Lead, South Dakota Short-Term Rental Market
The northern Black Hills STR market shows $341 ADR, 47.3% occupancy and $4,539 monthly revenue in September 2026.
Quick Answer: Lead, South Dakota is an active short-term rental market. average occupancy in the Black Hills market area is 47%. average monthly revenue in the Black Hills market area is $4,539. average daily rate in the Black Hills market area is $341. the top operator in the Black Hills market area is Black Hills Adventure Lodging with 146 listings. market score is 53/100 (grade D).
Market data reflects the Black Hills regional market, which includes Lead. Regulations, taxes, and permit details below are specific to Lead.
Market Score Breakdown
Five dimensions StaySTRA evaluates per market.
Market Overview
Lead is a historic gold mining town of 3,006 residents in the northern Black Hills of South Dakota, next to Deadwood. The short-term rental performance figures on this page describe the northern Black Hills STR market, a shared series that also covers Deadwood and Spearfish, rather than Lead alone. As of September 2026, the northern Black Hills STR market posted an average daily rate of $341, occupancy of 47.3%, and average monthly revenue of $4,539 per listing. Entire-home listings averaged $344 per night. Compared with September 2025, occupancy rose 11.4%, ADR rose 7.8%, and revenue rose 15.1%, so the gain came from both more booked nights and higher rates. Demand in Lead comes from Black Hills road trips, history and science visitors, and winter sports at nearby Terry Peak. The Sanford Lab Homestake Visitor Center interprets the former Homestake Gold Mine, now a deep underground physics lab, and offers free admission. Deadwood’s gaming adds spillover traffic, and the wider Mount Rushmore tourism corridor feeds summer travel. Over the longer term, the region has moved from 37.8% occupancy and a $263 ADR in 2017 to 44.6% occupancy and a $355 ADR across the first nine months of 2026. Bedroom, channel, and listing-type counts and top operators are tracked at a shared regional level rather than uniquely for Lead, so this profile omits them. RevPAR is not published for this market in the current data. Local housing data shows a typical home value of $387,833 and 106 homes for sale as of the June 30, 2026 snapshot, which frames the entry cost for investors considering a Lead purchase. Investors should read every performance number here as a regional figure and verify property-level assumptions with local comparables before buying.
Seasonal Patterns
| Month | Occupancy |
|---|---|
| Jan | 25% |
| Feb | 34% |
| Mar | 33% |
| Apr | 23% |
| May | 46% |
| Jun | 69% |
| Jul | 71% |
| Aug | 58% |
| Sep | 47% |
| Oct | 38% |
| Nov | 26% |
| Dec | 40% |
Month-by-month nightly rates and revenue figures for Lead are available to StaySTRA Pro members. Unlock with StaySTRA Pro or analyze a specific address free.
Top Short-Term Rental Operators in Black Hills market area
Ranked by total active listings. Useful for understanding the competitive landscape. Operator data is published for the Black Hills market as a whole, which includes Lead, so these counts are not Lead-only figures.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Black Hills Adventure Lodging | 146 | 8,605 | ★ 4.80 |
| 2 | Deadwood Connections | 130 | 8,664 | ★ 4.79 |
| 3 | Evolve | 69 | 4,320 | ★ 4.66 |
| 4 | Black Hills Cabin Rentals | 68 | 3,737 | ★ 4.88 |
| 5 | Bear Property Management | 53 | 4,153 | ★ 4.92 |
What Kind of STR Should I Buy in Lead?
Revenue and nightly-rate breakdowns by bedroom count, property tier, and dwelling type for Lead are available to StaySTRA Pro members. Unlock with StaySTRA Pro or analyze a specific address free.
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 24.8% |
| vrbo | 8.5% |
| both | 66.7% |
Home Value Trends (Lead)
Typical home values, median sale prices, and the 10-year price trend for Lead are available to StaySTRA Pro members. Unlock with StaySTRA Pro or analyze a specific address free.
Booking Insights
Booking-window and length-of-stay analysis for Lead — how far ahead guests book and how to price around it — is available to StaySTRA Pro members. Unlock with StaySTRA Pro or analyze a specific address free.
Short-Term Rental Regulations
Short-term rentals are permitted in Lead, including in residential zones, with no blanket residential ban reported. Hosts must hold a City of Lead Short-Term Rental License, plus a South Dakota Department of Health lodging license and a South Dakota sales tax license. The license is applied for through City Hall at 801 W. Main St. and renews annually. Operation is conditioned on passing a health and safety inspection, either through the Department of Health or a city inspection if a state inspection is not available. Lead was among the first South Dakota cities to adopt a formal short-term rental ordinance. No statutory cap on rental nights per year and no owner-occupancy or primary-residence requirement were identified. Lodging stays under 28 consecutive days carry roughly 8.7% in combined taxes collected from guests: 4.2% state sales tax, 1.5% state tourism tax, a 2% Lead municipal sales tax, and a 1% municipal hospitality tax. Enforcement is rated moderate and is administrative. Non-compliance can lead to license denial or revocation, fines, tax penalties such as 10% on late tax plus interest, and possible health department closure. License fee amounts are not published in the data, so confirm current fees and any ordinance amendments with City Hall at (605) 584-1401 before buying.
Market Comparison
September 2026 occupancy in the northern Black Hills STR market was 47.3% at a $341 ADR, with demand concentrated in summer. Peak months run far higher: July reaches 71.0% and June 69.0%. The weak months fall well below the September level, with April at 23.4%. Momentum is also favorable, with occupancy up 11.4%, ADR up 7.8%, and revenue up 15.1% year over year. For investors, the data suggests a rate-driven, seasonal play rather than a steady year-round occupancy story. Top operators are tracked at a shared regional level rather than uniquely for Lead, so this profile omits them.
Frequently Asked Questions About Lead, South Dakota
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