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By Robin Simon, President, Harpoon Capital · About · LinkedIn · Author, The Book on DSCR Loans (Available on Amazon)
The best Montana markets for real estate investors in 2027 pair entry prices from about $350,000 in Great Falls with strong short-term rental potential, led by an 84 AirDNA score in Billings and $54,724 in average annual STR revenue around Glacier National Park. Montana draws investors with its mountain towns, steady job hubs and outdoor appeal, and its six markets below run from the college and ski town of Bozeman and the state capital in Helena to Billings, the state's largest city, the university town of Missoula, Great Falls on the Missouri River and the Flathead Valley at the gateway to Glacier National Park. Median sale prices run from about $350,000 in Great Falls to about $650,000 in Bozeman and nearly $900,000 in Whitefish (Redfin, 2026), and BiggerPockets puts rent-to-price ratios between 0.25% a month in Bozeman and Missoula and 0.35% in Great Falls, with appreciation near or above 10% in every core market. Investors buying here typically finance with Montana DSCR loans, which are qualified primarily based on the property rather than the borrower's personal income, although at these prices the “DSCR Ratio” generally depends on a solid down payment.
This breakdown uses market data collected as of October 2026, the most current snapshot available heading into next year's buying season. If you're evaluating a purchase in the final months of 2026, keep in mind that your first full year of rental income, appreciation, or short-term rental revenue lands in 2027 regardless of when you close. A deal you underwrite today is already a 2027 investing decision, just one made with the freshest data available right now.
Montana has no general sales tax, but short-term stays carry an 8% state lodging tax (a 4% lodging facility use tax plus a 4% lodging sales tax), which Airbnb and Vrbo collect for hosts, plus a local resort tax of up to 4% in a handful of resort towns, such as Whitefish's 3%, which hosts there remit themselves (BNBCalc). Additionally, operators need a state public accommodation license through their county sanitarian ($40 a year for 1 to 10 units), and starting in tax year 2026, Montana's 2025 property-tax overhaul taxes short-term rentals at a flat 1.90% of market value. The local rules vary widely: Bozeman stopped issuing new permits for non-owner-occupied STRs in 2023, Missoula and Billings require an annual registration or permit, and Whitefish allows STRs only in a few resort zones. In practice, i.e. for an investor buying a nightly rental, the local rules typically matter more than the market averages below.
Montana is also a slower sales market heading into 2027. Homes in all five core markets are taking a median of 52 to 62 days to sell, Billings carries a Redfin “Compete Score” of just 24 (“not very competitive”), and median sale prices have fallen over the past year in Bozeman (7.1%) and Missoula (10.3%), so buyers generally have more room to negotiate than they did a few years ago.
Below, we break down six Montana markets worth watching, using current data from Zillow, Redfin, BiggerPockets, and AirDNA.
Note: Home price appreciation and rent-growth figures below come from Redfin's median sale price data, Zillow's Home Value Index and BiggerPockets' Market Finder, which use different methodologies and can vary from one another, so treat them as directional. In Montana the gap is wide: BiggerPockets shows appreciation of about 10% or more in every core market, while Redfin's recent median sale prices are down in Bozeman and Missoula. Redfin's Montana pages also show 0% of homes sold over list in several markets, which looks like missing data rather than a real figure, so it is left out. AirDNA's Billings and Missoula figures cover their own markets, Bozeman is a submarket of its Bozeman/Yellowstone National Park market, Helena and Great Falls are submarkets of its Montana Area market, and the Glacier figures cover its full Flathead Valley/Glacier National Park market.
Big Sky backdrop and the state's biggest rents
Bozeman is home to Montana State University, Bridger Bowl and the road to Big Sky, with the highest rents and prices among the core markets on this list and an STR market that earns in both ski season and summer. It is the growth market in the article, although prices have cooled over the past year.
BiggerPockets points to education, technology and tourism, with Montana State University playing a major role, and the Gallatin Valley's outdoor access and growing tech scene keep drawing new residents. However, prices are down 7.1% over the year, and the high entry price makes cash flow difficult without a large down payment. First Street data on Redfin rates the flood risk as “minor” (under 1% of properties). On the STR side, the City of Bozeman voted 3–1 on October 17, 2023 to stop permitting new “Type 3” STRs, i.e. whole homes the owner does not live in (Ordinance 2149, effective December 2023), while allowing 104 existing Type 3 permits to continue, and owners of the owner-occupied types (1, 2A and 2B) must live on the property at least 70% of the year (Montana Free Press).
The Bozeman submarket posts an AirDNA score of 62/100, with Rental Demand (85) leading, Revenue Growth (69), Seasonality (63) and Regulation (61) next, and Investability (56) the “soft spot.” Annual revenue per listing averages $52,762 (up 1.8% year-over-year), the highest among the core markets, with an average daily rate of $276.50 (up 3.1%) and occupancy of 61% (down 1.6%). Total active listings sit at 927, down 0.1%, and luxury group homes carry the top end, such as a four-bedroom downtown estate ($284K a year at 80% occupancy).
Financing note: Harpoon Capital offers industry leading DSCR Loans for properties in Bozeman and all throughout the market area. Check out our full DSCR Loans Program here, or if you want a quote on what terms look like today, fill out this two-minute form!
Sources: Redfin Housing Market↗ · BiggerPockets Market Finder↗ · Montana Free Press: Bozeman STR Vote↗ · AirDNA Market Data↗
Investor Takeaway: Bozeman offers the highest rents and fastest rent growth in Montana, but prices have cooled and new non-owner-occupied STRs are no longer permitted. Investors should generally buy for the long-term rent, use the slower market to negotiate, and treat any existing Type 3 permit as something to confirm with the city rather than assume.
Capital-city stability in the Last Chance Gulch
Helena is Montana's capital, home to state government, St. Peter's Health and Carroll College, with the fastest population growth on this list and lakes along the Missouri River nearby. It is the steady government-tenant market in the article, with prices still rising.
BiggerPockets points to government, healthcare and education, with the State of Montana and St. Peter's Health among the major employers, which keeps rental demand steady through the year, including during the legislative session. However, rent growth (3.15%) has lagged price growth, so investors should generally underwrite conservatively. First Street data on Redfin rates the flood risk as “minor” (under 1% of properties). On the STR side, Helena has no STR-specific permit, registration or zoning rule, so stays simply carry the state's 8% lodging tax and require the state public accommodation license (BNBCalc).
The Helena submarket posts an AirDNA score of 62/100, with Rental Demand (83) leading, Revenue Growth (72), Investability (63) and Seasonality (60) next, and Regulation (53) the “soft spot.” Annual revenue per listing averages $33,529 (up 1.8% year-over-year), with an average daily rate of $187.80 (up 8.5%) and occupancy of 60% (down 8.1%). Total active listings sit at 361, down 4.0%.
Financing note: Harpoon Capital offers industry leading DSCR Loans for properties in Helena and all throughout the market area. Check out our full DSCR Loans Program here, or if you want a quote on what terms look like today, fill out this two-minute form!
Sources: Redfin Housing Market↗ · BiggerPockets Market Finder↗ · BNBCalc Montana STR Guide↗ · AirDNA Market Data↗
Investor Takeaway: Helena offers the fastest population growth and price gains in Montana on a stable government job base. Investors should generally buy for the long-term rent, underwrite rent growth conservatively, and confirm city rules before listing a nightly rental.
Big Sky Country's biggest city and best STR score
Billings is Montana's largest city and the regional hub for eastern Montana and northern Wyoming, with healthcare, energy and retail employers, the deepest sales market on this list and the highest STR score in the article. It is the market on this list where buyers have the most inventory and the most negotiating room.
BiggerPockets points to healthcare, energy and retail, with Billings Clinic and ExxonMobil among the major employers, and the city's role as a medical and shopping hub for a wide region keeps both rental and visitor demand steady. However, prices have been flat over the past year. First Street data on Redfin rates the flood risk as “minor” (3% of properties). On the STR side, Billings has required STR registration since 2021, i.e. an annual Short Term Rental Permit plus a city business license (about $355 a year combined as of February 2025), with permits tied to the owner rather than the property, a limit of one permit per dwelling unit and two per property in most residential zones, and occupancy of two guests per bedroom (BNBCalc).
The Billings market posts an AirDNA score of 84/100, the highest in the article, with Rental Demand (97) and Seasonality (85) leading, Investability (71) and Regulation (67) next, and Revenue Growth (54) the “soft spot.” Annual revenue per listing averages $29,078 (up 2.0% year-over-year), with an average daily rate of $135.79 (up 2.9%) and occupancy of 66% (up 0.4%), the highest on the list. Total active listings sit at 552, down 1.6%, and large entertainment homes carry the top end, such as a six-bedroom home with a theater and arcade ($111K a year at 73% occupancy).
Financing note: Harpoon Capital offers industry leading DSCR Loans for properties in Billings and all throughout the market area. Check out our full DSCR Loans Program here, or if you want a quote on what terms look like today, fill out this two-minute form!
Sources: Redfin Housing Market↗ · BiggerPockets Market Finder↗ · BNBCalc Billings STR Guide↗ · AirDNA Market Data↗
Investor Takeaway: Billings offers the highest STR score and occupancy in Montana, the deepest sales market and room to negotiate. Investors should generally take advantage of the slower sales pace, buy for the long-term rent or a year-round STR, and permit any STR with the city, keeping in mind that the permit does not transfer on sale.
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Griz-town growth along the Clark Fork
Missoula is home to the University of Montana and St. Patrick Hospital, on the Clark Fork River in western Montana, with the highest appreciation figure on this list and an STR market built on rivers, trails and Griz football. It is a college-town market where prices have pulled back over the past year.
BiggerPockets points to healthcare, education and tourism, with the University of Montana and St. Patrick Hospital among the major employers, which keeps the rental pool full through the school year. However, Redfin's median sale price is down 10.3% over the year, a sharp contrast with BiggerPockets' longer-term figure, so the timing of a purchase matters here. First Street data on Redfin rates the flood risk as “minor” (1% of properties). On the STR side, Missoula requires every whole-unit STR to register with the city ($636 to register, $235 to renew), with the registration number shown in every listing since December 5, 2024, while rooms rented in an owner-occupied home are exempt (Montana Free Press).
The Missoula market posts an AirDNA score of 66/100, with Revenue Growth (90) and Rental Demand (83) leading, Investability (64) and Regulation (57) next, and Seasonality (52) the “soft spot.” Annual revenue per listing averages $36,300 (up 7.0% year-over-year), the fastest revenue growth on the list, with an average daily rate of $198.91 (up 4.8%) and occupancy of 59% (down 0.4%). Total active listings sit at 627, down 8.2%.
Financing note: Harpoon Capital offers industry leading DSCR Loans for properties in Missoula and all throughout the market area. Check out our full DSCR Loans Program here, or if you want a quote on what terms look like today, fill out this two-minute form!
Sources: Redfin Housing Market↗ · BiggerPockets Market Finder↗ · Montana Free Press: Missoula STR Registration↗ · AirDNA Market Data↗
Investor Takeaway: Missoula offers the highest appreciation figure and the fastest STR revenue growth in Montana, with prices now down from their peak. Investors should generally use the softer market to negotiate, buy near campus for the long-term rent, and register any whole-unit STR with the city.
Missouri River value and Malmstrom tenants
Great Falls sits on the Missouri River in north-central Montana, home to Malmstrom Air Force Base and Benefis Health System, with the lowest prices and the best rent ratio on this list. It is the cash-flow market in the article, with a military tenant base and an STR market that reaches out to ranch country.
BiggerPockets points to healthcare, education and manufacturing, with Benefis Health System and Malmstrom Air Force Base among the major employers, and the base keeps a steady stream of military renters in town. However, population growth is flat, so investors should generally lean on the military and medical tenant base rather than on new arrivals. First Street data on Redfin rates the flood risk as “minor” (1% of properties). On the STR side, Great Falls has no STR-specific permit or zoning rule, requiring only its general business license and a fire safety inspection, and stays carry the state's 8% lodging tax and require the state public accommodation license (BNBCalc).
The Great Falls submarket posts an AirDNA score of 63/100, with Rental Demand (81), Seasonality (73) and Investability (71) leading, Regulation (59) next, and Revenue Growth (50) the “soft spot.” Annual revenue per listing averages $29,708 (down 2.5% year-over-year), with an average daily rate of $168.62 (up 0.3%) and occupancy of 57% (down 0.8%). Total active listings sit at 345, up 10.9%, and ranch retreats outside town carry the top end, such as an eight-bedroom luxury ranch ($194K a year at 59% occupancy).
Financing note: Harpoon Capital offers industry leading DSCR Loans for properties in Great Falls and all throughout the market area. Check out our full DSCR Loans Program here, or if you want a quote on what terms look like today, fill out this two-minute form!
Sources: Redfin Housing Market↗ · BiggerPockets Market Finder↗ · BNBCalc Montana STR Guide↗ · AirDNA Market Data↗
Investor Takeaway: Great Falls offers the lowest prices and the best rent ratio in Montana, on a military and medical job base. Investors should generally buy for the long-term rent near the base or hospital, and treat nightly rentals as a secondary strategy given flat revenue and rising listings.
Going-to-the-Sun gains in the Flathead Valley
Whitefish sits about 25 miles from Glacier National Park's west entrance, home to Whitefish Mountain Resort and Whitefish Lake, at the center of the Flathead Valley's vacation rental market along with Kalispell and Columbia Falls. It is the classic Montana vacation market – with summer park traffic and a winter ski season!
The case for the Flathead Valley rests on Glacier National Park, which draws millions of visitors each summer along the Going-to-the-Sun Road, and on skiing at Whitefish Mountain Resort in winter. However, the City of Whitefish allows STRs (stays under 30 days) only in its WB-3, WRR-1, WRR-2, WRB-1 and WRB-2 zones, with a $400 annual permit and business registration and an annual fire inspection, and hosts must remit the city's 3% resort tax themselves each month, since Airbnb and Vrbo do not collect it (BNBCalc). First Street data on Redfin rates the flood risk as “minor” (2% of properties). Additionally, in July 2025 the Montana Supreme Court held that a subdivision's private covenants can bar STRs even where the city allows them, in a case that arose near Whitefish.
The Flathead Valley/Glacier National Park market posts an AirDNA score of 50/100, with Revenue Growth (80) and Investability (70) leading, Regulation (65) and Rental Demand (60) next, and Seasonality (44) the “soft spot,” i.e. a summer-heavy market. Annual revenue per listing averages $54,724 (up 5.8% year-over-year), the highest in the article, with an average daily rate of $380.42 (up 5.1%), also the highest, and occupancy of 59% (up 1.5%). Total active listings sit at 4,829, up 1.3%, the deepest STR market in the article, and East Glacier Park (score 83, $42K a year at 72% occupancy), Coram/Martin City (68, $51K at 65%) and Whitefish (55, $64K at 54%) lead the submarkets.
Financing note: Glacier-area deals often qualify on TTM actuals or STR revenue projections given the seasonal revenue base, and Harpoon Capital offers industry leading DSCR Loans for properties throughout the market area. Check out our full DSCR Loans Program here, or if you want a quote on what terms look like today, fill out this two-minute form!
Sources: Zillow Home Value Index↗ · Redfin Housing Market↗ · City of Whitefish STR Program↗ · BNBCalc Montana STR Guide↗ · AirDNA Market Data↗
Investor Takeaway: The Glacier area offers the highest STR revenue and nightly rates in Montana, with both summer park and winter ski demand. Investors should generally buy only in Whitefish's permitted zones or in county areas where STRs are allowed, check the subdivision's covenants before making an offer, and underwrite on trailing twelve-month actuals.
| MARKET | AIRDNA SCORE | ANNUAL REVENUE | AVG. DAILY RATE | OCCUPANCY | YOY LISTING GROWTH |
|---|---|---|---|---|---|
| Billings | 84 | $29,078 (+2.0%) | $135.79 (+2.9%) | 66% (+0.4%) | -1.6% (552 listings) |
| Missoula | 66 | $36,300 (+7.0%) | $198.91 (+4.8%) | 59% (-0.4%) | -8.2% (627 listings) |
| Great Falls | 63 | $29,708 (-2.5%) | $168.62 (+0.3%) | 57% (-0.8%) | +10.9% (345 listings) |
| Bozeman | 62 | $52,762 (+1.8%) | $276.50 (+3.1%) | 61% (-1.6%) | -0.1% (927 listings) |
| Helena | 62 | $33,529 (+1.8%) | $187.80 (+8.5%) | 60% (-8.1%) | -4.0% (361 listings) |
| Glacier (Flathead Valley) | 50 | $54,724 (+5.8%) | $380.42 (+5.1%) | 59% (+1.5%) | +1.3% (4,829 listings) |
Source: AirDNA, current as of 2026. Scores and figures reflect each market or submarket as defined by AirDNA and may not correspond 1:1 with city or county boundaries. As of October 2026
A few patterns stand out. The two mountain-resort markets, Bozeman and the Glacier area, earn the most per listing (above $52,000 a year) on the highest nightly rates, but they score near the bottom, held back by Investability in Bozeman and Seasonality around Glacier. Billings scores highest of all on the lowest nightly rate in the article, because steady, year-round occupancy matters more to AirDNA's score than price. Additionally, nightly rates rose in all six markets, led by Helena (8.5%), while occupancy fell in four of them.
Montana's real estate landscape offers a strategy for nearly every type of investor:
Market-level data is a starting point, not a substitute for underwriting the specific property, neighborhood and rental strategy in front of you. Montana leaves STR rules to its cities and counties, which range from Billings' permit to Bozeman's ban on new non-owner-occupied STRs and Whitefish's zone limits, and private covenants can bar STRs on their own, so investors should confirm what is allowed at a specific address before they close.
If you are ready to invest in one of these markets, start with our Montana DSCR loans page.
Sources: Redfin housing market data, BiggerPockets Market Finder, AirDNA market and submarket data (airdna.co), BNBCalc Montana STR guide, BNBCalc Billings STR guide, Zillow Home Value Index, Montana Free Press and the City of Whitefish. Data collected as of October 2026, ahead of the 2027 investing season.
At the state level, operators need a public accommodation license through their county sanitarian ($40 a year for 1 to 10 units) and a seller's permit for the 8% state lodging tax, which Airbnb and Vrbo collect for hosts. Many cities add their own rules, e.g. Billings requires an annual STR permit and business license, Missoula an annual registration, and Whitefish a $400 annual permit in its STR zones plus its 3% resort tax, while Bozeman no longer permits new non-owner-occupied STRs.
No. Out-of-state and first-time investors can buy investment property in Montana without any license. A DSCR loan qualifies you primarily based on the property itself rather than your personal income or professional credentials, which is part of why it's such a common financing tool for out-of-state buyers.
A DSCR (Debt Service Coverage Ratio) loan qualifies a property primarily based on the property (its rent, value and location) relative to its mortgage payment, rather than the borrower's personal income or tax returns. If the property's projected or actual rent covers the mortgage payment (a DSCR of 1.00x or higher), it's generally easier to qualify, and Harpoon Capital also offers options for deals below 1.00x.
Yes. In July 2025 the Montana Supreme Court held that a subdivision's private covenants can bar short-term rentals even where the city allows them, in a case that arose near Whitefish. Investors should typically read a property's covenants and HOA rules, not just the city code, before making an offer on a planned STR.
Harpoon Capital's DSCR loan program allows as little as 15% down on qualifying purchases, up to 85% LTV, with cash-out refinances available up to 80% LTV. Exact terms depend on the property, credit profile, and DSCR ratio. Fill out our DSCR Loan Application to see specific numbers for your deal.
Ready to Run the Numbers on a Montana Deal?
Whether you're eyeing Great Falls' rent ratio or a summer rental near Glacier, get a same-day rate and terms with our two-minute DSCR quote form, or explore the full Montana DSCR Loans Program to see how we qualify the property, not just the borrower.
This article is for informational purposes only and does not constitute investment, legal, or financial advice. Harpoon Capital encourages investors to conduct independent due diligence before making any real estate investment decision.