Pigeon Forge, Tennessee Short-Term Rental Market
Pigeon Forge STRs averaged $319/night at 54.2% occupancy in April 2026, with an investability score of 97.7 out of 100.
Quick Answer: Pigeon Forge, Tennessee is an active short-term rental market. average occupancy is 54%. average monthly revenue is $4,911. average daily rate is $319. the top operator is Vacasa with 556 listings. market score is 81/100 (grade B).
Market Score Breakdown
Five dimensions Apivex evaluates per market.
Market Overview
Pigeon Forge is one of the largest short-term rental markets in Tennessee, operating adjacent to Great Smoky Mountains National Park, the most visited national park in the United States. As of April 2026, the market posted an average daily rate of $319 and occupancy of 54.2%, producing an average RevPAR of $173. The market’s composite score of 80.9 out of 100 reflects strong rental demand (91.6) and exceptional investability (97.7), partially offset by moderate revenue growth momentum (48.1) and seasonal concentration (60.5).
Active listings total approximately 23,050. Entire-place rentals make up the overwhelming majority of inventory at 22,950 units (99.6% of listings), while private rooms account for 94 listings and shared rooms for 6. The bedroom distribution spans a wide range: 1-bedroom units (4,841), 2-bedroom (7,088), 3-bedroom (5,018), 4-bedroom (3,011), and 5-bedroom (3,078). The prevalence of larger-footprint cabins reflects the market’s appeal to group travelers and extended stays.
Channel distribution shows that 17,182 listings appear on both Airbnb and VRBO, with 3,537 listed exclusively on Airbnb and 2,331 exclusively on VRBO. Dual-channel presence is the dominant strategy at roughly 74.5% of all listings.
Year-over-year as of April 2026, occupancy is down 1.5 percentage points, ADR is down 0.4%, and average revenue is down 2.5%. These modest declines follow a normalization cycle from the 2021 peak (67.4% occupancy, $5,674 average monthly revenue). The 2024 and 2025 full-year averages held relatively stable at $347 ADR/$5,729 revenue and $340/$5,615 respectively, suggesting the market is compressing rather than collapsing. At 10 million annual visitors and $2.4 billion in annual tourism revenue, Pigeon Forge’s demand base is structural, not cyclical.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 36% | $277 | $3,006 |
| Feb | 41% | $276 | $2,955 |
| Mar | 61% | $286 | $4,876 |
| Apr | 54% | $282 | $4,315 |
| May | 54% | $278 | $4,055 |
| Jun | 74% | $328 | $6,526 |
| Jul | 75% | $319 | $6,582 |
| Aug | 60% | $288 | $4,978 |
| Sep | 57% | $272 | $4,263 |
| Oct | 71% | $300 | $6,064 |
| Nov | 61% | $307 | $5,169 |
| Dec | 60% | $328 | $5,615 |
Top Short-Term Rental Operators in Pigeon Forge
Ranked by total active listings. Useful for understanding the competitive landscape.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Vacasa | 556 | 42,813 | ★ 4.43 |
| 2 | Cabins for You | 461 | 14,860 | ★ 4.33 |
| 3 | Avada | 424 | 33,056 | ★ 4.72 |
| 4 | American Patriot Getaways | 423 | 2,515 | ★ 4.50 |
| 5 | Evolve | 371 | 34,055 | ★ 4.56 |
What Kind of STR Should I Buy in Pigeon Forge?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 4,841 |
| 2 bed | 7,088 |
| 3 bed | 5,018 |
| 4 bed | 3,011 |
| 5 bed | 3,078 |
ADR by Property Tier
| Entire Home | $320 |
| Luxury | $487 |
| Professionally Managed | $342 |
Revenue by Dwelling Type
| Apartment | $2,610 |
| Entire Place | $4,916 |
| House | $5,297 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 15.3% |
| vrbo | 10.1% |
| both | 74.5% |
Investment Analysis
Pigeon Forge carries an investability score of 97.7 out of 100, the highest dimension in its market profile. At a typical home value of $420,756 and average monthly STR revenue of $4,911 in April 2026, annualized gross revenue projects to approximately $58,930. That produces a gross yield of approximately 14.0% against the typical home value, before expenses such as management fees, utilities, maintenance, and platform costs.
ADR varies meaningfully by tier. The all-listings average was $319 in April 2026. Entire-home properties averaged $320, closely tracking the overall market. Professionally managed listings averaged $342, a 7.1% premium over the all-listings baseline. Luxury-tier properties averaged $487, representing a 52.3% premium. These gaps indicate that cabin quality, size, and amenity level have a pronounced effect on achievable rates.
Apartment-style units underperform the market substantially, averaging $2,610 per month versus $5,297 for houses and $4,916 for entire-place listings overall. Investors targeting cabin-style or detached properties will see materially different economics than those entering with condo or apartment product.
The median listing price of $551,300 for currently available inventory is 31% above the typical home value of $420,756, which likely reflects a mix of newer or larger-format listings entering the for-sale market. Buyers targeting entry-level positions should focus on the typical home value range, where yield math is more favorable. Revenue growth scored 48.1 out of 100, indicating that while this market remains profitable, rate and occupancy compression since 2021 warrants conservative underwriting.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Booking Insights
In April 2026, the average booking lead time in Pigeon Forge was 49 days, meaning guests typically book approximately seven weeks before arrival. Average length of stay was 3.4 nights.
A 49-day lead window gives operators meaningful flexibility to adjust pricing before arrival. Best practice for this market is to set rates at planned levels roughly 60-90 days out, then review and adjust at the 30-day mark based on remaining availability. Properties with strong review counts and high listing quality tend to fill at the front of the lead window; properties with thinner review histories often fill in the final two weeks, typically at lower last-minute rates.
The 3.4-night average stay positions Pigeon Forge as a long-weekend destination rather than a week-long vacation market. Minimum-stay settings of 2-3 nights are consistent with this demand pattern, though operators in the summer peak frequently enforce 4-5 night minimums on holiday weekends to reduce turnover costs and fill high-value calendar gaps. Shorter average stays increase cleaning and restocking frequency relative to weekly-rental markets.
Short-Term Rental Regulations
Pigeon Forge requires a Short-Term Rental Unit (STRU) permit from the City Community Development Office for all rentals under 30 consecutive days. Three permit categories exist: Owner-Occupied (for the operator’s primary residence, one permit per person), Non-Owner Occupied (for owners or lessees with written owner approval), and Unoccupied (for dedicated rental properties managed by an owner or agent). Permits are annual and non-transferable.
R-1 residential zoning is effectively closed to new STR operators. Only properties that were actively operating as short-term rentals on or before August 13, 2018 may hold STRU permits in R-1 zones under Ordinance No. 1065. No new R-1 permits are issued. The majority of STR inventory in Pigeon Forge sits in commercial, tourism-designated, or mixed-use zones, where permits are available without the grandfathering restriction.
Owner-occupied and primary-residence requirements do not apply to Non-Owner Occupied or Unoccupied permit categories, making non-owner investment legal in eligible zones.
The combined occupancy tax rate is 12.25%, covering state and local components. A city business license and a county business license are each required (both approximately $15). The specific STRU permit fee was not confirmed by an official source.
Safety requirements include smoke alarms in all sleeping areas, carbon monoxide detectors on every habitable floor, a minimum 5-pound fire extinguisher, and posted emergency contact information. Maximum occupancy is capped at 2 guests per bed, 2 beds per room, and no more than 12 persons total per property.
Enforcement severity is rated moderate. Sevier County launched a mandatory annual inspection permit program effective January 1, 2024, for STRs in unincorporated areas outside city limits ($250 base for properties sleeping 12 or fewer, plus $25 per additional occupant above 12). Properties within Pigeon Forge city limits are subject to city inspection protocols; the county program does not apply inside city limits.
Market Comparison
Against national STR benchmarks, Pigeon Forge occupancy of 54.2% in April 2026 is near the U.S. STR median of approximately 55%, while its average daily rate of $319 substantially exceeds the U.S. STR median of approximately $220. The combination of above-median rates and median-range occupancy produces a RevPAR of $173, well above what most mid-size leisure markets achieve.
The property management sector is heavily concentrated. The top five operators collectively hold approximately 2,235 listings. Vacasa leads with 556 listings and 42,813 reviews at a 4.43 average rating. Cabins for You holds 461 listings at a 4.33 rating. Avada manages 424 listings with the highest rating among the top five at 4.72 and 33,056 reviews. American Patriot Getaways holds 423 listings at a 4.50 rating. Evolve accounts for 371 listings at 4.56 with 34,055 reviews.
The concentration of professionally managed inventory partially explains the $23-per-night premium that managed listings command over the all-listings baseline. Self-managing owners compete in the same supply pool as operators with professional photography, revenue management, and 24/7 guest services. Markets with high PM concentration typically see sharper quality differentiation between managed and unmanaged listings.
Pigeon Forge’s rental demand score of 91.6 and investability score of 97.7 rank it among the top-tier leisure STR markets in the Southeast.
Frequently Asked Questions About Pigeon Forge, Tennessee
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