Spearfish, South Dakota Short-Term Rental Market
The Northern Black Hills STR market, including Spearfish, averaged $394/night at 66.6% occupancy in June 2026.
Quick Answer: Spearfish, South Dakota is an active short-term rental market. average occupancy in the Black Hills market area is 67%. average monthly revenue in the Black Hills market area is $6,893. average daily rate in the Black Hills market area is $394. 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
Spearfish is the hub of the Northern Black Hills, positioned between Mount Rushmore and Devils Tower. StaySTRA’s underlying STR performance data for this area is tracked at a shared Northern Black Hills level (Spearfish, Deadwood, and Lead share a series) rather than uniquely for Spearfish, so the figures below describe that shared area STR market rather than Spearfish in isolation.
In June 2026, the most recent month with data, the Northern Black Hills area STR market averaged 66.6% occupancy (down 3.7% year over year) and a $393.64 average daily rate (down 4.2% year over year). Average monthly revenue per listing was $6,893, up 0.5% year over year, roughly flat despite the occupancy and rate softening, suggesting a shift in property mix within the shared series.
Pricing varies by property tier: the entire-home segment averaged $397.30 a night, professionally managed listings averaged $454.46, and the luxury tier averaged $563.02. Property-type revenue also splits out: apartment-style listings averaged $3,008 in monthly revenue, entire-place listings $6,969, and standalone houses $7,549, the highest of the three.
Visitors here are primarily outdoor-recreation and scenic-tourism travelers drawn to Spearfish Canyon, waterfalls, hiking, and wildlife viewing, benefiting from South Dakota’s broader tourism boom (nearly 15 million statewide visitors and $5.16 billion in spending in 2025). Spearfish’s own population is roughly 13,803.
Bedroom mix, channel split, listing-type counts, and property-manager data are tracked at a shared regional level rather than uniquely for Spearfish, so this profile omits those breakdowns rather than presenting area-wide totals as Spearfish’s own.
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 | 39% |
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, night cap, owner-occupancy, or primary-residence requirement; the city’s own website states plainly that it does not currently regulate short-term rentals. STRs are legal and operate freely; the main zoning constraint is a general rule allowing up to five unrelated people per single-family dwelling, loosely enforced.
The STR market has grown rapidly, from about 108 units in 2022 to about 353 by 2023-2024, prompting the city to form a community taskforce in early 2024. Staff outlined five possible regulatory tiers, ranging from no regulation to light licensing, a moderate cap-plus-licensing approach, heavier zoning restrictions, or an outright ban, and gathered public input via a 2024 open house and survey, but no ordinance has passed as of mid-2026.
On taxes, STR lodging revenue is subject to South Dakota state sales tax (4.2%), Spearfish municipal sales tax (2%), the state tourism tax (1.5%), and Spearfish’s 1% municipal hospitality gross receipts tax on lodging, totaling roughly 8.7%. Airbnb and Vrbo collect and remit state and municipal sales and tourism taxes in South Dakota.
Investors currently enjoy an unregulated environment, but should monitor Spearfish city council for a potential future licensing scheme, since the rapid growth in STR units is exactly the kind of trend that has prompted regulation in comparable Black Hills markets like neighboring Lead.
Market Comparison
The Northern Black Hills area STR market’s 66.6% occupancy in the latest month runs above the roughly 55% occupancy typically cited as a national STR median, and its $393.64 ADR is well above the roughly $220 national median ADR figure often cited for the US market. Both figures include the effect of the Sturgis Rally on the annual data, so the true underlying strength of this market outside rally season, and outside the April-November shoulder lulls, is somewhat more moderate than the headline averages suggest.
Property manager and top-operator data for this market is tracked at a shared regional level rather than uniquely for Spearfish, so this profile omits specific operator names and listing counts rather than presenting area-wide totals as Spearfish’s own.
Within the market, the luxury tier’s $563.02 ADR, roughly 43% above the all-listing average, indicates real pricing power exists even setting aside the rally-driven summer premium.
Frequently Asked Questions About Spearfish, South Dakota
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Does the Sturgis Motorcycle Rally affect Spearfish STR pricing?
When is the strongest reliable season for STRs near Spearfish?
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Does Spearfish require a short-term rental permit?
What is the occupancy tax rate for STRs in Spearfish?
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