What's the Average Occupancy Rate for Short-Term Rentals in Sheridan, Wyoming?

The full picture, not just one number

Occupancy alone doesn't tell an owner whether a property is working. The AirDNA snapshot for Sheridan County (as of Aug 5, 2026) shows:

• 214 active listings, down 12.3% year-over-year
• Average daily rate $195, down 15.2% year-over-year
• Occupancy 54%, up 2.7 percentage points year-over-year
• Annual revenue per listing $18.7K, up 12.8% year-over-year
• RevPAR $106, down 12.1% year-over-year

Source: AirDNA — Sheridan, Wyoming vacation rental market data, as of August 5, 2026.

Read together: the market is shrinking in listing count, softening on price, but tightening on occupancy — and annual revenue per listing is still up. That's consistent with a market where marginal, poorly-run listings are exiting and the properties that remain are absorbing more of the demand.

What this means if you're deciding whether to list

A 54% occupancy average is a market baseline, not a guarantee for any individual property — location, condition, pricing strategy, and how actively a listing is managed all move that number meaningfully in either direction for a specific address. Treat 54% as the number to beat, not the number to expect.

Why occupancy and ADR are moving in opposite directions

When more listings compete for a roughly fixed pool of demand, operators typically respond by cutting nightly rates to stay booked — which raises occupancy and lowers ADR at the same time. That trade only pays off if the operator is also controlling costs; otherwise revenue per listing should be falling too. It isn't (+12.8% YoY here), which points to disciplined pricing and cost management across the properties actually staying booked, more than to the market getting easier.