Red Lodge, Montana Short-Term Rental Market
Red Lodge STRs averaged $158/night at 42.8% occupancy in April 2026, with a citywide 20% housing-stock cap on new permits.
Quick Answer: Red Lodge, 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
Red Lodge, Montana is a small gateway community at the eastern entrance to the Beartooth Highway, drawing outdoor recreation visitors year-round and serving as a base for Yellowstone National Park access and Red Lodge Mountain Resort. As of April 2026, the market shows approximately 4,398 active listings, with 4,116 entire-place units and 282 private rooms. The average daily rate is $158, occupancy sits at 42.8%, and RevPAR is $68.
The bedroom distribution reflects a mountain vacation market: 1-bedroom listings lead with 1,520, followed by 2-bedroom (1,253), 3-bedroom (956), 4-bedroom (420), and 5-bedroom-plus (235). Airbnb-exclusive listings total 2,120, VRBO-exclusive 456, and 1,822 properties list on both platforms.
Year-over-year as of April 2026, occupancy barely moved (+0.03%), ADR rose 2.9%, and revenue increased 1.9%. Performance has been relatively flat since the 2021-2022 peak, with ADR gradually increasing while occupancy normalizes from pandemic highs. The total market score is 52.7 out of 100, with an investability score of 71.2 and regulation score of 70.2. A key regulatory constraint: Red Lodge caps STRs at 20% of the city’s total housing stock under Ordinance 963, and new permits are placed on a waitlist when the cap is reached.
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 Red Lodge
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 Red Lodge?
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
Red Lodge’s investment case carries a regulatory caveat that any prospective operator must address first: Ordinance 963, adopted August 2023, caps STRs at 20% of the city’s total dwelling units. When the cap is reached, new applicants are placed on a waiting list and must wait for existing permits to expire. Operators should confirm current permit availability with the city before purchasing a property for STR use.
For currently permitted properties, the April 2026 revenue average is $1,788 per month. Annualizing April revenue projects to approximately $21,500 per year. Against a typical home value of $526,221, the gross yield implied by April-annualized revenue is approximately 4.1%, which is below most STR market benchmarks and reflects the combination of high property costs and moderate monthly revenue in a small mountain town.
House listings averaged $1,884 per month and entire-place listings averaged $1,827. The luxury tier commands a $340 ADR versus the all-listings average of $158, a 2.1x premium, suggesting that well-appointed mountain homes with premium amenities capture significantly better yields. Professionally managed listings average $183 ADR, a 16% premium over the market average.
The median list price of $673,167 in April 2026 is well above the typical home value of $526,221, indicating the resale listing market skews toward higher-end properties. With only 52 active listings in the housing market, inventory is thin and acquisition opportunities are limited.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Booking Insights
Red Lodge bookings in April 2026 averaged a lead time of 37.9 days, just under six weeks. This relatively short lead time reflects the spontaneous decision-making common to drive-market mountain destinations and the variable nature of weather-dependent activities like skiing and hiking.
The average length of stay is 4.4 nights, above the standard weekend minimum and consistent with extended mountain getaways. Visitors arriving for ski weekends tend to stay 3 nights, while summer travelers combining Beartooth Highway with Yellowstone access often stay 4 to 7 nights. The 4.4-night average reflects this mix.
For pricing, the 38-day lead time means rates should be confirmed by 5 to 6 weeks before arrival. Summer peak weeks (Fourth of July, peak foliage in late September) and ski holiday weekends (Presidents Day, Christmas-New Year) warrant pricing set 60 to 90 days out. Minimum stay requirements of 2 to 3 nights for peak weekends are standard in comparable mountain markets.
Short-Term Rental Regulations
Red Lodge regulates short-term rentals under Ordinance 963, adopted August 2023. STRs are permitted in all city zoning districts but subject to a citywide cap of 20% of total dwelling units. When the cap is reached, the city maintains a waiting list and issues new permits only as existing ones lapse without renewal.
The permit process is multi-step: operators must obtain a State of Montana Public Accommodation License (requiring Carbon County Sanitarian approval and a Montana DPHHS application), pass a Red Lodge Fire Department inspection, register with the city, and obtain an annual business license. The city registration fee is $250 per year. Certificates not renewed by September 1 are automatically terminated and the operator must reapply, subject to cap availability.
Red Lodge’s Resort Tax is 4% (3% general plus 1% infrastructure, renewed by voters in June 2020), collected from guests and remitted quarterly by the 20th of the following month. State lodging taxes also apply on top of the resort tax. Operators must post a $500 bond with the city. There is no owner-occupancy or primary-residence requirement. Enforcement severity is rated moderate. A 2025 Montana state law increased property tax rates on STR properties statewide, adding to holding costs.
Market Comparison
Red Lodge’s 42.8% April occupancy is below the national STR median of approximately 55%, reflecting the shoulder-season timing of April in a mountain market where the ski season is ending and the hiking season has not yet opened. The ADR of $158 is below the US median of approximately $220, consistent with the market’s position as an affordable mountain destination rather than a premium resort.
Among the top operators, Evolve leads with 166 listings, 7,587 reviews, and a 4.84 rating, representing approximately 3.8% of the market. AAA Red Lodge Rentals manages 46 listings with a 4.92 rating and Alpine Basin Homes holds 30 listings with the highest rating in the top five at 4.95. The top five operators collectively control 304 listings, approximately 6.9% of the market, indicating a predominantly owner-operated market.
The total market score of 52.7 reflects the cap constraint and moderate revenue growth. Red Lodge is best characterized as a stable, low-growth mountain STR market with a high barrier to new entry (the 20% cap and waitlist) and modest yields relative to property acquisition costs.
Frequently Asked Questions About Red Lodge, Montana
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