Santa Fe, New Mexico Short-Term Rental Market
Santa Fe STRs averaged $252/night at 57.2% occupancy in April 2026, with a 1,000-permit citywide cap constraining supply.
Quick Answer: Santa Fe, New Mexico is an active short-term rental market. average occupancy is 57%. average monthly revenue is $4,050. average daily rate is $252. the top operator is Two Casitas Santa Fe Vacation Rentals with 131 listings. market score is 76/100 (grade B).
Market Score Breakdown
Five dimensions Apivex evaluates per market.
Market Overview
Santa Fe, New Mexico operates a regulated short-term rental market with approximately 2,712 tracked active listings across all types, operating under one of the strictest STR permit regimes in the Southwest. The city enforces a 1,000-permit cap on residentially zoned properties, which structurally limits supply growth. In April 2026, the market recorded a 57.2% occupancy rate and a $252.39 average daily rate, producing a RevPAR of $144.23. Year-over-year trends are modest but positive: occupancy up 0.4 percentage points, ADR up 1.6%, and monthly revenue up 1.4%.
By listing type, the market is predominantly entire-place rentals (2,596 units) with a small private-room segment (115 units) and one shared room. By bedroom count, one-bedroom listings lead at 1,050 units, followed by two-bedroom (901), three-bedroom (478), four-bedroom (167), and five-bedroom-plus (109). Channel distribution shows Airbnb dominance: 1,481 listings appear on both platforms, 1,036 are Airbnb-only, and only 195 are VRBO-only, indicating this market skews heavily toward Airbnb guests relative to most comparable markets.
Santa Fe’s market scores reflect its strengths and constraints: rental demand scores 89.6 out of 100, regulation scores 76.7, and total market score is 75.5, a solid composite. The investability score of 65.1 is tempered by permit scarcity and high home values.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 43% | $188 | $2,417 |
| Feb | 57% | $190 | $2,648 |
| Mar | 66% | $222 | $3,903 |
| Apr | 59% | $214 | $3,524 |
| May | 66% | $215 | $3,820 |
| Jun | 70% | $235 | $4,295 |
| Jul | 74% | $233 | $4,610 |
| Aug | 73% | $240 | $4,710 |
| Sep | 67% | $228 | $4,107 |
| Oct | 70% | $229 | $4,426 |
| Nov | 55% | $210 | $3,163 |
| Dec | 57% | $224 | $3,428 |
Top Short-Term Rental Operators in Santa Fe
Ranked by total active listings. Useful for understanding the competitive landscape.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Two Casitas Santa Fe Vacation Rentals | 131 | 11,763 | ★ 4.94 |
| 2 | Casas de Santa Fe | 80 | 1,081 | ★ 4.78 |
| 3 | All Seasons Resort Lodging | 73 | 1,506 | ★ 4.56 |
| 4 | Kokopelli Property Management by Vtrips | 70 | 4,334 | ★ 4.66 |
| 5 | Vacasa | 68 | 3,361 | ★ 4.62 |
What Kind of STR Should I Buy in Santa Fe?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 1,050 |
| 2 bed | 901 |
| 3 bed | 478 |
| 4 bed | 167 |
| 5 bed | 109 |
ADR by Property Tier
| Entire Home | $258 |
| Luxury | $414 |
| Professionally Managed | $324 |
Revenue by Dwelling Type
| Apartment | $3,080 |
| Entire Place | $4,141 |
| House | $4,413 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 38.2% |
| vrbo | 7.2% |
| both | 54.6% |
Investment Analysis
At a $580,746 typical home value and $4,050 average monthly revenue (April 2026), Santa Fe produces an estimated gross annualized yield of approximately 8.4% before platform fees, taxes, and operating costs (($4,050 x 12) / $580,746). The median sale price of $609,333 and median list price of $781,163 indicate that premium inventory currently on market trades well above the typical home value; buyers entering at current list prices would see yields closer to 6.3-7.5% before costs.
Tier separation is significant. The all-listings average ADR is $252.39. Entire-home properties averaged $258.12, slightly above the market average. Professionally managed properties averaged $323.52, a 28% premium, the largest management premium in this batch, suggesting that professional operators in Santa Fe successfully command substantial rate premiums. Luxury-tier properties averaged $413.94, a 64% premium over the market average.
By property type, houses generate $4,413 in average monthly revenue versus $4,141 for entire-place listings broadly and $3,080 for apartments. The supply cap is a meaningful structural factor: with 1,000 permits allowed in residential zones and a demonstrated enforcement posture rated high, new competitive supply in the most attractive neighborhoods is structurally constrained. Existing permit holders carry meaningful scarcity value. The sale-to-list ratio of 0.780 and 23-day median to pending suggest buyers have some negotiating room despite healthy demand.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Booking Insights
Guests booking Santa Fe properties plan an average of 53.1 days ahead, roughly seven and a half weeks out. This moderately long lead time reflects the arts-and-culture travel pattern: Indian Market in August, Spanish Market, and other signature events draw dedicated travelers who book months in advance for specific dates. Operators should open their calendars at least 90 days ahead and implement minimum-stay requirements for high-demand event weekends.
The average length of stay is 4.35 nights, positioning Santa Fe between weekend-trip and full-week vacation patterns. Most guests combine cultural sightseeing, dining, and gallery visits across multiple days, making the 4-night stay a natural fit. A 3-night minimum during shoulder periods and a 4-5 night minimum during peak July-August weekends can maximize revenue without significant vacancy risk, given the 53-day lead time that signals committed, planful guests in the booking pool.
Short-Term Rental Regulations
Santa Fe enforces a comprehensive STR ordinance with one of the most restrictive frameworks in the region. Short-term rentals (fewer than 30 days) require a city permit. Residentially zoned properties are subject to a citywide cap of 1,000 permits, allocated on a first-come, first-served basis with one permit per natural person. Permit fees total approximately $425 (a one-time $100 application processing fee plus $325 annual permit and business license). Permits expire December 31 annually, with renewals due by April 15.
Key operational requirements: a 50-foot proximity rule prevents clustering of STRs; in multi-unit buildings of four or more units, no more than 25% may operate as STRs; in residential zones a unit may only be rented once per seven-day period (except November 15 to January 15 when this rule is suspended); and owners must designate a local operator able to be on-site within one hour of any complaint, around the clock. Permit numbers must appear on all platform listings. The city contracts with Host Compliance (Granicus) to monitor listings. Enforcement severity is rated high, with penalties of $1,000 to $5,000 per violation.
Lodgers tax is 7% (5% occupancy tax plus 2% convention center fee), on top of approximately 8.19% gross receipts tax. Airbnb and VRBO collect and remit lodgers tax directly. Operators must retain three years of reservation and tax records. There is no owner-occupancy requirement and no primary-residence requirement for city permits, but accessory dwelling unit STRs do require the owner to occupy the principal or accessory unit on site. Santa Fe County (a separate jurisdiction surrounding the city limits) capped non-owner-occupied STRs in early 2024 and charges $375 for registration and $300 for renewal on non-owner-occupied units.
Market Comparison
Santa Fe’s 57.2% April 2026 occupancy is slightly above the U.S. STR median of approximately 55%, and its $252.39 ADR is above the national median of approximately $220, reflecting the premium positioning of this internationally recognized arts and cultural destination. The rental demand score of 89.6 is one of the highest indicators of sustained demand in this batch.
The professional management layer is locally specialized rather than nationally dominated. Two Casitas Santa Fe Vacation Rentals leads with 131 listings, an exceptional 4.937 average rating, and 11,763 reviews, indicating both scale and consistent quality. Casas de Santa Fe (80 listings, 4.781 rating) and Kokopelli Property Management by Vtrips (70 listings, 4.657 rating) are established regional operators. All Seasons Resort Lodging (73 listings, 4.563 rating) and Vacasa (68 listings, 4.620 rating) round out the top five. The top five operators together manage roughly 422 of approximately 2,712 total market listings, or about 16% of supply, indicating that independent operators dominate the market. The permit cap structurally limits the growth available to any single operator.
Frequently Asked Questions About Santa Fe, New Mexico
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