Emigrant, Montana Short-Term Rental Market
Emigrant, MT STRs averaged $334/night at 33.7% occupancy in April 2026, with revenue growth scoring 94 out of 100.
Quick Answer: Emigrant, Montana is an active short-term rental market. average occupancy is 76%. average monthly revenue is $7,039. average daily rate is $382. the top operator 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 Emigrant. Regulations, taxes, and permit details below are specific to Emigrant.
Market Score Breakdown
Five dimensions Apivex evaluates per market.
Market Overview
Emigrant is a small unincorporated community of roughly 465 residents in Park County’s Paradise Valley, positioned about 30 miles north of Yellowstone National Park’s Gardiner entrance. The short-term rental market here serves as a gateway lodging base for Yellowstone visitors, fly anglers, wilderness hikers, and guests of Chico Hot Springs Resort. As of April 2026, the market recorded an average daily rate of $334 and occupancy of 33.7%, reflecting the seasonal spring shoulder period. RevPAR stood at $112.71.
The active listing pool totals approximately 5,478 properties. Entire-place rentals dominate at 5,258 listings (96% of supply), with 212 private rooms and just 8 shared rooms. By bedroom count: 1-bedroom units make up 1,583 listings, 2-bedrooms 1,394, 3-bedrooms 1,279, 4-bedrooms 758, and 5-bedroom-plus properties 450. Channel distribution shows 3,210 listings active on both Airbnb and VRBO simultaneously, 1,637 on Airbnb only, and 631 on VRBO only, indicating broad dual-platform coverage among operators.
Year-over-year as of April 2026, occupancy declined 5.64 percentage points while ADR rose 12.15%. Revenue slipped 1.51% year-over-year against that backdrop. The market’s composite score is 69.78 out of 100, with rental demand scoring 76.05 and revenue growth reaching 94.13, indicating strong underlying revenue momentum despite near-term occupancy pressure.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 48% | $446 | $5,674 |
| Feb | 63% | $501 | $7,311 |
| Mar | 60% | $502 | $7,928 |
| Apr | 35% | $266 | $2,728 |
| May | 57% | $247 | $3,095 |
| Jun | 73% | $316 | $5,369 |
| Jul | 73% | $322 | $6,020 |
| Aug | 65% | $301 | $5,290 |
| Sep | 59% | $266 | $4,185 |
| Oct | 45% | $225 | $2,855 |
| Nov | 39% | $212 | $2,205 |
| Dec | 52% | $418 | $4,444 |
Top Short-Term Rental Operators in Emigrant
Ranked by total active listings. Useful for understanding the competitive landscape.
| # | 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 Emigrant?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 1,583 |
| 2 bed | 1,394 |
| 3 bed | 1,279 |
| 4 bed | 758 |
| 5 bed | 450 |
ADR by Property Tier
| Entire Home | $392 |
| Luxury | $631 |
| Professionally Managed | $493 |
Revenue by Dwelling Type
| Apartment | $5,655 |
| Entire Place | $7,223 |
| House | $7,871 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 29.9% |
| vrbo | 11.5% |
| both | 58.6% |
Investment Analysis
Emigrant’s investment case rests on high per-night rates driven by Yellowstone gateway demand and a rural supply constraint rather than on volume occupancy. The April 2026 ADR of $334 for all listings rises to $346 for entire-home units and $553 for professionally managed properties. Luxury-tier properties averaged $773 per night, reflecting the premium commanded by larger ranch-style and riverside properties in Paradise Valley.
Using 2025 annual averages (occupancy 56.51%, ADR $396, monthly revenue $5,891), a property performing at the market average would generate approximately $70,692 in gross annual revenue. No housing value data was available for this area, so a purchase-price-based yield calculation cannot be confirmed.
The revenue growth market score of 94.13 out of 100 is the strongest single signal in this dataset, suggesting the market has been expanding revenue faster than most comparable STR markets. The investability score of 69.69 and regulation score of 68.62 both sit above average. The seasonality score of 44.36 is the main risk flag, confirming the wide occupancy swing between peak summer (July: 73.0%) and shoulder spring (April: 35.5%). Investors should budget for meaningful off-peak carrying costs.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Booking Insights
As of April 2026, Emigrant STR guests booked an average of 52.7 days in advance and stayed an average of 4.09 nights per stay. The 53-day lead time is meaningful for pricing strategy: it gives operators a roughly seven-week window to adjust rates before most reservations lock in. Properties with flexible pricing tools should avoid early-discount traps during this window, especially heading into summer when demand builds steadily through May and June.
The 4.1-night average stay is consistent with guests arriving for multi-day outdoor itineraries, Yellowstone trips, or fishing excursions rather than quick weekend stays. This length-of-stay profile reduces turnover frequency compared to urban markets, keeping cleaning and restocking costs lower on a per-stay basis. Operators should structure minimum-stay requirements carefully: a 3-night minimum captures most of the demand without leaving gaps between bookings, while a 5-night minimum may create calendar holes during shoulder periods.
Short-Term Rental Regulations
Emigrant is an unincorporated community in Park County with no city-level STR ordinance. The regulatory framework comes from two layers: Montana state requirements and Park County land-use rules.
At the state level, all short-term rentals must hold a Montana Public Accommodation License issued by the Department of Public Health and Human Services (DPHHS), renewed annually by December 31. The base license fee is approximately $40 for properties with 1 to 10 rooms. Guests pay Montana’s combined 8% Lodging Facility Sales and Use Tax on stays of 29 nights or fewer; Airbnb and VRBO collect and remit this tax automatically for platform-booked stays. Emigrant is not inside a resort-tax district, so no additional local resort tax applies.
There is no statewide cap on rental nights, no owner-occupancy requirement, and no primary-residence mandate. Park County administers a small number of citizen-initiated zoning districts in Paradise Valley; most of the area is unzoned. Where a property falls inside a zoning district, overnight lodging may require a conditional or special-use permit. Subdivision covenants on platted lots frequently restrict transient or commercial use and should be reviewed before operating. Septic capacity certified by Park County Environmental Health or Montana DEQ commonly limits the number of guests a property can legally accommodate.
Enforcement in this rural area is minimal relative to Montana cities. Prospective operators should confirm parcel zoning with Park County Planning in Livingston and verify DPHHS licensing requirements directly.
Market Comparison
Against national STR benchmarks (median occupancy approximately 55%, median ADR approximately $220), Emigrant’s April 2026 occupancy of 33.7% is below seasonal norms, but this reflects the spring shoulder period in a highly seasonal market. The full-year 2025 average occupancy of 56.5% aligns closely with the national median, while the 2025 average ADR of $396 is approximately 80% above the national median, driven by Yellowstone gateway premiums and the area’s position as an outdoor recreation destination.
The professional management segment is well-developed for a market of this size. Stay Montana leads with 198 listings and 7,922 reviews at a 4.75 average rating. Big Sky Vacation Rentals holds 132 listings with a 4.87 rating across 3,304 reviews. Evolve manages 128 listings with 9,092 reviews at 4.85. Two Pines Properties operates 123 listings (4.87 rating, 2,649 reviews) and Mountain Home manages 115 listings with 5,096 reviews at 4.84. The top five operators together account for approximately 696 listings, representing roughly 13% of the active market, indicating a relatively fragmented supply where independent operators retain a strong majority.
Frequently Asked Questions About Emigrant, Montana
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