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 in the Bozeman/Yellowstone Natl Park market area is 76%. average monthly revenue in the Bozeman/Yellowstone Natl Park market area is $7,039. average daily rate in the Bozeman/Yellowstone Natl Park market area is $382. the top operator in the Bozeman/Yellowstone Natl Park market area 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 StaySTRA 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 |
|---|---|
| Jan | 48% |
| Feb | 63% |
| Mar | 60% |
| Apr | 35% |
| May | 57% |
| Jun | 73% |
| Jul | 73% |
| Aug | 65% |
| Sep | 59% |
| Oct | 45% |
| Nov | 39% |
| Dec | 52% |
Month-by-month nightly rates and revenue figures for Cody are available to StaySTRA Pro members. Unlock with StaySTRA Pro or analyze a specific address free.
Top Short-Term Rental Operators in Bozeman/Yellowstone Natl Park market area
Ranked by total active listings. Useful for understanding the competitive landscape. Operator data is published for the Bozeman/Yellowstone Natl Park market as a whole, which includes Cody, so these counts are not Cody-only figures.
| # | 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 nightly-rate breakdowns by bedroom count, property tier, and dwelling type for Cody 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 | 29.9% |
| vrbo | 11.5% |
| both | 58.6% |
Home Value Trends (Cody)
Typical home values, median sale prices, and the 10-year price trend for Cody 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 Cody — 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
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
What is the average occupancy rate for Airbnb rentals in Cody, WY?
How much can I earn from a short-term rental in Cody, WY?
What is the average nightly rate for Airbnb in Cody, WY?
Is Cody, WY a good city to invest in a short-term rental property?
Does Cody, WY require a license or permit for short-term rentals?
When is peak season for Airbnb rentals in Cody, WY?
What lodging taxes apply to short-term rentals in Cody, WY?
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