In-depth analysis

Should you buy an STR in Cody in 2026?

Yes, if your underwriting respects the calendar. Cody, Wyoming sits 52 miles from Yellowstone’s East Entrance and captures Yellowstone-area demand at a lower cost basis than West Yellowstone or Jackson. ADR $160, occupancy 64%, RevPAR $102. Market score: 72/100. Wyoming has no state income tax, and Cody’s STR regulation is permissive — but the peak season is roughly May through September, and October-April is genuinely soft.

Regulation: where the city stands

City of Cody STR ordinance:

STR permitted by-right in most zones with business license.
Lodging tax stack (Park County 4% + state) runs around 7% — among the lowest in any STR market in this guide.
No state income tax at the personal or pass-through level.
Life-safety self-certification and local-contact requirement.

Park County (unincorporated areas — Wapiti, Sleeping Giant) operates similar rules. The big regulatory variable is fire — high WUI exposure on the North Fork corridor toward Yellowstone; carriers have tightened.

The market by the numbers

Metric	Cody	Comparison
Avg ADR	$160	Modest gateway market
Occupancy	64%	Heavily seasonal
RevPAR	$102	Solid for basis
Market score	72/100	Strong for cash buyer

Demand: Yellowstone East Entrance traffic (June-August is roughly 60% of annual revenue), Cody Stampede (July 4 week — premium pricing), Buffalo Bill Center of the West tourism. Winter occupancy in pure-tourism product can run under 25%.

Submarkets that matter

Downtown Cody / Sheridan Avenue — walkable to Irma Hotel and Buffalo Bill Center, premium summer ADR.
North Fork corridor (toward Yellowstone) — cabin / lodge product, summer-only feel.
South Fork — quieter, ranch-style, longer drive to amenities.
Wapiti — between Cody and Yellowstone, gateway feel, fire-insurance constrained.

The 3 mistakes buyers make here

Underwriting a 60-65% blended occupancy as steady-state. Summer can run 85-90, winter under 30. Reserve cash for the off-season.
Buying a North Fork cabin without fire-insurance quote. WUI exposure; carriers have pulled back.
Missing the Wyoming sales-tax treatment. Wyoming’s sales tax applies to lodging in addition to the lodging tax — verify total tax stack with a CPA.

What to do next

Pull the City of Cody business license + STR rules and confirm permit posture.
Verify Park County rules for unincorporated parcels.
Run Market Score and Comp Analyzer.
Use Year 1 Cash Needs with conservative shoulder reserves.

Not investment advice. Verify all regulatory and tax information with local authorities and licensed professionals before committing capital.