Helena, Montana Short-Term Rental Market
Helena, MT STRs averaged $158/night at 42.8% occupancy in April 2026 with summer peaks above 66% occupancy.
Quick Answer: Helena, Montana is an active short-term rental market. average occupancy is 43%. average monthly revenue is $1,788. average daily rate is $158. the top operator is Evolve with 166 listings. market score is 53/100 (grade D).
Market Score Breakdown
Five dimensions Apivex evaluates per market.
Market Overview
Helena is Montana’s state capital with approximately 33,639 residents in Lewis and Clark County. The STR market is driven by government and business travel, summer outdoor recreation access (Gates of the Mountains, Canyon Ferry Lake, and proximity to multiple wilderness areas), and regional tourism. Approximately 4,384 listings are tracked by bedroom count, with 4,116 classified as entire-place rentals.
In April 2026, the all-listing average daily rate was $158.38 and occupancy came in at 42.8%, producing a RevPAR of $67.85 and average monthly revenue of $1,788. Year-over-year results are modestly positive: occupancy was essentially flat (+0.03 percentage points), ADR rose 2.9%, and revenue grew 1.9% compared to April 2025. The 2025 full-year average was 50.0% occupancy, $183 ADR, and $2,514 monthly revenue.
By bedroom count, 1-bedroom properties lead at 1,520 listings, followed by 2-bedroom (1,253), 3-bedroom (956), 4-bedroom (420), and 5-bedroom (235), reflecting a mix of solo and couple travelers alongside occasional group stays. Channel distribution: 2,120 listings on Airbnb only, 1,822 on both platforms, and 456 VRBO-only. Notably, Helena has a higher Airbnb-only concentration than most markets in this analysis, suggesting less VRBO penetration. The market’s total score of 52.71 out of 100 reflects moderate conditions overall, with investability at 71.24.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 38% | $151 | $1,649 |
| Feb | 46% | $157 | $1,747 |
| Mar | 46% | $156 | $1,921 |
| Apr | 43% | $138 | $1,570 |
| May | 52% | $151 | $1,805 |
| Jun | 64% | $192 | $2,889 |
| Jul | 66% | $201 | $3,575 |
| Aug | 59% | $190 | $3,104 |
| Sep | 52% | $172 | $2,422 |
| Oct | 45% | $148 | $1,904 |
| Nov | 47% | $144 | $1,757 |
| Dec | 43% | $163 | $1,836 |
Top Short-Term Rental Operators in Helena
Ranked by total active listings. Useful for understanding the competitive landscape.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Evolve | 166 | 7,587 | ★ 4.84 |
| 2 | AAA Red Lodge Rentals | 46 | 3,535 | ★ 4.92 |
| 3 | Red Lodge Reservations | 32 | 1,813 | ★ 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 Helena?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 1,520 |
| 2 bed | 1,253 |
| 3 bed | 956 |
| 4 bed | 420 |
| 5 bed | 235 |
ADR by Property Tier
| Entire Home | $163 |
| Luxury | $340 |
| Professionally Managed | $183 |
Revenue by Dwelling Type
| Apartment | $1,550 |
| Entire Place | $1,827 |
| House | $1,884 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 48.2% |
| vrbo | 10.4% |
| both | 41.4% |
Investment Analysis
Helena’s STR market offers a moderate-yield profile at current home prices. With a typical home value of $477,090 (Zillow, April 2026) and a 2025 annual average monthly revenue of $2,514, annualized gross revenue is approximately $30,168, representing a gross yield of about 6.3% on the typical home value. This is a lower yield than mountain destination markets in this analysis but reflects Helena’s character as a state capital with a mixed business and leisure visitor base rather than a pure vacation rental market.
Housing fundamentals show a buyer’s market: the median sale price of $437,172 is below the typical home value of $477,090, the sale-to-list ratio is 0.810 (indicating sellers accept significant discounts), and 224 homes are available for sale. Investors may have the ability to negotiate meaningfully below the typical home value and improve yield calculations.
Professionally managed listings command a notable premium: the tier_professionally_managed ADR of $182.75 is approximately 15.4% above the all-listing average of $158.38. This premium translates to roughly $290 in additional gross monthly revenue per listing at 42.8% occupancy. Luxury properties at $339.57 per night are 114% above the market average, indicating substantial return potential for high-end properties.
Helena does not have a city STR permit requirement, which reduces compliance overhead compared to more regulated markets. The regulatory simplicity and moderate home prices relative to Montana resort towns make Helena a lower-friction entry point for STR investors.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Booking Insights
Helena guests book an average of 37.9 days in advance as of April 2026, the shortest lead time among the markets in this analysis. This shorter advance window reflects Helena’s character as a mixed business and leisure market: government contractors, medical visitors, and business travelers often book within weeks of travel, while summer leisure guests plan further ahead. The blend produces a shorter average than pure vacation markets.
The average length of stay is 4.38 nights, above the national STR average, suggesting that many Helena guests are extended-stay business travelers or extended leisure visitors rather than quick weekend trippers. A 4.4-night average reduces turnover frequency relative to a shorter-stay market, which lowers per-stay cleaning costs and may improve net margins.
Operators in Helena benefit from year-round demand partially anchored by government and business activity, which smooths some of the seasonal volatility seen in pure resort markets. Setting a 4 to 5 night minimum for peak summer weeks while allowing 2 to 3 night minimums in off-peak months can optimize turnover efficiency.
Short-Term Rental Regulations
Helena does not impose a city-specific STR permit or licensing scheme. The primary regulatory requirements are statewide:
1. Montana Public Accommodation License from the Montana Department of Public Health and Human Services ($40 application fee, annual renewal).
2. Montana combined lodging tax of 8% on stays under 30 days: 4% Lodging Facility Use Tax plus 4% Lodging Sales Tax.
Helena has not designated itself a resort community and does not levy an additional local resort or lodging tax. Hosts in surrounding Lewis and Clark County face different rules from Helena city limits rules.
Zoning is the primary local control under Helena City Code Title 11. STRs are allowed in commercial and mixed-use zones (B2, B2M, B3, UMU) without operational limits. In R1 and RS residential zones, only Type 1 STRs (owner-occupied, owner on premises during the stay) are permitted. In R2 and HMU zones, owners may rent their primary residence while absent for up to six months per year.
No city-wide caps on rental nights per year, no city occupancy cap, and no city-specific inspection requirement apply. Enforcement is light and complaint-driven. Hosts should confirm any city business license requirement with Helena’s Community Development office before operating, and monitor for future ordinance changes as STR regulation in Montana is evolving at the state level.
Market Comparison
Helena’s April 2026 ADR of $158.38 is below the US STR median of approximately $220 per night, reflecting its position as a state capital market rather than a premium vacation destination. At 42.8% occupancy in April, the market is below the US STR median of roughly 55%, though July and June push well above 60%. The below-median ADR and moderate occupancy reflect the mixed business and leisure visitor base.
Five property management companies lead the market. Evolve leads with 166 listings (4.84 rating, 7,587 reviews). The remaining four operators are Montana regional specialists: AAA Red Lodge Rentals with 46 listings (4.92 rating, 3,535 reviews), Red Lodge Reservations with 32 listings (4.89 rating, 1,813 reviews), Alpine Basin Homes with 30 listings (4.95 rating, 881 reviews), and Anaconda Pintler Property Services with 30 listings (4.95 rating, 713 reviews). These five operators together account for approximately 304 listings, roughly 6.9% of the estimated 4,384-listing market.
The low PM market concentration and the presence of highly specialized regional operators with exceptional ratings (three of the top five exceed 4.89 average) reflect a market where local expertise and personal service matter. Independent operators face less competition from large national management firms here than in many other markets.
Frequently Asked Questions About Helena, Montana
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