Livingston, Montana Short-Term Rental Market
Livingston, MT (Yellowstone gateway) STRs averaged $334/night at 33.8% occupancy in April 2026, the market's weakest seasonal month, with 5,467 active listings.
Quick Answer: Livingston, Montana is an active short-term rental market. average occupancy in the Bozeman/Yellowstone Natl Park market area is 76%. average monthly revenue in the Bozeman/Yellowstone Natl Park market area is $7,039. average daily rate in the Bozeman/Yellowstone Natl Park market area is $382. the top operator in the Bozeman/Yellowstone Natl Park market area is Stay Montana with 201 listings. market score is 70/100 (grade C).
Market data reflects the Bozeman/Yellowstone Natl Park regional market, which includes Livingston. Regulations, taxes, and permit details below are specific to Livingston.
Market Score Breakdown
Five dimensions StaySTRA evaluates per market.
Market Overview
Livingston is a historic small city in Park County, Montana, located approximately 55 miles north of Yellowstone National Park’s year-round north entrance via Paradise Valley. The STR market had approximately 5,467 active listings as of April 2026. In April 2026, the market posted an average daily rate of $334 and occupancy of 33.8%, generating average monthly revenue of $3,178. RevPAR was $113. April is historically the weakest month for this market; the 2025 full-year average monthly revenue was $5,896.
Listing composition: 5,247 entire-place units (96.0% of total), 212 private-room, and 8 shared-room. Bedroom distribution: 1,585 one-bedroom, 1,391 two-bedroom, 1,275 three-bedroom, 756 four-bedroom, and 446 five-plus-bedroom units. Platform distribution: 3,203 listings appear on both Airbnb and VRBO, 1,637 are Airbnb-only, and 627 are VRBO-only.
Year-over-year from April 2025, occupancy declined 5.6% while ADR rose 12.1%, with net revenue declining 1.5%. Annual average monthly revenue reached a new high of $5,896 in 2025. The revenue growth market score of 93.9 out of 100 is the second-highest in this batch, reflecting sustained rate appreciation.
Market scores: revenue growth 93.9, rental demand 76.0, total score 69.8, investability 69.7, regulation 68.9, seasonality 44.4 (all out of 100). The low seasonality score (44.4) reflects high swings between the market’s distinct winter and summer peaks.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 48% | $446 | $5,677 |
| Feb | 63% | $501 | $7,317 |
| Mar | 60% | $502 | $7,934 |
| Apr | 35% | $266 | $2,728 |
| May | 57% | $248 | $3,095 |
| Jun | 73% | $317 | $5,370 |
| Jul | 73% | $322 | $6,020 |
| Aug | 65% | $301 | $5,290 |
| Sep | 59% | $266 | $4,186 |
| Oct | 45% | $225 | $2,855 |
| Nov | 39% | $212 | $2,205 |
| Dec | 52% | $419 | $4,446 |
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 Livingston, so these counts are not Livingston-only figures.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Stay Montana | 201 | 7,915 | ★ 4.74 |
| 2 | Evolve | 131 | 9,076 | ★ 4.82 |
| 3 | Big Sky Vacation Rentals | 130 | 3,266 | ★ 4.87 |
| 4 | Two Pines Properties | 123 | 2,649 | ★ 4.87 |
| 5 | Mountain Home | 115 | 5,070 | ★ 4.84 |
What Kind of STR Should I Buy in Livingston?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 1,585 |
| 2 bed | 1,391 |
| 3 bed | 1,275 |
| 4 bed | 756 |
| 5 bed | 446 |
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
The Livingston market exhibits a distinctive two-peak seasonality, making the April data point an unreliable standalone basis for investment modeling. The 2025 full-year average of $5,896/month is the better baseline: annualized, this implies gross revenue of approximately $70,752 per listing. At the typical home value of $537,463, the indicated gross revenue yield on a 2025 basis is approximately 13.2%. At the median list price of $500,167, the indicated yield is approximately 14.1%. These are pre-expense figures.
For context, the April 2026 snapshot of $3,178/month annualizes to $38,142, implying a gross yield of approximately 7.1% at the typical home value. The April figure understates annual potential because April is the seasonal trough for this market.
Revenue by property type (April 2026 data): entire-place listings average $3,238/month; house-type properties average $3,592/month ($43,104 annualized from April data); apartment units average $2,619/month. The professionally managed ADR of $553/night is 65.6% above the market average of $334, a very wide PM premium suggesting professional management significantly increases realized rates. The luxury-tier ADR of $774/night is 132% above the market average.
Long-term revenue has grown strongly: annual average monthly revenue was $2,591 in 2017, peaked at $5,218 in 2021, briefly pulled back to $5,104 in 2022, then climbed to $5,272 in 2023, $5,433 in 2024, and $5,896 in 2025. The 2025 figure is the market’s all-time high annual average, driven primarily by sustained rate increases rather than occupancy expansion.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Booking Insights
The average booking lead time in Livingston is 53 days, meaning guests typically reserve approximately seven and a half weeks in advance. This is among the longer lead times in this batch, consistent with Yellowstone trip planning: Yellowstone-bound travelers, especially those coordinating with park entry reservations, campsite bookings, and guided activities, tend to plan further ahead than typical drive-market leisure guests. Average length of stay is 4.1 nights.
The 4.1-night average stay reflects the destination nature of Yellowstone travel. Visitors combining the park, fly fishing, and Livingston’s arts and historic downtown typically plan multi-day stays. At 4.1 nights per booking, a fully occupied month accommodates roughly 7 reservations, keeping turnover manageable.
For pricing strategy, the 53-day lead time means operators should set pricing and availability at least 60 days out for summer Yellowstone peak and the winter/early spring period. Premium summer weekends (July 4th, peak Yellowstone season) and holiday winter weeks (Christmas, New Year’s) should hold rates firm at 60-90 days out. The April mud-season trough may require discounting earlier to attract bookings. Last-minute adjustments are appropriate only for 30 days and closer in the shoulder months of October, November, and April.
Short-Term Rental Regulations
Livingston adopted a formal STR regulatory framework for the first time in December 2025, when the City Commission voted 4-1 to include STR provisions in the new zoning code.
Any STR (a dwelling unit rented for fewer than 30 consecutive days) requires a city-issued annual permit before operating. The base annual permit fee was still to be determined at the time of adoption. Prior to receiving an initial permit, the property must pass a safety inspection by the Building Official or Fire Marshal confirming working smoke detectors, fire extinguishers, and adequate egress.
The code creates two permit types. Type 1 applies to owner-occupied rentals. Type 2 applies to non-owner-occupied rentals; Type 2 operators must designate a local contact who lives or has a place of business within 50 miles of the property and is reachable at all times during rental occupancy to handle complaints or emergencies. Neither type requires owner-occupancy or primary residence at the state level: the zoning code permits investment-owned STRs.
STRs are permitted in residential and commercial zones but prohibited in light industrial, industrial, and public-community (PC) zones.
On taxes, Montana has no general sales tax. STR stays of 29 nights or fewer are subject to Montana’s 4% Lodging Facility Sales Tax plus the 4% Lodging Facility Use Tax, totaling 8%. Livingston is not a resort-tax community, so no additional local lodging tax applies. Operators also typically need a Montana Public Accommodation License from the state Department of Public Health and Human Services. Enforcement is rated moderate.
Market Comparison
Nationally, STR markets average approximately 55% occupancy and $220 in ADR. Livingston’s April 2026 occupancy of 33.8% falls well below the national benchmark, but April is the market’s historic low. The ADR of $334 is 52% above the national median even in April, reflecting the Yellowstone-gateway premium. The 2025 annual average occupancy of 56.5% sits in line with the national median, while the 2025 annual ADR of $396 is 80% above the national median.
The top five property managers are: Stay Montana (201 listings, 7,915 reviews, 4.74 rating), Evolve (131 listings, 9,076 reviews, 4.82 rating), Big Sky Vacation Rentals (130 listings, 3,266 reviews, 4.87 rating), Two Pines Properties (123 listings, 2,649 reviews, 4.87 rating), and Mountain Home (115 listings, 5,070 reviews, 4.84 rating). The top 5 collectively manage 700 listings, approximately 12.8% of the market’s 5,467 total listings. Evolve leads by review count with 9,076, while Big Sky Vacation Rentals and Two Pines Properties share the highest rating at 4.87.
The revenue growth score of 93.9 out of 100 places Livingston among the strongest growth markets in the dataset. The 2025 annual average of $5,896/month was the highest annual figure the market has recorded, a meaningful signal for operators and investors evaluating long-term market trajectory.
Frequently Asked Questions About Livingston, Montana
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