Billings, MT

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  • Performance
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Key Performance Metrics

Market snapshot

Performance indicators for the Billings short-term rental market based on reliable data.

Listings

437 / 806

Reliable / Active

Cap Rate

6%

Middle-Earners Gross Yield

Revenue

$25,227

Middle-Earners Revenue

Occupancy

72%

Middle-Earners Occupancy

Home Value

$401,471

Median Home Sale Price

Top Earners

$48,930

Top-Earners Revenue

Billings

Market Revenue Seasonality

Top Listings

Highest revenue

The highest-performing listings in Billings.

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B

Generally Investor friendly

Billings Regulations

Billings explicitly allows short‑term rentals but requires both an annual $300 STR permit and a $55 city business license, with moderate safety and operational compliance rules and active enforcement. There are no explicit caps, and the process is clearly laid out, making compliance a known, manageable hurdle for investors.

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About Billings

Billings is the largest city in Montana, situated in the south-central part of the state in Yellowstone County, with a city population of roughly 120,000 and a metro area approaching 180,000. It carries a working, outdoorsy character, blending the feel of a regional medical and agricultural hub with quick access to the wide-open landscapes of the Northern Plains and the nearby Rocky Mountain front. The city is best known as the last major stop before travelers head south and west toward Yellowstone National Park, and it serves as a commercial and cultural anchor for a vast swath of eastern Montana and northern Wyoming. Billings is also a considerable drive from the next large cities, sitting roughly 540 miles southeast of Spokane, Washington, and about 500 miles northeast of Salt Lake City, Utah, which makes it a convenient overnight base for travelers crossing the northern Rockies.

One of the most-visited nearby destinations is the Little Bighorn Battlefield National Monument, a National Park Service site that preserves the landscape of the 1876 battle between the U.S. Army and Lakota, Northern Cheyenne, and Arapaho forces. It lies about an hour's drive southeast of Billings, near the town of Hardin, and includes a visitor center, cemetery, and walking trails across the rolling prairie.

Just south of the city, Pictograph Cave State Park offers a quick and accessible glimpse into the region's deep human history, with trails leading to sandstone caves containing Native American rock art dating back thousands of years. The park is roughly ten minutes from downtown Billings and is a popular stop for visitors interested in the area's prehistory and the short bluffs-and-prairie scenery that surrounds the trail system.

For a half-day or day trip, the drive south to Red Lodge winds through the foothills of the Beartooth Mountains and ends in a small, walkable former coal-mining town that now draws visitors for its Main Street, nearby ski area in winter, and access to the spectacular Beartooth Highway, often cited as one of the most scenic drives in the country. The town is about an hour from Billings and is a natural pairing for guests who want mountain scenery without the longer drive to Yellowstone.

For travelers headed west, Yellowstone National Park is the marquee draw, with the northeastern entrances reached in roughly two and a half hours of driving from Billings.

Taken together, these varied day-trip options, combined with the city's own dining scene, riverfront walking paths, and sandstone rimrock views, give Billings a strong case as a base for short-term rentals. Visitors can spend a day exploring downtown and the local trails, then use the property as a jumping-off point for the Little Bighorn, Red Lodge, the Beartooths, or Yellowstone, all without having to change lodgings.

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