Spearfish, South Dakota Short-Term Rental Market
Northern Black Hills short-term rentals averaged $341 ADR, 47.3% occupancy and $4,539 monthly revenue in September 2026.
Quick Answer: Spearfish, 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 Spearfish. Regulations, taxes, and permit details below are specific to Spearfish.
Market Score Breakdown
Five dimensions StaySTRA evaluates per market.
Market Overview
This profile covers the Northern Black Hills STR market, a region in South Dakota that includes Spearfish. Performance figures below describe that regional market rather than Spearfish alone. Spearfish, with a population of 13,803, is the hub of the Northern Black Hills and sits between Mount Rushmore and Devils Tower. In 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. Calendar 2026 through September is running at 44.6% occupancy, a $355 ADR and $4,500 in average monthly revenue, ahead of the full 2025 figures of 42.0%, $331 and $3,925. Occupancy was 49.0% in 2021 and slid to 42.0% by 2025, so 2026 is the first year of improvement since then. Demand is led by outdoor recreation and scenic travel. Visitors come for the Spearfish Canyon Scenic Byway, Bridal Veil Falls, the D.C. Booth Historic National Fish Hatchery and Festival in the Park each July. South Dakota as a whole drew 14.97 million visitors and $5.16 billion in visitor spending in 2025, although no city-specific annual visitor count has been published for Spearfish. By property type, houses averaged $4,842 per month in September 2026, entire places $4,581 and apartments $2,723. Bedroom, channel and listing-type counts are tracked at a shared regional level rather than uniquely for Spearfish, so this profile omits them.
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 Spearfish 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 Spearfish, so these counts are not Spearfish-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 Spearfish?
Revenue and nightly-rate breakdowns by bedroom count, property tier, and dwelling type for Spearfish 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 (Spearfish)
Typical home values, median sale prices, and the 10-year price trend for Spearfish 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 Spearfish — 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
As of mid-2026, the City of Spearfish does not regulate short-term rentals. There is no STR permit, license, annual night cap, owner-occupancy requirement or primary-residence requirement, and the city’s own website states that it does not currently regulate short-term rentals. STRs are legal and operate freely. Enforcement severity is rated minimal. The main zoning constraint is a general rule that allows up to five unrelated people to occupy a single detached house, and this occupancy rule is loosely enforced. There is no STR-specific zoning. Lodging revenue is subject to South Dakota state sales tax of 4.2%, Spearfish municipal sales tax of 2%, the state tourism tax of 1.5% and a 1% municipal gross receipts tax on lodging, for a total of roughly 8.7%. Airbnb and VRBO collect and remit the state and municipal sales and tourism taxes in South Dakota. The regulatory picture could change. The STR market grew from about 108 units in 2022 to about 353 in 2023 and 2024, and the city formed a community taskforce in early 2024. Staff outlined five possible tiers, from no regulation to light licensing, a moderate cap with licensing, heavy zoning restrictions or a ban. Study sessions took place in September 2023, May 2024 and October 2024, and an open house and survey were held in August 2024. No ordinance has been adopted. Possible future measures discussed included zone restrictions, unit caps and owner-occupancy requirements. Investors should monitor the city council.
Market Comparison
The Northern Black Hills STR market is a high-rate market with a short, strong summer. September 2026 occupancy was 47.3% and ADR was $341. Even the lowest seasonal ADR, $251 in April, is above $250. Occupancy exceeds 55% only in June, July and August, when it reaches 69.0%, 71.0% and 57.9%. The result is a market where revenue per available night depends on a short, strong summer. Year-over-year, occupancy is up 11.4% and revenue is up 15.1%, after several years of softening occupancy. The market also compares well on regulation, because Spearfish has no permit or night cap today. The market score data for the region rates regulation at 73 out of 100 and investability at 98 out of 100, though seasonality scores only 47 and total score is 53. Top operator names and listing counts are tracked at a shared regional level rather than uniquely for Spearfish, so this profile omits them.
Frequently Asked Questions About Spearfish, South Dakota
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When is the best time to rent out a property in Spearfish?
Does Spearfish require a permit for short-term rentals?
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