Lewistown, MT

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  • Performance
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Key Performance Metrics

Market snapshot

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

Listings

63 / 114

Reliable / Active

Cap Rate

7%

Middle-Earners Gross Yield

Revenue

$21,931

Middle-Earners Revenue

Occupancy

61%

Middle-Earners Occupancy

Home Value

$303,056

Median Home Sale Price

Top Earners

$37,069

Top-Earners Revenue

Lewistown

Market Revenue Seasonality

Top Listings

Highest revenue

The highest-performing listings in Lewistown.

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B

Generally Investor friendly

Lewistown Regulations

Short‑term rentals are allowed citywide and no dedicated STR caps or restrictive zoning have been enacted; however, operators must obtain a city business license, register for and remit Montana’s 7% accommodation tax, and comply with DPHHS public‑sleeping accommodation standards (potentially including plan review/inspection), creating moderate permitting/compliance steps without heavy fees or caps.

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About Lewistown

Lewistown is a small city in central Montana and serves as the county seat of Fergus County. With a population of approximately 6,000 residents, it has the unhurried, neighborly character typical of a Great Plains ranching community, set against a striking backdrop of mountain ranges and rolling prairie. The town is best known as a hub for outdoor recreation in central Montana, particularly fly fishing on its famous spring creeks, and as a convenient base for visitors exploring the surrounding national wildlife refuges, mountain ranges, and the upper Missouri River country. Lewistown sits roughly 100 miles east-southeast of Great Falls and about 150 miles northwest of Billings, the nearest major metropolitan areas, giving it a remote but accessible feel.

Just a short drive north of Lewistown lies the Charles M. Russell National Wildlife Refuge, a vast expanse of grasslands, badlands, and river breaks covering more than a million acres along the Missouri River. The refuge protects habitat for elk, bighorn sheep, pronghorn, and sage grouse, and offers wildlife viewing, scenic drives, and boat access on Fort Peck Lake. About an hour south of town, the Big Snowy Mountains rise to nearly 5,800 feet and provide opportunities for hiking, camping, and cool-weather escapes in the warmer months. Closer in, the Judith Mountains wrap around the northern edge of Lewistown itself, with forested canyons, ATV trails, and the Pine Meadows Golf Course tucked into their foothills.

In town, the Central Montana Historical Museum (formerly the Range Riders Museum) preserves the region's ranching and pioneer past, with exhibits on cattlemen, homesteaders, and local figures from Montana's territorial era. Just outside the city limits, Big Springs is one of the largest freshwater springs in the United States, gushing millions of gallons of clear water daily and feeding the spring creek trout fisheries for which Lewistown is renowned. Anglers travel from across the country to fish these creeks, which run through working ranches just minutes from the downtown core.

For short-term rental owners, Lewistown offers a quietly compelling market. Its steady stream of anglers, hunters, and outdoor tourists is supplemented by visitors passing through between Glacier National Park and Yellowstone, and by those attending regional events such as the annual Chokecherry Festival. The combination of genuine small-town Montana character, easy access to large natural areas, and a limited supply of traditional lodging makes the area well suited to vacation rentals that offer a comfortable, well-equipped home base for travelers exploring this often-overlooked part of the state.

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