Mitchell

As of June 2026, Mitchell, Sioux Falls have 461 active Airbnb and VRBO listings. This represents a 4% increase from the previous year.

The average Airbnb or VRBO in Mitchell generates $19K per year. High-performing properties earn $38K/year, while low-performing properties earn $6K/year. This wide disparity highlights a significant revenue gap, suggesting that earnings are heavily influenced by specific property attributes or operational strategies rather than broad market averages.

Average home prices in Mitchell vary by property size: 1-bedroom properties cost approximately $108K, 2-bedroom homes average $191K, 3-bedroom properties are around $280K, and 4+ bedroom homes average $340K. These prices reflect median home values across the Mitchell, Sioux Falls area.

Airbnb and VRBO can be profitable in Mitchell, with an average gross yield of 7% across all properties. High-performing properties achieve yields up to 14%, which is considered top for short-term rental investment. The doubling of yield at the high end indicates that top-tier assets are capturing outsized returns despite broader market revenue compression.

The average occupancy rate for Airbnbs and VRBOs in Mitchell is 23%. This occupancy level, combined with an average nightly rate of $227, results in a RevPAR (revenue per available room) of $38 per day.

3-bedroom properties demonstrate the strongest performance in Mitchell, with an average gross yield of 9% and annual revenue of $26K. These properties balance purchase price ($280K), operating costs, and rental demand most effectively in the Mitchell market.

Short-term rental regulations vary by jurisdiction in the Mitchell area. Mitchell: Lenient. No specific short-term rental regulations or licensing requirements. Operates under general zoning and business rules. Minimal enforcement. Sioux Falls: Lenient. Business license required, zoning compliance needed. No owner-occupancy rules or rental caps. Light enforcement, primarily complaint-driven. Always verify current regulations with local authorities and obtain necessary permits before operating a short-term rental.

The Mitchell Airbnb and VRBO market is currently showing balanced conditions. Supply has grown 4% year-over-year, while RevPAR has decreased 35%. This indicates balanced supply-demand dynamics. The sharp decline in RevPAR alongside modest supply growth points to softening consumer demand that is currently outpacing the availability of new listings.

Launch around April, 2-3 months before peak fall season (July peaks). This pre-peak timing lets you build reviews when competition is 68% lower than peak months. Avoid launching during peak season when established listings dominate, or slow months (April-February) when gaining traction is harder.

The most common amenities in Mitchell listings include: Air Conditioning (97%), Kitchen (93%), Tv (87%), Washing Machine (74%), Heating (68%). Amenities that boost revenue the most include Washing Machine, Lake Access, Hot Tub, with Washing Machine properties earning approximately 40% more ($44K/year vs $32K/year).

Monthly estimated revenue per listing in Mitchell over the last 12 months: May: $1K, June: $2K, July: $2K, August: $2K, September: $1K, October: $1K, November: $1K, December: $1K, January: $686, February: $466, March: $983, April: $857. 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 Mitchell is $227, up 8% year-over-year. By property size: 1-bedroom properties average $108/night, 2-bedroom properties average $145/night, 3-bedroom properties average $255/night, 4+ bedroom properties average $415/night. Rates peak in March and are lowest in January.

Guests in Mitchell book an average of 35 days in advance, down 19% from last year. By property size: 1-bedroom: 28 days, 2-bedroom: 37 days, 3-bedroom: 38 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 Mitchell Airbnb and VRBO market has seen the following changes: supply grew 4%, revenue per listing decreased 35%, occupancy fell 18%, average nightly rates increased 8%, and lead time decreased 19%. These indicators reveal a market shifting toward shorter booking windows and lower utilization, suggesting increased friction in maintaining historical occupancy levels.

In Mitchell, Friday sees the highest booking demand while Tuesday has the lowest. Nightly rates peak on Friday and are lowest on Tuesday. Weekends show 54% higher occupancy than weekdays.