Spencer

As of June 2026, Spencer, Spirit Lake, Okoboji have 576 active Airbnb and VRBO listings. This represents a 2% increase from the previous year.

The average Airbnb or VRBO in Spencer generates $26K per year. High-performing properties earn $57K/year, while low-performing properties earn $14K/year. This wide earnings gap suggests that market revenue is highly concentrated, reflecting significant variance in how effectively properties capture the limited 23% occupancy available.

Average home prices in Spencer vary by property size: 1-bedroom properties cost approximately $165K, 2-bedroom homes average $135K, 3-bedroom properties are around $186K, and 4+ bedroom homes average $238K. These prices reflect median home values across the Spencer, Spirit Lake, Okoboji area.

Airbnb and VRBO can be profitable in Spencer, with an average gross yield of 13% across all properties. High-performing properties achieve yields up to 28%, which is considered top for short-term rental investment. The spread between average and top yields highlights that market performance is heavily dependent on specific asset-level capture rather than general market trends.

The average occupancy rate for Airbnbs and VRBOs in Spencer is 23%. This occupancy level, combined with an average nightly rate of $289, results in a RevPAR (revenue per available room) of $50 per day.

2-bedroom properties demonstrate the strongest performance in Spencer, with an average gross yield of 12% and annual revenue of $19K. These properties balance purchase price ($135K), operating costs, and rental demand most effectively in the Spencer market.

Short-term rental regulations vary by jurisdiction in the Spencer area. Spencer: Lenient. No specific STR regulations or permit requirements. Operates under general business licensing and zoning. Minimal enforcement. Spirit Lake: Lenient. No dedicated STR ordinance. General business license may apply. Zoning compliance expected but light enforcement. Okoboji: Lenient. No formal STR registration or permits required. Subject to standard zoning and tax rules. Minimal active enforcement of restrictions. Always verify current regulations with local authorities and obtain necessary permits before operating a short-term rental.

The Spencer Airbnb and VRBO market is currently showing balanced conditions. Supply has grown 2% year-over-year, while RevPAR has decreased 36%. This indicates balanced supply-demand dynamics, where the marginal increase in inventory is exacerbating the downward pressure on individual unit revenue in a static demand environment.

Launch around April, 2-3 months before peak summer season (July peaks). This pre-peak timing lets you build reviews when competition is 88% lower than peak months. Avoid launching during peak season when established listings dominate, or slow months (December-February) when gaining traction is harder.

The most common amenities in Spencer listings include: Air Conditioning (99%), Kitchen (98%), Tv (87%), Washing Machine (75%), Heating (64%). Amenities that boost revenue the most include Bbq, Hot Tub, Lake Access, with Bbq properties earning approximately 19% more ($63K/year vs $53K/year).

Monthly estimated revenue per listing in Spencer over the last 12 months: May: $1K, June: $3K, July: $4K, August: $4K, September: $1K, October: $864, November: $702, December: $607, January: $859, February: $388, March: $586, April: $717. 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 Spencer is $289, up 22% year-over-year. By property size: 1-bedroom properties average $161/night, 2-bedroom properties average $196/night, 3-bedroom properties average $286/night, 4+ bedroom properties average $428/night. Rates peak in August and are lowest in February.

Guests in Spencer book an average of 36 days in advance, down 19% from last year. By property size: 1-bedroom: 28 days, 2-bedroom: 32 days, 3-bedroom: 37 days, 4+ bedroom: 40 days. Larger properties tend to have longer booking windows as guests plan group trips further ahead.

Over the past year, the Spencer Airbnb and VRBO market has seen: supply grew 2%, revenue per listing decreased 36%, occupancy fell 19%, average nightly rates increased 22%, and lead time decreased 19%. These metrics suggest a shift toward a more price-sensitive environment where higher rates are failing to offset the decline in overall utilization.

In Spencer, Saturday sees the highest booking demand while Monday has the lowest. Nightly rates peak on Saturday and are lowest on Wednesday. Weekends show 68% higher occupancy than weekdays.