Ely, MN Airbnb Market Data, Statistics, and Occupancy Rates

Ely Short-Term Rental Market Overview

Ely, MN sits at the doorstep of the Boundary Waters Canoe Area Wilderness, making it a magnet for outdoor recreation travelers seeking cabin-style getaways. With an average annual revenue of $36,745 across 67 active listings and an ROI score of 67 out of 100, the market presents an attractive opportunity where seasonal tourism demand meets relatively modest competition. The average daily rate of $253 comes in well below Minnesota's $429 state average, but strong summer peaks and above-average occupancy stability help offset the lower nightly price point.

Key Market Statistics

According to Rabbu market data, the Ely short-term rental market shows:

Data sources: Rabbu proprietary analytics as of Apr, 27 2026 and Zillow Home Value Index (ZHVI) as of Mar, 17 2026.

Why Investors Consider Ely

Ely's combination of iconic wilderness access, above-average occupancy stability, and growing visitor interest makes it a compelling niche market for investors comfortable with seasonal revenue patterns.

Expert Market Assessment

"Ely's STR market earns its "Attractive Opportunity" rating through a favorable balance of healthy demand and revenue relative to property values, though investors should account for pronounced seasonality. July revenue ($5,315) runs nearly three times the April trough ($1,855), so cash reserves for quieter months are a must. The supply/demand balance scores below average — driven partly by that 68% surge in active listings — which means standing out through property quality, lake access, and thoughtful amenities matters more than ever. For buyers who target 3- or 4-bedroom cabins and execute well on guest experience, the market offers meaningful income potential in a setting that draws repeat visitors year after year."

— Rabbu Market Analysis Team

Key Airbnb Metrics & Trends in Ely

Average revenue by month in Ely

Ely's revenue peaks sharply in July ($5,315) and August ($5,105), with a pronounced drop to lows in November ($1,811) and April ($1,855) — a nearly 3x spread that underscores the market's strong summer seasonality. Investors should plan for roughly five months of above-average revenue and budget accordingly for the quieter winter and spring shoulder periods.

Active Airbnb listings by property size in Ely

Two-bedroom properties dominate Ely's supply with 33 of 67 listings, while 1-bedroom units are notably scarce at just 6 listings. The relative undersupply of 1-bedroom and 3-bedroom properties (11 listings) could represent niche opportunities for investors, particularly given the strong revenue performance of 3-bedroom cabins.

Average daily rate (ADR) by property size in Ely

ADR climbs steeply with size in Ely, from $184 for 2-bedroom units to $399 for 4-bedroom properties — more than double the rate. Interestingly, 1-bedroom listings command a $200 ADR that actually exceeds 2-bedrooms, suggesting a premium for cozy, well-positioned couples' retreats.

Average RevPAN by property size in Ely

Revenue per available night rises consistently with property size, from $74–$75 for 1- and 2-bedroom units up to $107 for 4-bedroom listings. The 4-bedroom RevPAN premium of roughly 43% over smaller units makes larger cabins particularly compelling from a per-night revenue standpoint, despite their lower occupancy rates.

Average occupancy rates by property size in Ely

Smaller properties fill more consistently in Ely, with 2-bedroom units achieving the highest occupancy at 41% and 1-bedrooms close behind at 37%. Larger 3- and 4-bedroom properties lag at 27–28% occupancy, meaning investors in bigger cabins should rely on higher nightly rates rather than volume to drive returns.

Average monthly revenue by property size in Ely

Three-bedroom properties lead the market with $4,665 in average monthly revenue, followed by 4-bedrooms at $4,003 — both significantly outpacing the $2,283 earned by the most common 2-bedroom listings. This gap highlights the earning power of larger cabins that can accommodate families and groups heading to the Boundary Waters.

Average annual revenue by property size in Ely

At $55,990 annually, 3-bedroom properties generate more than double the revenue of 2-bedroom units ($27,404), making them the clear top earner in Ely's market. Four-bedroom listings follow at $48,036 per year, while 1-bedrooms ($36,702) punch well above the 2-bedroom segment despite having fewer listings — a signal that quality compact units can compete effectively.

Most common amenities for Airbnb listings in Ely

Parking and kitchen amenities are virtually universal at 97% of listings, reflecting Ely's remote, self-catering vacation market. Outdoor-oriented features dominate the rest of the list — backyards (66%), BBQ grills (60%), and lake access (48%) — signaling that guests expect a nature-immersive experience, and listings without these features may struggle to compete.

Understanding Ely's ROI Score: 67/100

Rabbu's ROI Score is a proprietary metric that evaluates short-term rental investment potential based on multiple factors.

How the ROI Score is Calculated

What This Means for Investors

Ely's ROI score of 67 out of 100 places it in the "Attractive Opportunity" band, reflecting a market where revenue relative to property values is average but occupancy stability and growth trends both rate above average. The one caution is supply/demand balance, which scores below average — a consequence of rapid listing growth (68% year-over-year) that could pressure occupancy and rates if it continues unchecked. Investors should pair these metrics with thorough local regulatory research and focus on differentiated properties to stay ahead of growing competition.

Short-Term Rental Regulations in Ely

Understanding local STR regulations is essential before investing in Ely. Here's the current regulatory landscape:

Permit Requirements

Short-term rental operators in Ely, Minnesota may need to obtain a permit or register their property with local authorities before listing. Investors should verify current requirements directly with the City of Ely and St. Louis County, as rules can evolve.

Key Restrictions

Common STR restrictions in Minnesota communities can include occupancy limits tied to bedroom count, noise ordinances, parking requirements, and minimum-stay mandates during certain seasons. HOA or lakefront association covenants may impose additional limitations, so reviewing deed restrictions before purchasing is essential.

Tax Obligations

Short-term rental hosts in Minnesota are generally subject to state sales tax and local lodging taxes, which platforms like Airbnb often collect and remit on the host's behalf. Investors should confirm whether any additional city-level or county-level tourism taxes apply in the Ely area.

Regulations subject to change. Always verify with local authorities before purchasing. A Rabbu partner agent specializing in Ely can provide current regulatory guidance.

Future Outlook & Long-Term Forecast

"Over the next 12–18 months, Ely's STR market is likely to continue benefiting from above-average market growth trends and steady demand from wilderness tourism. Summer months should remain the revenue engine, with July and August potentially pushing ADR another 2–4% higher as supply growth (68% year-over-year listing growth) begins to moderate. Occupancy during shoulder months like May and September could settle in the 30–40% range, while winter months may see incremental gains from snowmobiling and winter sports interest. Investors should plan for significant seasonal swings and budget conservatively for the November–April period."

— Rabbu Market Analysis Team

Frequently asked questions about Airbnb in Ely, MN

What is the average Airbnb occupancy rate in Ely?

The average Airbnb occupancy rate in Ely is currently 35%, which is slightly below Minnesota's 40% state average. Occupancy varies significantly by property size — 2-bedroom units lead at 41%, while larger 3- and 4-bedroom properties hover around 27–28%. The market's strong summer demand and winter recreation activity contribute to above-average occupancy stability throughout the year.

How much do Airbnb hosts make in Ely?

Airbnb hosts in Ely earn an average of $3,062 per month, or approximately $36,745 annually based on trailing 12-month performance. Revenue varies considerably by property size: 3-bedroom listings top the market at $55,990 per year, while 2-bedroom units average $27,404. Peak summer months like July can bring in over $5,300, while slower months like November may yield around $1,811.

Is Ely a good market for Airbnb investment?

Ely scores 67 out of 100 on Rabbu's ROI Score, placing it in the "Attractive Opportunity" category. The market benefits from above-average occupancy stability and market growth trends, though the supply/demand balance is currently below average due to rapid listing growth. Investors targeting well-appointed cabins — especially 3- and 4-bedroom properties with lake access — are best positioned to capture the strongest returns in this wilderness tourism market.

What is the average daily rate (ADR) for Airbnb in Ely?

The average daily rate for Airbnb listings in Ely is $253, compared to the Minnesota state average of $429. ADR scales notably with property size: 1-bedroom units average $200, 2-bedrooms come in at $184, while 3-bedroom and 4-bedroom properties command $313 and $399 respectively. The lower overall ADR reflects Ely's positioning as an accessible outdoor destination rather than a luxury resort market.

Are short-term rentals legal in Ely?

Short-term rentals do operate in Ely, MN, with 67 active Airbnb listings currently in the market. However, local regulations around permits, zoning, and operational requirements can change. Prospective investors should verify the latest STR rules with the City of Ely and St. Louis County before purchasing a property, and review any applicable HOA or lakefront association restrictions.

When is peak season for Airbnb in Ely?

Peak season in Ely runs from June through August, driven by summer tourism and outdoor recreation around the Boundary Waters. July is the highest-earning month at $5,315 in average revenue, closely followed by August at $5,105. Shoulder months like May ($3,038) and September ($3,587) also perform well, while April ($1,855) and November ($1,811) represent the market's softest periods.

How many Airbnbs are there in Ely?

There are currently 67 active Airbnb listings in Ely as of April 2026. The market has experienced significant growth, with a 68% year-over-year increase in active listings. Two-bedroom properties make up the largest share of supply at 33 listings, followed by 4-bedrooms (12), 3-bedrooms (11), and 1-bedrooms (6).

How is Airbnb revenue calculated in Ely?

The annual and monthly revenue figures for Ely are derived from the trailing 12 months of historical booking performance for active comparable Airbnb listings in the market — they are not forward-looking projections. Rabbu averages each comparable listing's actual revenue per available night (RevPAN) by month over the past year, removes regional outliers, and rolls the remainder up into a market-level historical average. This approach anchors the figures to what hosts have actually earned recently while naturally reflecting seasonal peaks and slower months, since each month uses its own historical performance data. Individual results can vary based on property quality, pricing strategy, location within the market, and operational management.

About Rabbu Market Data

Rabbu provides Airbnb and short-term rental market data and statistics across the United States. Our mission is to empower investors with accurate insights and easy-to-use tools, so they can confidently identify and act on the best opportunities in the Airbnb market.

What this data includes

• Regularly updated active Airbnb and STR listing counts for Ely and surrounding areas
• Average daily rate, occupancy, and RevPAN trends by property size and month
• Annual and monthly revenue metrics based on trailing 12-month booking performance
• Property value data sourced from the Zillow Home Value Index (ZHVI)
• Amenity prevalence data across active listings to benchmark guest expectations

Sources and disclaimers

Rabbu proprietary analytics as of Apr, 27 2026 and Zillow Home Value Index (ZHVI) as of Mar, 17 2026. Revenue projections are estimates based on comparable properties and do not guarantee future performance. Data reflects trailing 12-month performance and market conditions as of the dates noted; actual results may differ as conditions evolve. Local regulations, permit requirements, and tax obligations are subject to change — investors should verify current rules with municipal and county authorities before purchasing.