Cody, Wyoming Short-Term Rental Market
Cody, WY STRs averaged $334/night in April 2026, the market's seasonal low, with winter peaks reaching $500+ ADR and summer occupancy above 73%.
Quick Answer: Cody, Wyoming is an active short-term rental market. average occupancy is 76%. average monthly revenue is $7,039. average daily rate is $382. the top operator is Stay Montana with 198 listings. market score is 70/100 (grade C).
Market data reflects the Bozeman/Yellowstone Natl Park regional market, which includes Cody. Regulations, taxes, and permit details below are specific to Cody.
Market Score Breakdown
Five dimensions Apivex evaluates per market.
Market Overview
Cody, Wyoming, known as the Rodeo Capital of the World and founded by Buffalo Bill Cody, serves as a primary gateway to Yellowstone National Park, located approximately 50 miles from the park’s East Entrance. The town draws an estimated 300,000 to 400,000 visitors annually, concentrated heavily in summer (May through September). Park County direct travel spending reached approximately $538 million in 2025, supporting roughly 4,230 jobs.
The STR market has approximately 5,478 active listings. Entire-place units dominate at 5,258 listings (96.0% of total), with private rooms accounting for 212 listings and shared rooms just 8. By channel, 3,210 listings appear on both Airbnb and VRBO, 1,637 are Airbnb-only, and 631 are VRBO-only, reflecting VRBO’s above-average presence in this Western gateway market.
Bedroom distribution is fairly spread: 1-bedroom units lead with 1,583 listings, followed by 2-bedroom (1,394), 3-bedroom (1,279), 4-bedroom (758), and 5-bedroom-plus (450).
Cody’s STR market has an unusual dual-season character. Summer (July peak: 73.0% occupancy) drives the conventional Yellowstone-gateway demand, while winter generates the highest ADR months: February averages $501 per night at 63.3% occupancy and March averages $502 at 60.3%, producing the highest monthly revenues in the dataset. April is the market’s clearest off-season trough (35.5% occupancy, $266 ADR). The market scored 69.8 out of 100 overall, with a particularly high revenue growth score of 94.1.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 48% | $446 | $5,674 |
| Feb | 63% | $501 | $7,311 |
| Mar | 60% | $502 | $7,928 |
| Apr | 35% | $266 | $2,728 |
| May | 57% | $247 | $3,095 |
| Jun | 73% | $316 | $5,369 |
| Jul | 73% | $322 | $6,020 |
| Aug | 65% | $301 | $5,290 |
| Sep | 59% | $266 | $4,185 |
| Oct | 45% | $225 | $2,855 |
| Nov | 39% | $212 | $2,205 |
| Dec | 52% | $418 | $4,444 |
Top Short-Term Rental Operators in Cody
Ranked by total active listings. Useful for understanding the competitive landscape.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Stay Montana | 198 | 7,922 | ★ 4.75 |
| 2 | Big Sky Vacation Rentals | 132 | 3,304 | ★ 4.87 |
| 3 | Evolve | 128 | 9,092 | ★ 4.85 |
| 4 | Two Pines Properties | 123 | 2,649 | ★ 4.87 |
| 5 | Mountain Home | 115 | 5,096 | ★ 4.84 |
What Kind of STR Should I Buy in Cody?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 1,583 |
| 2 bed | 1,394 |
| 3 bed | 1,279 |
| 4 bed | 758 |
| 5 bed | 450 |
ADR by Property Tier
| Entire Home | $392 |
| Luxury | $631 |
| Professionally Managed | $493 |
Revenue by Dwelling Type
| Apartment | $5,655 |
| Entire Place | $7,223 |
| House | $7,871 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 29.9% |
| vrbo | 11.5% |
| both | 58.6% |
Investment Analysis
Cody presents an investment case built on high nightly rates in a genuine gateway-to-Yellowstone destination market. The typical home value is $456,303, with the median list price at $600,167, positioning this as a mid-to-upper acquisition market for the region. There are 120 active for-sale listings, and the median days to pending is 45, suggesting a moderately paced buyer’s market.
At April 2026’s average monthly revenue of $3,178, annualized gross revenue runs approximately $38,136, implying a gross yield of approximately 8.4% against the $456,303 typical home value. Note that April is the market’s weakest month; the 2025 full-year average monthly revenue was $5,891, suggesting annualized revenue of approximately $70,692 for listings that are active year-round. Against the typical home value, that implies a gross yield of approximately 15.5%.
Performance by tier shows the widest luxury spread of any market in this batch. Luxury-tier listings averaged $772.70 per night in ADR versus $334.02 for all listings in April, a $439 spread. Professionally managed properties averaged $552.81 per night, a $219 premium over all listings. Entire-place listings averaged $346.08 per night and houses averaged $3,592 per month in revenue versus $2,618 for apartments.
The revenue growth score of 94.1 is the strongest in the dataset and reflects consistent year-over-year ADR gains: average annual ADR climbed from $223 in 2017 to $396 in 2025 (2025 full-year average). Full-year occupancy averaged 56.5% in 2025.
A key investment constraint is Cody’s owner-occupancy requirement in residential zones (R-2, R-2MH): non-owner-occupied whole-home STRs are not permitted in those zones. Whole-unit operations are generally directed to commercial (D-1) zoning. Investors must confirm parcel zoning before acquiring.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Booking Insights
Cody STR guests book an average of 52.7 days in advance and stay an average of 4.09 nights. Both figures reflect the deliberate, destination-travel character of a Yellowstone gateway market.
A 53-day booking lead time is meaningfully longer than urban markets (28 to 35 days) and indicates that guests are planning Yellowstone gateway trips well ahead of arrival. Summer bookings for July and August are often placed in March through May. Winter bookings for the February-March ski/holiday window can be placed even earlier. Hosts who set pricing and open calendars 90 to 120 days in advance can capture the strongest demand before the market fills.
The 4.09-night average stay reflects multi-day Yellowstone itineraries. Visitors are not staying one night in transit; they are using Cody as a base for multiple days of park access and local attractions. Minimum stays of 3 to 4 nights during peak periods (June-August and February-March) align with this demand pattern and help avoid difficult-to-fill single-night gaps.
The combination of a long booking lead time and a multi-night stay profile gives hosts a favorable pricing environment: set rates confidently months in advance, hold pricing for summer and winter peaks, and offer discounts only for deep shoulder months (April and November) where occupancy is structurally weak.
Short-Term Rental Regulations
Cody requires a Short-Term Rental Registration Certificate from the city before operating any STR, defined as a rental of living space for fewer than 30 consecutive days. The application fee is $100, and registration renews annually by May 1st. A fire and life-safety inspection is required before the certificate is issued. The registration number must appear in all online listings.
Zoning is a critical constraint. In residential zones (R-2 and R-2MH), the property must be owner-occupied: the owner must live in a dwelling on the property or on an immediately adjacent property during the rental period. Non-owner-occupied whole-home STRs in residential zones are not permitted. Whole-unit non-owner-occupied operations are generally directed to commercial (D-1) zoning. Investors purchasing for non-owner-occupied STR use must verify the parcel is zoned D-1 or another permissive zone.
In both residential and commercial zones, only single-group bookings are allowed. Renting individual bedrooms to separate parties is prohibited.
Park County levies a 7% lodging tax (5% Wyoming statewide plus a 2% local lodging tax renewed by voters in November 2024) effective January 1, 2025. This lodging tax applies in addition to Wyoming sales tax. Airbnb and VRBO collect and remit taxes on behalf of hosts on their platforms, but operators should verify remittance coverage for any off-platform bookings. There is no stated annual night cap. Enforcement is rated moderate.
Market Comparison
Cody’s 33.7% occupancy in April 2026 is below the U.S. STR median of approximately 55%, but April is the market’s weakest month. The 2025 full-year average occupancy of 56.5% is in line with the national median. The $334 ADR in April represents the trough; winter ADR exceeds $500, and the 2025 full-year average ADR was $396, well above the U.S. median of approximately $220.
RevPAR of $113 in April reflects the trough-month measurement. Using the 2025 annual averages ($396 ADR, 56.5% occupancy), annual average RevPAR was approximately $224.
The revenue growth score of 94.1 is the highest in this market batch and among the highest recorded in the dataset, driven by consistent ADR appreciation from $223 in 2017 to $396 in 2025.
Among property managers, Stay Montana leads with 198 listings and 7,922 reviews at a 4.745 average rating. Big Sky Vacation Rentals holds 132 listings with 3,304 reviews at 4.873 stars, and Evolve manages 128 listings with 9,092 reviews at 4.854 stars. Two Pines Properties (123 listings, 2,649 reviews, 4.867 stars) and Mountain Home (115 listings, 5,096 reviews, 4.844 stars) round out the top five. The top five collectively hold 696 listings, approximately 12.7% of the active market.
Frequently Asked Questions About Cody, Wyoming
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