Lake Tahoe, CA
Sierra Nevada jewel - premium dual-season mountain market
Lake Tahoe is one of the most high-value STR markets in the western US, offering world-class skiing at multiple resorts (Palisades Tahoe, Heavenly, Northstar) and a stunning alpine lake that drives summer demand equally as strong. North Shore and South Shore have distinct character - South Shore is higher volume and Vegas-adjacent; North Shore is quieter and luxury-oriented.
Across 119 active STR-viable listings analyzed this month, Lake Tahoe shows a 4.0% median cap rate at a $640K median list price, 41% occupancy, and $278/night. That ranks #18 of 57 markets in STRROI's live ranking. At typical prices, cash flow is tight: most listings only pencil out with a large down payment, a below-list purchase, or above-market nightly rates.
Lake Tahoe real estate market right now
As of October 16, 2026, STRROI is tracking 119 homes for sale in Lake Tahoe that could run as short-term rentals, at a median list price of $639,900. The middle half are priced between $375K and $980K. That works out to a median of $463 per square foot for a typical 1,376 square foot home. Homes here have been on the market 120 days on average, longer than the 101 days typical across the 56 markets in STRROI's ranking, which usually leaves more room to negotiate on price. 22 of them were listed in the last 30 days.
These numbers cover the homes for sale STRROI analyzes as potential short-term rentals in Lake Tahoe, mainly ZIP 96150. They are not every home sale in the area, so they can differ from MLS-wide figures. Month-by-month price history starts Oct 2026 and fills in as the market is re-checked each month.
What's for sale in Lake Tahoe right now
Of the 119 homes for sale we analyzed in Lake Tahoe, 10 (8%) project positive monthly cash flow with 20% down at a 7.5% rate, and none rate Buy or better on STRROI's 1-10 scale. 3-bedroom homes are the most common (40 for sale, median $680K). Returns are strongest in 2-bedroom homes at a 4.6% median cap rate, and weakest in 1-bedroom homes at 2.9%. By property type, manufactured homes lead at a 6.9% median cap rate across 16 listings.
- Weak: 50
- Avoid: 69
| Beds | For sale | Median price | Cap rate |
|---|---|---|---|
| 1 | 13 | $369K | 2.9% |
| 2 | 33 | $375K | 4.6% |
| 3 | 40 | $680K | 4.0% |
| 4 | 17 | $850K | 3.2% |
| 5+ | 15 | $1.4M | 4.3% |
| Type | For sale | Median price | Cap rate |
|---|---|---|---|
| Single-family homes | 41 | $684K | 3.4% |
| Condos | 26 | $405K | 3.2% |
| Townhouses | 18 | $699K | 4.1% |
| Multi-family | 18 | $842K | 4.8% |
| Manufactured homes | 16 | $144K | 6.9% |
Top-ranked homes for sale in Lake Tahoe this month
Scored 1-10 against real Airbnb comps. Addresses, photos and the full underwriting are in the app.
- #1Weak · 4/101 bd · 1 ba manufactured homeZIP 96150 · listed at $11K
- Cap rate
- 45.0%
- Cash flow
- +$351/mo
- Nightly
- $106 at 41%
- #2Weak · 4/103 bd · 2 ba manufactured homeZIP 96150 · listed at $60K
- Cap rate
- 23.4%
- Cash flow
- +$832/mo
- Nightly
- $201 at 41%
- #3Weak · 4/102 bd · 1 ba manufactured homeZIP 96150 · listed at $57K
- Cap rate
- 17.2%
- Cash flow
- +$494/mo
- Nightly
- $156 at 41%
How Lake Tahoe compares
Lake Tahoe ranks #2 of 6 West Coast markets in STRROI's live ranking; Napa Valley leads the region with a median cap rate of 5.4%. Its 4.0% cap rate is 1.1 points above the 2.9% median across all 57 ranked markets, and its $640K typical list price is close to the West Coast median of $667K.
| Rank | Market | Cap rate | Typical price |
|---|---|---|---|
| #8 | Napa Valley, CA | 5.4% | $695K |
| #18 | Lake Tahoe, CA | 4.0% | $640K |
| #22 | Palm Springs, CA | 3.6% | $575K |
| #44 | Big Bear Lake, CA | 2.2% | $549K |
| #52 | Mammoth Lakes, CA | 1.6% | $999K |
| #54 | San Diego, CA | 1.2% | $2.0M |
Rank is national, by median cap rate across active STR-viable listings. Cash flow uses STRROI's default financing assumptions. See the full ranking
Estimated Annual Performance
* Estimates based on market averages. Individual property performance varies. Always run a full underwriting analysis.
Why Investors Choose Lake Tahoe
Lake Tahoe STR investing, answered
Is Lake Tahoe, CA a good short-term rental market?
Lake Tahoe is a West Coast STR market with a 4.0% median cap rate, 41% annual occupancy, and $278/night across STR-viable listings, based on 119 active listings. It ranks #18 of 57 markets by median cap rate in STRROI's live ranking. This month none of its 119 homes for sale rate Buy or better.
What is the average Airbnb occupancy rate in Lake Tahoe?
STR-viable properties in Lake Tahoe average about 41% occupancy across the year. Peak season is Dec - Mar (ski), July - Aug (lake). Occupancy here reflects availability-adjusted booking performance, not raw calendar occupancy, so it represents what a full-time operated rental can realistically achieve.
How much do short-term rentals earn in Lake Tahoe?
At $278/night and 41% occupancy, a typical Lake Tahoe STR grosses roughly $41,501 per year before expenses, leaving an estimated $24,901 in net operating income. Across analyzed listings the median cap rate is 4.0%. Individual results depend on property, amenities, and management.
What types of properties work best for STR in Lake Tahoe?
Among homes for sale right now, 2-bedroom homes post the strongest median cap rate by size (4.6%), and manufactured homes lead by property type (6.9%). With guests, the best-performing STR types here are Cabin, Single Family, Condo, Lakefront Home. Matching the local guest profile and the amenities that drive bookings matters more than raw square footage.
How many homes for sale in Lake Tahoe cash flow as an Airbnb?
10 of 119 STR-viable listings (8%) project positive monthly cash flow after the mortgage, assuming 20% down at a 7.5% rate on a 30-year loan. The top-ranked listing this month is a 1-bedroom manufactured home in ZIP 96150 listed at $11K, projecting a 45.0% cap rate and +$351 a month.
What is the median home price in Lake Tahoe, CA right now?
The median list price of the 119 homes for sale STRROI tracks in Lake Tahoe is $639,900, and the middle half are priced between $375K and $980K. The median price per square foot is $463. These are homes that could run as short-term rentals, mainly ZIP 96150, not every sale in the area. Against a 4.0% median cap rate, that price level sets the return baseline you'd underwrite against.
How long do homes stay on the market in Lake Tahoe?
Homes for sale in Lake Tahoe have been listed 120 days on average, longer than the 101 days typical across the 56 markets in STRROI's ranking, which usually leaves more room to negotiate on price. 22 of them were listed in the last 30 days.
Market averages, not guarantees. Cap rates, occupancy, and nightly rates are market-wide averages based on active STR listings and historical data. Individual property performance depends on location, amenities, management, and listing quality. Always run a full underwriting analysis before purchasing.Stats sourced from 119 active listings · last updated Oct 16, 2026
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