaps and prevent extended vacant stretches on the calendar.
Short-Term Rental Regulations
Short-term rentals are permitted in Elmo. Because the community is unincorporated, regulation falls to the State of Montana and Lake County rather than a municipal government.
Operators must obtain a State Public Accommodation License through the county environmental health department. The license requires a property review covering water supply, wastewater, and fire safety. Annual fees are $100 for properties with 1 to 10 rooms. A Lake County Zoning Conformance Permit is also required. In certain lakeshore zoning districts (including Finley Point and Upper West Shore), a short-term or vacation rental is classified as a conditional use, which means Board of Adjustment approval is required. These conditional use approvals are tied to the specific property and owner and do not transfer upon sale.
Operators must also register with the Montana Department of Revenue for lodging tax. Montana charges a combined 8% lodging facility sales and use tax; platforms like Airbnb and VRBO collect and remit this tax on behalf of operators. There is no owner-occupancy requirement, no primary residence requirement, and no statutory cap on annual rental nights.
A material change as of 2026: Montana’s 2025 homestead property tax law raises non-homestead residential rates, which applies to non-owner-occupied STRs. Operators should expect property tax bills to increase significantly starting in the 2026 tax year. Enforcement is rated moderate.
Market Comparison
Elmo’s April 2026 ADR of $228 sits above the US STR market median of approximately $220, driven by the premium that lakefront Montana properties command. Occupancy at 34.6% in April is below the national STR median of roughly 55%, reflecting the market’s pronounced off-peak trough rather than weak overall demand. The 2025 annual average occupancy of 51.4% is closer to national norms.
The market’s investability score of 68.1 and revenue growth score of 80.7 indicate a market with demonstrated rate appreciation (ADR has grown from $204 in 2017 to $322 in 2025). However, the seasonality score of 44.7 accurately flags the volatility risk.
The professional management landscape is active. Stay Montana leads with 167 listings, followed by Evolve (130 listings, 6,503 reviews, 4.82 rating), Vacasa (120 listings), Whitefish Mountain Resort Lodging (118 listings), and Natural Retreats (107 listings, 4.82 rating). The top 5 operators collectively manage approximately 642 listings, representing a meaningful share of the active supply. The presence of national platforms like Evolve, Vacasa, and Natural Retreats alongside regional specialists like Stay Montana indicates a competitive but professionalized management market.
Frequently Asked Questions About Elmo, Montana
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