West Yellowstone, Montana Short-Term Rental Market
West Yellowstone STRs averaged $334/night at 33.8% occupancy in April 2026, with dual summer/winter peaks serving 3.5M annual visitors.
Quick Answer: West Yellowstone, Montana is an active short-term rental market. average occupancy is 34%. average monthly revenue is $3,178. average daily rate is $334. the top operator is Stay Montana with 201 listings. market score is 70/100 (grade C).
Market Score Breakdown
Five dimensions Apivex evaluates per market.
Market Overview
West Yellowstone is the primary western gateway to Yellowstone National Park, which logged 4.76 million recreation visits in 2025. The town receives an estimated 3.5 million visitors annually, making it one of the highest visitor-to-resident ratios of any STR market. As of April 2026, the market posted an average daily rate of $334 and occupancy of 33.8% (reflecting the April mud-season trough), generating a RevPAR of $113.
The market holds approximately 5,467 listings, with entire-place rentals at 5,247 (96.0%), private rooms at 212, and 8 shared rooms. Bedroom distribution is balanced toward smaller properties: 1-bedroom units lead with 1,585 listings, followed by 2-bedroom (1,391), 3-bedroom (1,275), 4-bedroom (756), and 5-bedroom-plus (446). Channel distribution shows 3,203 listings on both Airbnb and Vrbo, 1,637 exclusively on Airbnb, and 627 exclusively on Vrbo.
Year-over-year, April 2026 showed occupancy down 5.6% while ADR rose 12.1%, with revenue declining 1.5%. The revenue growth score of 94.0 out of 100 reflects the market’s long-term upward trajectory, with 2025 producing average annual revenue of $5,896, the highest in the historical series. Market scores show rental demand at 76.0 and a total score of 69.8.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 48% | $446 | $5,686 |
| Feb | 63% | $501 | $7,328 |
| Mar | 60% | $502 | $7,948 |
| Apr | 35% | $266 | $2,728 |
| May | 56% | $241 | $2,989 |
| Jun | 72% | $308 | $5,161 |
| Jul | 73% | $322 | $6,024 |
| Aug | 65% | $301 | $5,292 |
| Sep | 59% | $266 | $4,187 |
| Oct | 45% | $225 | $2,855 |
| Nov | 39% | $212 | $2,205 |
| Dec | 52% | $418 | $4,444 |
Top Short-Term Rental Operators in West Yellowstone
Ranked by total active listings. Useful for understanding the competitive landscape.
| # | 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 West Yellowstone?
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 | $346 |
| Luxury | $774 |
| Professionally Managed | $553 |
Revenue by Dwelling Type
| Apartment | $2,619 |
| Entire Place | $3,238 |
| House | $3,592 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 29.9% |
| vrbo | 11.5% |
| both | 58.6% |
Investment Analysis
West Yellowstone is a premium STR market with high entry costs and strong revenue production. The typical home value is $647,790 with extremely thin for-sale inventory at 14 active listings. At the average monthly revenue of $3,178, annualized gross revenue projects to approximately $38,136, implying a gross yield of roughly 5.9% against the typical home value.
Tier differentiation is dramatic: luxury-tier properties average $774/night versus the all-listings ADR of $334, more than double. Professionally managed listings average $553/night, a 66% premium over market, the largest PM premium in this batch. This indicates that professional management in West Yellowstone correlates with substantially higher-rate inventory. House listings average $3,592/month compared to $3,238 for entire-place rentals broadly.
The revenue growth score of 94.0 reflects consistent multi-year revenue improvement, from $2,591/month in 2017 to a 2025 average of $5,896. The dual-season demand pattern (summer Yellowstone visitors, winter snowmobilers and cross-country skiers) provides revenue diversification uncommon in single-season resort markets. The permit stack is more involved than most Montana markets, requiring a business license, resort tax bond, Montana Public Accommodations License, and inspections. Properties in the Madison Addition neighborhood are prohibited from non-owner-occupied STRs and must be excluded from consideration.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Booking Insights
West Yellowstone guests book an average of 52.8 days in advance, approximately seven to eight weeks out. This lead time reflects both the competitive summer park-visit season and the winter snowmobile demand, both of which attract planners who reserve early. Peak summer weeks (July 4th, mid-August) and winter holiday snowmobile weekends typically book out months ahead.
Average length of stay is 4.1 nights, the longest in this batch. This extended stay reflects the destination nature of Yellowstone trips: most visitors drive significant distances, stay multiple nights to explore the park and surrounding areas, and plan their visit as a multi-day experience rather than a weekend getaway. Operators benefit from this LOS through lower cleaning and management overhead per dollar of revenue. A 3 to 4 night minimum policy aligns naturally with the demonstrated guest behavior.
Short-Term Rental Regulations
West Yellowstone requires multiple permits before operating a short-term rental. Operators must obtain: a Town of West Yellowstone business license, a $500 resort tax bond (refundable surety or cash) filed at the business license application, a Montana Department of Public Health and Human Services Public Accommodations License, and pass one-time fire and health inspections. All permits must be renewed annually.
Non-owner-occupied tourist homes are specifically prohibited in the Madison Addition neighborhood. All other residential zones must be verified with the town planning department before purchasing or listing. There is no owner-occupancy or primary-residence requirement outside the Madison Addition. No annual night cap applies.
The tax stack is significant. Montana state lodging taxes total 8%: 4% Lodging Facility Use Tax plus 4% Lodging Sales Tax. West Yellowstone adds a 4% local resort tax on lodging and a Tourism Business Improvement District fee of approximately $0.75 per night. The combined effective tax burden on guests typically reaches approximately 12% plus the per-night TBID fee.
Enforcement severity is rated moderate. Violations can result in fines or business license revocation. A 2024 Montana Supreme Court ruling confirmed that HOA covenants can bar STRs, so buyers should verify any HOA restrictions at the parcel level.
Market Comparison
West Yellowstone’s $334 ADR substantially exceeds the U.S. STR median of approximately $220, reflecting premium Yellowstone gateway pricing. The 33.8% April occupancy reflects the mud-season trough and is not representative of the annual pattern (2025 full-year average was 56.5%).
Year-over-year, ADR rose 12.1% in April 2026, one of the strongest rate increases in this batch, though occupancy contracted 5.6%. The revenue growth score of 94.0 reflects the market’s long-run strength. Annual average revenue grew from $2,591 in 2017 to $5,896 in 2025, a compound annual growth rate of approximately 10.8%.
Among property managers, Stay Montana leads with 201 listings and 7,915 reviews (4.74 rating). Evolve follows with 131 listings and 9,076 reviews (4.82 rating). Big Sky Vacation Rentals holds 130 listings with a 4.87 rating. Two Pines Properties (123 listings, 4.87 rating) and Mountain Home (115 listings, 4.84 rating) round out the top five. The combined top-5 count of 700 listings represents approximately 12.8% of the roughly 5,467 total market listings.
Frequently Asked Questions About West Yellowstone, Montana
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