Elkhart Lake, Wisconsin Short-Term Rental Market
Elkhart Lake STRs averaged $190/night at 40.1% occupancy in April 2026, with July peak revenue reaching $4,555 driven by Road America's 800,000 annual visitors.
Quick Answer: Elkhart Lake, Wisconsin is an active short-term rental market. average occupancy is 60%. average monthly revenue is $4,359. average daily rate is $293. the top operator is Evolve with 553 listings. market score is 80/100 (grade B).
Market data reflects the Wisconsin Area regional market, which includes Elkhart Lake. Regulations, taxes, and permit details below are specific to Elkhart Lake.
Market Score Breakdown
Five dimensions Apivex evaluates per market.
Market Overview
Elkhart Lake, Wisconsin is a small lakeside resort village of 941 residents in Sheboygan County whose short-term rental market is anchored by one of the most distinctive demand drivers in the Midwest: Road America, a four-mile road racing circuit that draws approximately 800,000 visitors annually across more than 450 motorsports events including IndyCar, IMSA, NASCAR, vintage racing, and motorcycle weekends. The combination of motorsports demand, a spring-fed glacial lake, sandy beaches, and established lakeside resorts creates a seasonally intense STR market.
As of April 2026, the market posted a $190.23 average daily rate, 40.1% occupancy, and a RevPAR of $76.35. April is a shoulder month; summer peaks reach occupancy above 70%. The composite market score is 79.99 out of 100, with investability at 91.94 and revenue growth at 91.90, two of the highest scores in this dataset.
Supply totals approximately 14,852 listings, of which 14,056 (94.6%) are entire-place rentals. Private rooms account for 792 listings and shared rooms just 4. By bedroom count, 2-bedroom properties lead at 4,277, followed by 3-bedroom (4,069), 1-bedroom (2,983), 4-bedroom (2,156), and 5-bedroom-plus (1,339). Channel distribution is well-balanced: 5,664 Airbnb-only, 2,129 VRBO-only, and 7,059 listed on both platforms, indicating strong dual-channel penetration.
Year-over-year as of April 2026, occupancy grew 1.56%, ADR increased 6.72%, and revenue grew 0.34%, the latter reflecting rate-driven growth being partially offset by the lower-occupancy April period.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 36% | $192 | $1,942 |
| Feb | 41% | $199 | $1,945 |
| Mar | 35% | $172 | $1,827 |
| Apr | 41% | $168 | $1,753 |
| May | 50% | $203 | $2,138 |
| Jun | 62% | $252 | $3,708 |
| Jul | 70% | $254 | $4,555 |
| Aug | 62% | $250 | $4,229 |
| Sep | 47% | $220 | $2,811 |
| Oct | 43% | $196 | $2,422 |
| Nov | 38% | $176 | $1,921 |
| Dec | 41% | $190 | $1,983 |
Top Short-Term Rental Operators in Elkhart Lake
Ranked by total active listings. Useful for understanding the competitive landscape.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Evolve | 553 | 19,950 | ★ 4.74 |
| 2 | Vacasa | 421 | 11,122 | ★ 4.62 |
| 3 | Hiller Vacation Homes | 95 | 1,825 | ★ 4.46 |
| 4 | Northwoods Property Managment | 63 | 445 | ★ 4.71 |
| 5 | Wild Eagle Lodge | 59 | 18 | ★ 4.50 |
What Kind of STR Should I Buy in Elkhart Lake?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 2,983 |
| 2 bed | 4,277 |
| 3 bed | 4,069 |
| 4 bed | 2,156 |
| 5 bed | 1,339 |
ADR by Property Tier
| Entire Home | $301 |
| Luxury | $522 |
| Professionally Managed | $339 |
Revenue by Dwelling Type
| Apartment | $2,773 |
| Entire Place | $4,495 |
| House | $4,715 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 38.1% |
| vrbo | 14.3% |
| both | 47.5% |
Investment Analysis
Elkhart Lake stands out for its revenue growth score of 91.90 and investability score of 91.94, both well above typical secondary markets. Average monthly revenue in April 2026 was $1,967, with an annualized run-rate of approximately $23,609 based on the April figure. However, because Elkhart Lake has extreme seasonality, the annualized figure significantly understates peak-month potential: July alone averages $4,555 in revenue.
Property type performance shows houses at $2,097 per month and entire-place units at $2,034, both ahead of the all-listings average of $1,967. Apartments trail at $1,426, approximately 27% below market. Luxury-tier properties average $425.17 per night, a 123% premium over the $190.23 market average, and professionally managed properties average $206.72 per night, an 8.7% premium.
Housing price data is not available in the current snapshot for this market, so a gross yield cannot be computed. Investors should obtain current property valuations from local brokers familiar with Elkhart Lake’s resort-property market. The village’s motorsports calendar creates predictable, bookable peaks that allow disciplined operators to pre-sell race weekends at premium rates well in advance.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Booking Insights
Elkhart Lake guests book an average of 47.32 days in advance, and the average length of stay is 3.94 nights. The 47-day lead time is relatively long compared to many lake markets, likely reflecting advance planning for race-weekend bookings where guests secure accommodations as soon as the Road America event calendar is published.
A 3.94-night average stay is above the typical 2-3 night weekend minimum, suggesting that some guests combine race weekend attendance with extended lake stays. This extends the effective revenue window per booking and reduces the per-booking cost of housekeeping and turnover relative to shorter stays.
For race weekends specifically, operators should open and price those dates as soon as the Road America schedule is released (typically 12 months in advance for major events). Setting firm pricing for race weekends 6-12 months out and holding rates prevents early price dilution. For non-race summer weeks, the 47-day average lead time supports a standard 6-week dynamic pricing approach.
Short-Term Rental Regulations
Elkhart Lake is a low-regulation STR market operating under Wisconsin’s statewide framework. The state’s ‘Right to Rent’ law (2017 Wisconsin Act 59) restricts municipalities from banning short-term rentals, establishing a permissive baseline across the state.
Operators in Elkhart Lake need two licenses: a Village short-term rental license covering up to four units or rooms, and a Wisconsin DATCP Tourist Rooming House license from the Department of Agriculture, Trade and Consumer Protection, required for properties rented more than 10 nights per year. The state DATCP license fee is reported at approximately $110, renewed annually. Properties renting five or more units require a hotel license rather than the standard STR license. Permit application fees for the Village license were not confirmed in available data; operators should contact the Village Clerk at [email protected] or 920-876-2122.
There is no owner-occupancy or primary-residence requirement and no annual night cap. Operators must collect and remit the Village’s 7% room tax on stays under 30 days, plus Wisconsin state sales tax. Airbnb and VRBO remit some of these taxes automatically on behalf of hosts, but operators should confirm which taxes require direct remittance. Enforcement is rated minimal, focused on license maintenance and tax compliance rather than punitive action.
Market Comparison
Elkhart Lake’s $190.23 ADR in April 2026 is slightly below the U.S. STR national median of approximately $220, and the 40.1% April occupancy reflects the shoulder season. Annual average occupancy in 2024-2025 ran at 46-47%, still below the national median of 55%, but the market’s revenue growth score of 91.90 places it among the top performers in the country for growth trajectory.
Year-over-year, the ADR growth of 6.72% substantially outpaces typical inflation, indicating pricing power. Revenue growth of 0.34% appears modest but is measured against April, the weakest month. The 2025 annual average of $3,015 revenue represents a 6.7% increase from 2024’s $2,826.
On the operator side, Evolve leads with 553 listings and 19,950 reviews at a 4.74 average rating, followed by Vacasa with 421 listings and 11,122 reviews at a 4.62 rating. Hiller Vacation Homes manages 95 listings with a 4.46 rating from 1,825 reviews. Together, the top 3 operators manage approximately 1,069 listings, roughly 7.2% of market supply, a somewhat higher concentration than typical fragmented leisure markets, reflecting professional management’s strong foothold in this event-driven destination.
Frequently Asked Questions About Elkhart Lake, Wisconsin
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