Billings

As of May 2026, Billings, Red Lodge, Bozeman have 1,006 active Airbnb and VRBO listings. This represents a 2% decrease from the previous year.

The average Airbnb or VRBO in Billings generates $30K per year. High-performing properties earn $52K/year, while low-performing properties earn $11K/year. This wide disparity highlights a significant performance gap where revenue concentration favors elite listings despite a stagnant supply environment.

Average home prices in Billings vary by property size: 1-bedroom properties cost approximately $179K, 2-bedroom homes average $299K, 3-bedroom properties are around $421K, and 4+ bedroom homes average $442K. These prices reflect median home values across the Billings, Red Lodge, Bozeman area.

Airbnb and VRBO can be profitable in Billings, with an average gross yield of 8% across all properties. High-performing properties achieve yields up to 15%, which is considered top for short-term rental investment. Such variance suggests that yield potential is highly sensitive to listing-specific execution rather than general market trends.

The average occupancy rate for Airbnbs and VRBOs in Billings is 35%. This occupancy level, combined with an average nightly rate of $235, results in a RevPAR (revenue per available room) of $53 per day.

4+ bedroom properties demonstrate the strongest performance in Billings, with an average gross yield of 11% and annual revenue of $50K. These properties balance purchase price ($442K), operating costs, and rental demand most effectively in the Billings market.

Short-term rental regulations vary by jurisdiction in the Billings area. Billings: Lenient. No specific STR regulations or permit requirements. Operates under general business licensing and zoning rules. Minimal enforcement. Red Lodge: Moderate. Business license required, zoning compliance needed. Some residential zone restrictions. Moderate enforcement, growing scrutiny due to housing concerns. Bozeman: Moderate. Type 2 STR license required ($525), inspections mandatory, owner must respond within 1 hour. No owner-occupancy rule. Moderate enforcement with complaint-driven action. Always verify current regulations with local authorities and obtain necessary permits before operating a short-term rental.

The Billings Airbnb and VRBO market is currently showing balanced conditions. Supply has declined 2% year-over-year, while RevPAR has decreased 31%. This indicates balanced supply-demand dynamics, implying that the revenue contraction is likely driven by broader demand shifts rather than an oversupply of inventory.

Launch around April, 2-3 months before peak summer season (July peaks). This pre-peak timing lets you build reviews when competition is -2% lower than peak months. Avoid launching during peak season when established listings dominate, or slow months (April-January) when gaining traction is harder.

The most common amenities in Billings listings include: Kitchen (94%), Tv (87%), Air Conditioning (83%), Washing Machine (80%), Heating (69%). Amenities that boost revenue the most include Hot Tub, Washing Machine, Bbq, with Hot Tub properties earning approximately 46% more ($57K/year vs $39K/year).

Monthly estimated revenue per listing in Billings over the last 12 months: May: $1K, June: $2K, July: $2K, August: $2K, September: $2K, October: $2K, November: $1K, December: $2K, January: $957, February: $1K, March: $1K, April: $1K. These figures are based on RevPAR (revenue per available room) multiplied by the number of days in each month.

The overall average nightly rate in Billings is $235, up 23% year-over-year. By property size: 1-bedroom properties average $136/night, 2-bedroom properties average $175/night, 3-bedroom properties average $252/night, 4+ bedroom properties average $400/night. Rates peak in December and are lowest in May.

Guests in Billings book an average of 32 days in advance, down 20% from last year. By property size: 1-bedroom: 26 days, 2-bedroom: 29 days, 3-bedroom: 34 days, 4+ bedroom: 39 days. Larger properties tend to have longer booking windows as guests plan group trips further ahead.

Over the past year, the Billings Airbnb and VRBO market has seen the following changes: supply declined 2%, revenue per listing decreased 31%, occupancy fell 17%, average nightly rates increased 23%, and lead time decreased 20%. These shifts suggest hosts are attempting to offset lower occupancy with higher rates, impacting booking velocity.

In Billings, Friday sees the highest booking demand while Tuesday has the lowest. Nightly rates peak on Saturday and are lowest on Tuesday. Weekends show 42% higher occupancy than weekdays.