Wyoming Independent Yellowstone Wind River Gateways STR Market Report

Thomas Garner
Jul 20
13 min read

Updated: 15 hours ago

Most short-term rental research on Wyoming's national-park corridor starts and ends with Jackson Hole. That's a mistake for anyone actually trying to size up where to buy, list, or market a property in this state. Wyoming has more than one working entry point into Yellowstone and Grand Teton country, and the routes that don't run through Jackson are still underpriced relative to their draw and, just as important, still largely unmanaged by any national property-management brand.

Two markets make that case clearly: Cody, on Yellowstone's east side, and the Lander/Dubois corridor, roughly 150 miles south along the Wind River Range. They aren't geographically contiguous — Cody sits on the far side of the Absaroka Range from Lander and Dubois — but they share the same investment thesis. Cody is the under-marketed east gateway to Yellowstone, reached without the West Yellowstone or Jackson crowds. Lander and Dubois form a working gateway corridor into the Wind River Range itself, with Dubois additionally serving as a Togwotee Pass approach toward Grand Teton and Yellowstone's south side. Both let a host sell "Yellowstone country" without competing directly against Jackson Hole's saturated, institutionally managed inventory.

This report frames both markets as premium-over-rural-Wyoming plays, not premium-over-Jackson-Hole plays. Neither is trying to out-price Jackson. Both are positioned to out-earn the generic rural-Wyoming baseline while carrying none of Jackson's institutional lock-up. Together they give Cody repeat, year-over-year draw beyond a single park visit — and that's the real driver behind the market's ADR premium over generic rural Wyoming and Mountain West lodging.

Cody: Yellowstone's East Gateway, Priced on Heritage, Not Just Proximity

Cody's identity isn't borrowed from Yellowstone — it predates the park's modern tourism economy by decades. The Buffalo Bill Center of the West, widely regarded as one of the premier western-heritage museum complexes in the region, gives Cody a reason for guests to come even in years they're not doing a full Yellowstone loop. The nightly Cody Nite Rodeo, running through the summer season, adds a can't-get-this-elsewhere activity that most competing gateway towns simply don't have. Together they give Cody repeat, year-over-year draw beyond a single park visit — and that's the real driver behind the market's ADR premium over generic rural Wyoming and Mountain West lodging.

The geography reinforces it. Cody sits on the Yellowstone East Entrance route via the Wapiti Valley, with the Chief Joseph Scenic Byway as an added scenic-drive hook for multi-night stays. The Fourth of July Stampede is a named, dependable seasonal peak worth building a pricing calendar around — a rodeo tradition that predates the town's tourism marketing and still pulls a reliable crowd every year.

As of mid-2026, third-party short-term rental data platforms pin Cody at 362 listings, $254 ADR, 39.5% occupancy, and $20,655 (AirROI as of 2026-07-31) — leftover occupancy ranking is not the year. What's more consistent across sources is that Cody reads as a moderately-performing but seasonally strong market, with clear summer peaks tied to Yellowstone traffic and the Stampede.

Management in Cody stays with small local outfits. Cody Lodging Company, which now represents more than 100 rentals, is the primary named manager. American West Realty and Management is sometimes cited alongside it, but American West does not directly manage short-term rentals itself — it refers STR clients to Cody Lodging Company, functioning as a referral partner rather than a second co-equal local manager. Vacasa's only confirmed Wyoming presence is the greater Jackson Hole/Teton County area, where it entered the market in November 2020 through an acquisition of roughly 45 rentals from Mountain Property Management. That's roughly three hours south of Cody. No confirmed Vacasa or AvantStay footprint exists in Cody itself. That absence matters: an owner here is competing against other small operators and local shops, not against an institutional marketing budget.

Regulation: Cody requires short-term rental operators to register their property and hold a business license through the City Clerk's office. The fee structure is flat, not a range: a $100 initial application fee, plus a $100 annual renewal due May 1st, with a late fee (commonly cited around $50, though this figure is less firmly confirmed than the base fees) for renewals filed after the deadline. Combined lodging tax in Cody runs close to 7%, not the higher figures sometimes quoted — Wyoming's statewide lodging tax is 5%, and Park County layers on a 2% local-option lodging tax, renewed by county voters in November 2024. Hosts should still confirm the current combined rate directly with the City of Cody or Wyoming's Excise Tax Division before setting nightly pricing, since local-option measures are periodically put back to voters.

There's no permit cap in Cody today, but the city council has been actively discussing a Red-Lodge-style cap. The trigger is a real, dateable trend: registered short-term rentals in Cody grew from 98 in 2019 to 134 by the end of 2023 — about 36%, per City Planner Todd Stowell — with a more recent estimate from April 2024 putting the count around 150. Both figures are legitimate, just measured at different points; the direction is unambiguous growth. Red Lodge, Montana (a comparable gateway town cited directly in Cody's own council discussions) adopted an ordinance in August 2023 capping short-term rentals at 20% of housing stock. That makes the case for getting established and professionally marketed in Cody now, before a cap potentially limits new entrants, a genuinely timely one rather than a marketing exaggeration.

One sub-area caveat worth naming directly: unincorporated Park County, which includes the Wapiti Valley corridor toward Yellowstone's East Entrance, is not covered by Cody's in-town registration process. STRs there go through a harder, case-by-case Special Use Permit process. Park County commissioners unanimously denied one such STR special use permit application in early 2026 — for a property on Aerie Drive in the Wapiti Valley owned by Matt Decker — following a January 20, 2026 meeting, as reported by the Powell Tribune on January 29, 2026. Owners looking at a Wapiti Valley property specifically should expect more friction than an in-town Cody listing and should budget more lead time for approval.

Lander & Dubois: The Wind River Range's Working Gateway Corridor

Roughly 75 miles apart, Lander and Dubois function as a single corridor rather than two unrelated towns for most travelers headed into the Wind River Range. Sinks Canyon State Park and the Wild Iris climbing area are named, real destinations that draw a dedicated national and regional climbing audience — not generic "outdoor recreation nearby" but specific, searchable terrain. Whiskey Mountain, a designated bighorn-sheep viewing area near Dubois, pulls a separate wildlife-tourism crowd. Layered on top of that is a genuine dude-ranch tourism tradition going back generations, plus Wind River Indian Reservation cultural tourism — both distinct demand threads that most individual listings in the corridor currently leave unmerchandised.

Dubois carries an additional gateway role: it sits along the Togwotee Pass route toward Grand Teton and Yellowstone's south side, giving it secondary-gateway status without Jackson Hole's price tag or crowding. That separation is real distance, not just marketing spin — Dubois sits roughly 80–90 miles from Jackson over Togwotee Pass, enough to keep the corridor's character and price point distinct from the ski-resort trophy market on the other side of the mountains.

Market data for the corridor is thinner and more scattered than Cody's, consistent with a less institutionally tracked market. AirROI Lander as of 2026-07-31 pins 66 listings, $197 ADR, 43.5% occupancy, and $22,560. AirROI Dubois pins 95 listings, $297 ADR, 38.8% occupancy, and $30,081. Peak occupancy is not the year. The spread between sources on both towns is wide enough that any hard figure used in underwriting should be reverified directly against current AirDNA, AirROI, or Rabbu data rather than taken from this report alone.

Management here stays fragmented across boutique and regional operators — Wyoming Mountain Properties, which covers Dubois, Lander, and the Cody/Park County area, is one named example — rather than any single dominant manager. No confirmed Vacasa or AvantStay presence exists in either town. Roughly 75 miles apart, Lander and Dubois function as a single corridor rather than two unrelated towns for most travelers headed into the Wind River Range.

Regulation: This is where Lander/Dubois and Cody diverge sharply, and it's worth stating plainly because it's a genuine differentiator. Fremont County, which covers both towns, has no countywide short-term rental ordinance at all — only a 4% lodging tax applies at the county level. That makes the broader corridor genuinely close to greenfield relative to most other Mountain West markets in this pilot.

The Town of Dubois is the exception, and it's a meaningful one. Dubois's 25-permit cap is confirmed, adopted law, not a proposal: Ordinance No. 453, codified at Dubois Town Code Title 7, Chapter 5, § 7-5-2, was adopted May 25, 2022, and took effect June 2, 2022. It states plainly that "no more than 25 permits for Short-Term Lodging Units shall be issued at any one time." Permits are non-transferable and become void upon a property's transfer to a new owner. This is an active, binding constraint, confirmed at the Town Council's March 12, 2025 renewal hearing, where 24 renewal applications were being processed against the 25-permit cap — meaning Dubois is effectively at capacity.

Any prospective buyer or host targeting Dubois specifically should verify current permit availability directly with the Town of Dubois before assuming a slot is open. Lander itself, by contrast, requires registration and a rental permit but has not adopted a numeric cap, keeping it the more open of the two towns inside an already lightly regulated county.

The Investment Thesis, Stated Plainly

Both markets let an owner sell "Yellowstone country" or "Wind River Range" identity without paying Jackson Hole's price of entry or competing against Jackson's institutionally managed inventory. Both show real ADR headroom over generic rural Wyoming rates, driven by genuine, ownable demand engines — heritage tourism and rodeo culture in Cody, climbing and dude-ranch heritage in Lander/Dubois — rather than borrowed park proximity alone. And in neither market has a national full-service manager established the kind of marketing sophistication that owners in more mature gateway markets already have to compete against.

The honest caveat matters just as much as the opportunity. This is a growth-thesis pairing, not a deep, mature dataset. Third-party platform figures on listing counts, ADR, and occupancy vary meaningfully by source and season, and the regulatory picture is actively moving in both places — Cody toward a possible future cap, Dubois already living under one. An owner or investor evaluating either market should verify current listing inventory, occupancy, and permit availability directly before underwriting, and should watch the Cody city council's cap discussion closely if planning to enter or expand there.

Keep going on Crest & Cove: the Crest & Cove intro · local SEO keywords that actually book · the five elements of a converting hero · how to compare STR marketing agencies · Asheville paddling spots worth the drive · Cody against AirROI $20,655 · Lander and Dubois against AirROI pins · Destin against AirROI, not leftover year.

Work with Crest & Cove Creative

Cody is $20,655. Lander is $22,560.crestcove.co or (256) 998-7502.

Crest & Cove Creative works nationwide with independent hosts — focused on listing quality, organic search visibility, and direct booking growth. If your property isn't reaching the guests it should be, that's exactly the kind of problem we solve. Reach out directly at crestcove.co or call (256) 998-7502 — we'll take an honest look at where your listing stands and tell you plainly whether we can help. Reach out at crestcove.co or (256) 998-7502.

Frequently Asked Questions

Is Cody, Wyoming a good short-term rental market compared to Jackson Hole?

Cody isn't trying to compete with Jackson Hole on price or amenities — it's a different play entirely. Cody trades on Buffalo Bill Center of the West heritage tourism and direct Yellowstone East Entrance access at a fraction of Jackson's cost of entry, with no institutional property manager currently operating in the market. The Buffalo Bill Center of the West, widely regarded as one of the premier western-heritage museum complexes in the region, gives Cody a reason for guests to come even in years they're not doing a full Yellowstone loop.

Does Vacasa or AvantStay operate in Cody, Lander, or Dubois?

No confirmed presence in any of the three towns. Vacasa's only confirmed Wyoming footprint is the greater Jackson Hole/Teton County area, where it entered via a 2020 acquisition of roughly 45 rentals — about three hours south of Cody and well outside the Wind River corridor. Vacasa's only confirmed Wyoming presence is the greater Jackson Hole/Teton County area, where it entered the market in November 2020 through an acquisition of roughly 45 rentals from Mountain Property Management.

What does it cost to register a short-term rental in Cody, WY?

Cody charges a flat $100 initial application fee plus a $100 annual renewal, due May 1st each year, through the City Clerk's office. Late renewals carry an additional fee, commonly cited around $50, though that figure is less firmly confirmed than the base fees. Hosts should confirm the current fee schedule directly with the City of Cody before budgeting.

Is there a permit cap on short-term rentals in Cody?

Not yet, but it's under active discussion. Cody's registered STR count grew from 98 in 2019 to 134 by the end of 2023 (about 36%, per City Planner Todd Stowell), with a more recent April 2024 estimate putting the count around 150. The city council has looked to Red Lodge, Montana's 2023 cap — 20% of housing stock — as a possible model. Owners considering Cody should treat this as a live, near-term possibility, not a settled non-issue.

Has Dubois, Wyoming adopted a cap on short-term rentals?

Yes, and it's confirmed adopted law, not a proposal. 453 (Dubois Town Code Title 7, Ch. 5, § 7-5-2), adopted May 25, 2022 and effective June 2, 2022, caps short-term lodging permits at 25, with permits non-transferable and void upon a property's sale. As of the Town Council's March 12, 2025 renewal hearing, 24 renewal applications were being processed against that 25-permit cap, meaning the market is effectively at capacity. Anyone targeting Dubois specifically should verify current permit availability with the town before assuming a slot is open.

Does Fremont County (Lander and Dubois) have its own short-term rental ordinance?

No countywide ordinance exists in Fremont County — only a 4% county lodging tax applies outside town limits. Lander requires town-level registration and a rental permit but has no numeric cap. Dubois is the exception inside the county, with its confirmed 25-permit cap under Ordinance No. Fremont County, which covers both towns, has no countywide short-term rental ordinance at all — only a 4% lodging tax applies at the county level.

What is Cody's combined lodging tax rate?

About 7% — Wyoming's statewide lodging tax is 5%, and Park County layers on a 2% local-option lodging tax, which county voters renewed in November 2024. This is a confirmed correction to earlier, higher figures sometimes quoted for Cody; hosts should still verify the current rate directly with the City of Cody or Wyoming's Excise Tax Division before setting nightly pricing.

Why do Cody and the Lander/Dubois corridor command higher rates than typical rural Wyoming lodging?

Both trade on genuine, ownable identity rather than generic proximity to a park. Cody sells western heritage — the Buffalo Bill Center of the West and nightly Cody Nite Rodeo — layered onto direct Yellowstone East Entrance access. Lander and Dubois sell a working climbing, hunting, and dude-ranch identity tied to Sinks Canyon, Wild Iris, and the Wind River Range, plus Dubois's secondary role as a quieter Togwotee Pass route toward Grand Teton and Yellowstone. Neither market's premium is accidental — it's built on a specific, marketable draw.

About the Authors

Crest & Cove Creative is a short-term rental marketing agency founded by Thomas Garner and Jacob Mishalanie. We build direct-booking brands, listing optimization systems, and market-specific content strategies for independent STR operators nationwide, including emerging corridors like Wyoming's Yellowstone & Wind River Gateways. Regulation: Cody requires short-term rental operators to register their property and hold a business license through the City Clerk's office.

Sources

Verified via web search and a dedicated reconciliation research pass (July 2026):. What's more consistent across sources is that Cody reads as a moderately-performing but seasonally strong market, with clear summer peaks tied to Yellowstone traffic and the Stampede. The spread between sources on both towns is wide enough that any hard figure used in underwriting should be reverified directly against current AirDNA, AirROI, or Rabbu data rather than taken from this report alone.

Cody's flat $100 initial application fee plus $100 annual renewal (due May 1st), with a late fee (commonly cited around $50, less firmly confirmed than the base fees), confirmed via the City of Cody's own posted registration requirements.
Cody's combined lodging tax of approximately 7% (5% state lodging tax + 2% Park County local-option lodging tax, renewed by county voters in November 2024) — a confirmed correction to an earlier, higher figure.
Cody's registered STR count growing from 98 (2019) to 134 by the end of 2023 (~36%, per City Planner Todd Stowell), with a more recent April 2024 estimate of ~150 — both figures presented as a range reflecting different points in time, corroborated across multiple Wyoming news outlets (Wyoming News, Cody Enterprise, Powell Tribune network).
Red Lodge, Montana's August 2023 ordinance capping STRs at 20% of housing stock, confirmed via KTVQ and referenced directly in Cody's own council discussions.
The Wapiti Valley STR Special Use Permit denial: Park County commissioners unanimously denied an application for a property on Aerie Drive owned by Matt Decker, following a January 20, 2026 meeting, as reported by the Powell Tribune on January 29, 2026.
Dubois's Ordinance No. 453 (Dubois Town Code Title 7, Ch. 5, § 7-5-2), adopted May 25, 2022 and effective June 2, 2022, capping short-term lodging permits at 25 at any one time, with permits non-transferable and void upon property transfer — confirmed via the Town of Dubois's own posted ordinance and council documents.
Dubois's March 12, 2025 Town Council renewal hearing, at which 24 renewal applications were being processed against the 25-permit cap — confirmed via the Town of Dubois's posted council meeting record, establishing the cap as adopted and active, not merely proposed.
Fremont County's lack of a countywide STR ordinance (4% lodging tax only), consistent across multiple regulatory-guide sources.
Vacasa's Wyoming entry limited to greater Jackson Hole/Teton County via a November 2020 acquisition of roughly 45 units from Mountain Property Management; no confirmed Vacasa or AvantStay presence found in Cody, Lander, or Dubois.
Named local management outfits: Cody Lodging Company (100+ rentals) in Cody, with American West Realty and Management operating as a referral partner that directs STR clients to Cody Lodging Company rather than managing units itself; Wyoming Mountain Properties across Dubois, Lander, and Cody/Park County.

Unverified or in need of reconfirmation before this figure is relied on for underwriting:. The fee structure is flat, not a range: a $100 initial application fee, plus a $100 annual renewal due May 1st, with a late fee (commonly cited around $50, though this figure is less firmly confirmed than the base fees) for renewals filed after the deadline.

Active listing counts, ADR, and occupancy figures for Cody, Lander, and Dubois — third-party platforms (AirDNA, AirROI, Rabbu, Awning) show meaningfully different numbers depending on methodology, date range, and whether Airbnb-only or combined Airbnb/Vrbo inventory is counted. Figures in this report should be treated as directional ranges, not precise current statistics.
Whether Cody's council has moved beyond discussion toward a formal cap proposal since this report's research date; this should be reverified before publication and periodically thereafter.
The exact late-renewal fee amount for Cody STR permits (commonly cited around $50) is less firmly documented than the $100 application and $100 renewal fees and should be reconfirmed with the City Clerk's office.