Montana is home to many thriving short-term rental markets, but identifying the top-performing cities can be overwhelming, especially when combing through data from countless locations across the state.
To simplify this process, we analyzed data from markets statewide and compiled a list of the top 18 cities for investors and landlords seeking potentially high-return rental properties in the coming year.
As always, we recommend thorough underwriting and analysis of any prospective property and a review of local short-term rental regulations before making any investment decisions.
How We Created This List
First, we looked at all Airbnb listings in Montana that met the following criteria as of January 2025:
- Average Rating: 4.8 stars and above
- Guest Review Count: Minimum of 10
- Average Daily Rate: $1 (minimum) to $2,000 (maximum)
- Occupancy Rate: 1% (minimum) to 99% (maximum)
- Property Size: 1 to 10 bedrooms
- Property Type: Entire homes
We did this to eliminate Airbnb listings from our analysis that fall outside of what we consider "realistic" situations. This left us with a total of 4,007 Airbnb listings across the state of Montana to work with.
Next, we grouped these listings by city and eliminated markets that didn't have at least 75 Airbnb listings meeting the above criteria. We took this step to avoid outlier cities we felt didn't have enough data to be considered at this current time. This left us with 18 cities in Montana to rank.
Then, we needed to arrive at a gross yield number for each of our remaining cities in order to create our rankings. We did this by taking the average annual Airbnb revenue for each city and combining it with the cities median property value (from Zillow as of December 2024) to calculate our gross yield for each city.
Finally, we ordered the cities by highest gross yield.
The Top 18 STR Markets in Montana
1. West Yellowstone, MT
Nestled at the gateway of Yellowstone National Park, West Yellowstone, MT is a prime destination for short-term rental properties. Its thriving tourism appeal is bolstered by breathtaking natural attractions such as Old Faithful and the Grand Prismatic Spring. Outdoor enthusiasts flock here for world-class fly fishing, hiking, and snow sports. The annual Yellowstone Ski Festival attracts visitors and ensures year-round rental income potential. For real estate investors, the local short-term rental market offers promising cash flow and good return, making vacation homes here a lucrative investment property option.
Key STR Metrics:
- Average Gross Yield: 8.2%
- Average Property Value: $951,894 (as of December 2024)
- Average Annual Revenue: $77,775 (past 12 months)
- Average Occupancy Rate: 52% (past 12 months)
- Qualifying Airbnbs: 133 (as of January 2025)
- Year-Over-Year Growth in Airbnbs: 52%
Find Airbnbs For Sale in West Yellowstone, MT →
2. Butte, MT
Butte, MT, stands out as a thriving short-term rental market for real estate investors in 2025, attracting tourists with its rich mining history, vibrant festivals, and nearby recreational opportunities. Vacation homes near attractions like the World Museum of Mining and Berkeley Pit promise steady rental income. Seasonal events like Evel Knievel Days and diverse sports activities lure visitors year-round, making Butte a prime location for investment property. As an Airbnb host, capitalize on tourism to achieve a good return and cash flow.
Key STR Metrics:
- Average Gross Yield: 6.6%
- Average Property Value: $420,054 (as of December 2024)
- Average Annual Revenue: $27,892 (past 12 months)
- Average Occupancy Rate: 42% (past 12 months)
- Qualifying Airbnbs: 86 (as of January 2025)
- Year-Over-Year Growth in Airbnbs: 67%
Find Airbnbs For Sale in Butte, MT →
3. Columbia Falls, MT
Columbia Falls, MT is a premier destination in the short-term rental market, drawing tourists with its proximity to Glacier National Park and Flathead River. Known for outdoor adventures, it’s ideal for vacation homes, offering a good return on investment. The local housing market attracts real estate investors seeking profitable rental income. Annual events like the Heritage Days Festival further entice visitors, making it one of the best places for real estate investing in Montana. Embrace the STR boom, become an Airbnb host, and cater to year-round guests seeking unique experiences.
Key STR Metrics:
- Average Gross Yield: 6.6%
- Average Property Value: $907,055 (as of December 2024)
- Average Annual Revenue: $59,890 (past 12 months)
- Average Occupancy Rate: 46% (past 12 months)
- Qualifying Airbnbs: 326 (as of January 2025)
- Year-Over-Year Growth in Airbnbs: 89%
Find Airbnbs For Sale in Columbia Falls, MT →
4. Livingston, MT
Livingston, MT, is a hidden gem for real estate investors seeking lucrative short-term rental income. Nestled at the edge of the stunning Yellowstone National Park, it offers tourists an array of attractions, including fly-fishing hotspots and historic sites. The vibrant arts scene, coupled with annual events like the Livingston Roundup Rodeo, draws visitors year-round, ensuring a good return for Airbnb hosts. The strong tourism appeal makes Livingston a prime location in the short-term rental market, ideal for investment properties and cash flow opportunities.
Key STR Metrics:
- Average Gross Yield: 6.5%
- Average Property Value: $922,181 (as of December 2024)
- Average Annual Revenue: $59,647 (past 12 months)
- Average Occupancy Rate: 45% (past 12 months)
- Qualifying Airbnbs: 233 (as of January 2025)
- Year-Over-Year Growth in Airbnbs: 78%
Find Airbnbs For Sale in Livingston, MT →
5. Great Falls, MT
Great Falls, MT, offers an enticing opportunity for real estate investors targeting the short-term rental market. Known for stunning natural attractions such as Giant Springs State Park and the Lewis and Clark Interpretive Center, it attracts tourists year-round. Sports enthusiasts can enjoy events hosted by the Great Falls Voyagers, while the Electric City Water Park provides family-friendly fun. With high tourism appeal, vacation rentals here promise good return and steady rental income, making it an ideal choice for investment property in 2025.
Key STR Metrics:
- Average Gross Yield: 6.4%
- Average Property Value: $453,409 (as of December 2024)
- Average Annual Revenue: $28,987 (past 12 months)
- Average Occupancy Rate: 44% (past 12 months)
- Qualifying Airbnbs: 102 (as of January 2025)
- Year-Over-Year Growth in Airbnbs: 73%
Find Airbnbs For Sale in Great Falls, MT →
6. Gardiner, MT
Nestled at the northern entrance of Yellowstone National Park, Gardiner, MT, is a prime spot for short-term rental properties, offering lucrative opportunities for real estate investors. Tourism thrives here, with attractions like the iconic Roosevelt Arch and abundant wildlife drawing visitors year-round. As guests flock to enjoy river rafting on the Yellowstone River and soak in the nearby hot springs, vacation rentals ensure a steady rental income and good return. Gardiner's vibrant short-term rental market promises cash flow for savvy investors.
Key STR Metrics:
- Average Gross Yield: 6.1%
- Average Property Value: $1,113,087 (as of December 2024)
- Average Annual Revenue: $67,555 (past 12 months)
- Average Occupancy Rate: 53% (past 12 months)
- Qualifying Airbnbs: 90 (as of January 2025)
- Year-Over-Year Growth in Airbnbs: 177%
Find Airbnbs For Sale in Gardiner, MT →
7. Kalispell, MT
Nestled in the stunning Flathead Valley, Kalispell, MT, is a prime destination for tourists and real estate investors seeking to tap into the thriving short-term rental market. This charming town offers vacation homes near attractions like Glacier National Park and Flathead Lake, making it a hotspot for guests seeking adventure. The vibrant local scene includes events like the Northwest Montana Fair and the Montana Dragon Boat Festival. With its burgeoning housing market, Kalispell promises good returns and solid cash flow for those investing in short-term rental properties.
Key STR Metrics:
- Average Gross Yield: 5.7%
- Average Property Value: $844,322 (as of December 2024)
- Average Annual Revenue: $48,149 (past 12 months)
- Average Occupancy Rate: 42% (past 12 months)
- Qualifying Airbnbs: 339 (as of January 2025)
- Year-Over-Year Growth in Airbnbs: 62%
Find Airbnbs For Sale in Kalispell, MT →
8. Red Lodge, MT
Red Lodge, MT is a hidden gem for real estate investors seeking short-term rental properties. Nestled against the Beartooth Mountains, it offers tourists a gateway to both Yellowstone National Park and the iconic Beartooth Highway. This charming town is an appealing destination year-round with attractions like Red Lodge Mountain Resort for skiing and the Beartooth Rally. As airbnb hosts can attest, the local short-term rental market thrives on steady visitor interest, providing potential for solid cash flow and good returns through rental income from vacation homes.
Key STR Metrics:
- Average Gross Yield: 5.7%
- Average Property Value: $815,945 (as of December 2024)
- Average Annual Revenue: $46,446 (past 12 months)
- Average Occupancy Rate: 40% (past 12 months)
- Qualifying Airbnbs: 147 (as of January 2025)
- Year-Over-Year Growth in Airbnbs: 143%
Find Airbnbs For Sale in Red Lodge, MT →
9. Belgrade, MT
Belgrade, MT, offers lucrative opportunities for real estate investors looking to tap into the short-term rental market. Known for its breathtaking views and proximity to Yellowstone National Park, it's a paradise for nature-loving tourists. The vibrant local scene includes seasonal events like the Gallatin County Fair, attracting visitors year-round. With convenient access to skiing and hiking, vacation rentals here promise consistent rental income. For Airbnb hosts, this bustling hub presents an excellent chance to generate good returns and cash flow from investment properties.
Key STR Metrics:
- Average Gross Yield: 5.7%
- Average Property Value: $830,816 (as of December 2024)
- Average Annual Revenue: $47,176 (past 12 months)
- Average Occupancy Rate: 46% (past 12 months)
- Qualifying Airbnbs: 114 (as of January 2025)
- Year-Over-Year Growth in Airbnbs: 92%
Find Airbnbs For Sale in Belgrade, MT →
10. Billings, MT
Billings, MT is a thriving hub for short-term rental properties, making it an attractive spot for real estate investors seeking lucrative vacation rentals. Nestled by the Yellowstone River, it offers booming tourism with attractions like Pictograph Cave State Park and ZooMontana. The city hosts vibrant events such as the Billings Symphony concerts and Montanaland Rodeo, drawing numerous tourists. With its robust housing market and rising rental income, Billings promises good returns, enticing airbnb hosts aiming for optimal cash flow.
Key STR Metrics:
- Average Gross Yield: 5.4%
- Average Property Value: $519,433 (as of December 2024)
- Average Annual Revenue: $28,257 (past 12 months)
- Average Occupancy Rate: 46% (past 12 months)
- Qualifying Airbnbs: 261 (as of January 2025)
- Year-Over-Year Growth in Airbnbs: 81%
Find Airbnbs For Sale in Billings, MT →
11. Helena, MT
Helena, MT, nestled in the heart of the Rockies, is a thriving short-term rental market ideal for real estate investors seeking good returns through vacation rentals. Known for its vibrant tourism scene, Helena attracts visitors year-round with its historic downtown, the majestic Helena National Forest, and the seasonal events like the Last Chance Stampede Rodeo. As an Airbnb host, capitalize on the city's sports enthusiasm with local teams' games and enhance rental income during special events, ensuring cash flow and growth in this dynamic real estate market.
Key STR Metrics:
- Average Gross Yield: 5.3%
- Average Property Value: $637,158 (as of December 2024)
- Average Annual Revenue: $34,005 (past 12 months)
- Average Occupancy Rate: 46% (past 12 months)
- Qualifying Airbnbs: 170 (as of January 2025)
- Year-Over-Year Growth in Airbnbs: 79%
Find Airbnbs For Sale in Helena, MT →
12. Missoula, MT
Missoula, MT is a prime spot for short-term rental properties, attracting tourists with its vibrant arts scene, historical attractions, and outdoor activities. The thriving real estate market makes Missoula ideal for real estate investors seeking good return on investment properties. Visitors flock for the annual Missoula Marathon, Griz football games, and the breathtaking scenery of the nearby Rocky Mountains. This dynamic tourism scene ensures robust rental income for Airbnb hosts, placing Missoula among the best places for vacation homes in the short-term rental market.
Key STR Metrics:
- Average Gross Yield: 5.3%
- Average Property Value: $770,327 (as of December 2024)
- Average Annual Revenue: $40,849 (past 12 months)
- Average Occupancy Rate: 49% (past 12 months)
- Qualifying Airbnbs: 424 (as of January 2025)
- Year-Over-Year Growth in Airbnbs: 71%
Find Airbnbs For Sale in Missoula, MT →
13. Bozeman, MT
Bozeman, MT, is a booming hub for short-term rental properties and a prime location for real estate investors seeking high rental income. Nestled amid stunning mountain views, Bozeman offers attractions like Yellowstone National Park, Museum of the Rockies, and vibrant Downtown Bozeman. Sports enthusiasts can enjoy MSU Bobcats games and outdoor activities such as skiing at Bridger Bowl. Popular events like the Sweet Pea Festival attract numerous visitors, making the real estate market ideal for vacation rentals and Airbnb hosts looking for good returns.
Key STR Metrics:
- Average Gross Yield: 4.9%
- Average Property Value: $1,176,306 (as of December 2024)
- Average Annual Revenue: $57,122 (past 12 months)
- Average Occupancy Rate: 49% (past 12 months)
- Qualifying Airbnbs: 544 (as of January 2025)
- Year-Over-Year Growth in Airbnbs: 58%
Find Airbnbs For Sale in Bozeman, MT →
14. Hamilton, MT
Hamilton, MT, nestled in the scenic Bitterroot Valley, is emerging as a top location for short-term rental properties. With its proximity to the Bitterroot National Forest, visitors flock to explore outdoor attractions like hiking and fishing. The vibrant local culture, including events such as the Ravalli County Fair, attracts tourists year-round. The local real estate market offers promising opportunities for real estate investors seeking good returns, making it an ideal spot for Airbnb hosts in the short-term rental market.
Key STR Metrics:
- Average Gross Yield: 4.6%
- Average Property Value: $800,744 (as of December 2024)
- Average Annual Revenue: $36,469 (past 12 months)
- Average Occupancy Rate: 34% (past 12 months)
- Qualifying Airbnbs: 86 (as of January 2025)
- Year-Over-Year Growth in Airbnbs: 117%
Find Airbnbs For Sale in Hamilton, MT →
15. Whitefish, MT
Whitefish, MT, nestled in the scenic Rocky Mountains, is a prime destination for short-term rental investors seeking robust rental income. As a gateway to Glacier National Park, this town offers year-round attractions including skiing at Whitefish Mountain Resort, hiking, and the Whitefish Arts Festival. The lively downtown boasts boutique shopping and gourmet dining, perfect for Airbnb guests. With a thriving tourism scene, Whitefish's real estate market holds strong potential for good returns, making it one of the best places for real estate investing.
Key STR Metrics:
- Average Gross Yield: 4.1%
- Average Property Value: $1,767,856 (as of December 2024)
- Average Annual Revenue: $73,243 (past 12 months)
- Average Occupancy Rate: 39% (past 12 months)
- Qualifying Airbnbs: 435 (as of January 2025)
- Year-Over-Year Growth in Airbnbs: 126%
Find Airbnbs For Sale in Whitefish, MT →
16. Gallatin Gateway, MT
Gallatin Gateway, MT, offers an enticing short-term rental market for real estate investors. Known for its proximity to Yellowstone National Park and Big Sky Resort, this picturesque area is a magnet for tourists seeking adventure and natural beauty. Visitors can explore the stunning Gallatin River, perfect for fly fishing and rafting, or enjoy hiking and skiing. The local housing market offers excellent opportunities for vacation homes and investment properties, with strong rental income potential for Airbnb hosts looking to achieve good returns and cash flow.
Key STR Metrics:
- Average Gross Yield: 4.0%
- Average Property Value: $2,741,283 (as of December 2024)
- Average Annual Revenue: $108,526 (past 12 months)
- Average Occupancy Rate: 42% (past 12 months)
- Qualifying Airbnbs: 154 (as of January 2025)
- Year-Over-Year Growth in Airbnbs: 122%
Find Airbnbs For Sale in Gallatin Gateway, MT →
17. Bigfork, MT
Bigfork, MT is a gem for real estate investors eyeing the short-term rental market, offering strong rental income potential from vacation homes. Its enchanting landscapes, nestled between Flathead Lake and the Swan Range, attract tourists seeking outdoor adventures like hiking and fishing. Renowned for its vibrant arts scene, Bigfork hosts the Bigfork Summer Playhouse and Whitewater Festival, drawing visitors annually. As an Airbnb host, capitalizing on these attractions can ensure good return and cash flow in this promising housing market for short-term rental properties.
Key STR Metrics:
- Average Gross Yield: 3.7%
- Average Property Value: $1,374,590 (as of December 2024)
- Average Annual Revenue: $50,248 (past 12 months)
- Average Occupancy Rate: 36% (past 12 months)
- Qualifying Airbnbs: 142 (as of January 2025)
- Year-Over-Year Growth in Airbnbs: 60%
Find Airbnbs For Sale in Bigfork, MT →
18. Big Sky, MT
Big Sky, MT, is a premier destination for short-term rental properties, attracting tourists with its breathtaking natural beauty and vibrant attractions. Home to the iconic Big Sky Resort, visitors flock here for world-class skiing, snowboarding, and summer hiking. The area's dynamic housing market offers lucrative opportunities for real estate investors seeking good returns on vacation rentals. With bustling tourism and events like the Big Sky PBR Rodeo, Airbnb hosts can capitalize on consistent rental income, making it one of the best places for real estate investing in 2025.
Key STR Metrics:
- Average Gross Yield: 2.2%
- Average Property Value: $4,857,656 (as of December 2024)
- Average Annual Revenue: $108,830 (past 12 months)
- Average Occupancy Rate: 38% (past 12 months)
- Qualifying Airbnbs: 221 (as of January 2025)
- Year-Over-Year Growth in Airbnbs: 103%
