What Are the Best Places to Invest in Airbnb in Montenegro?

Source: AirROI Reviewed by Jun Zhou , Founder @ AirROI

Updated: 2026-07-06

The short-term rental market in Montenegro spans 74 cities tracked in AirROI's 2026 dataset, ranging from mature urban markets with thousands of active listings to emerging destinations where early operators still have pricing leverage. Supply growth, regulation, and seasonal demand vary significantly across the region — making market selection one of the highest-leverage decisions an Airbnb investor can make.

This page ranks the best Airbnb markets in Montenegro across four dimensions: market depth (active listings), revenue, nightly rate (ADR), and occupancy rate. Budva, Budva Municipality leads by market size with 1,577 active listings and $597/month revenue. Across all ranked markets, average occupancy is 35.0% with $683/month in average revenue and $136/night ADR. 74 of 74 markets carry a low regulation profile — a key consideration for investors evaluating compliance costs and time-to-market.

Rankings based on AirROI's analysis of 20,000,000+ short-term rental listings across revenue, ADR, occupancy, and regulation. See ranking methodology.

Explore Live Market Data

Top Airbnb Markets in Montenegro by Active Listings

Active listing count is the most direct measure of a market's depth, maturity, and investor confidence. Cities with the most Airbnb listings in Montenegro attract the highest volume of travelers and offer the most reliable benchmarking data for pricing and revenue projections. Budva, Budva Municipality leads with 1,577 active short-term rental listings and $597/month in average revenue.

#	Market	Active Listings (TTM)	Revenue/mo	ADR	Occupancy	Regulation
1	Budva, Budva Municipality	1,577	$597	$107	37.2%	Low
2	Dobrota, Kotor Municipality	1,022	$1,161	$140	43.9%	Low
3	Kotor, Kotor Municipality	584	$1,132	$130	41.8%	Low
4	Podgorica, Podgorica Capital City	553	$331	$59	31.1%	Low
5	Tivat, Tivat Municipality	494	$705	$125	35.0%	Low
6	Herceg Novi, Herceg Novi Municipality	391	$487	$99	35.8%	Low
7	Ulcinj - Ulqin, Ulcinj Municipality	383	$314	$89	31.6%	Low
8	Bečići, Budva Municipality	351	$620	$124	38.0%	Low
9	Prčanj, Kotor Municipality	307	$1,175	$158	44.5%	Low
10	Bar, Bar Municipality	305	$305	$80	30.6%	Low
11	Žabljak, Žabljak Municipality	294	$386	$95	29.3%	Low
12	Petrovac na Moru, Budva Municipality	242	$343	$90	34.8%	Low
13	Sveti Stefan, Budva Municipality	193	$652	$161	31.3%	Low
14	Kunje, Bar Municipality	186	$549	$129	34.8%	Low
15	Šušanj, Bar Municipality	158	$378	$90	36.5%	Low
16	Pržno, Budva Municipality	143	$626	$137	34.0%	Low
17	Sutomore, Bar Municipality	139	$333	$85	33.1%	Low
18	Rafailovići, Budva Municipality	138	$689	$155	37.8%	Low
19	Kolašin, Kolašin Municipality	137	$352	$113	22.6%	Low
20	Donja Lastva, Tivat Municipality	126	$879	$146	40.3%	Low
21	Risan, Kotor Municipality	115	$585	$103	39.4%	Low
22	Boreti, Budva Municipality	111	$471	$129	32.1%	Low
23	Muo, Kotor Municipality	104	$1,019	$151	44.8%	Low
24	Ulcinj, Ulcinj Municipality	98	$287	$106	29.2%	Low
25	Luštica, Herceg Novi Municipality	94	$1,164	$223	35.8%	Low
26	Perast, Kotor Municipality	94	$1,374	$196	39.4%	Low
27	Bijela, Herceg Novi Municipality	90	$357	$98	32.5%	Low
28	Donji Orahovac, Kotor Municipality	89	$1,253	$190	43.3%	Low
29	Buljarica, Budva Municipality	83	$491	$97	34.3%	Low
30	Gornji Štoj - Shtoji i Epërm, Ulcinj Municipality	77	$758	$159	33.6%	Low
31	Pečurice, Bar Municipality	76	$656	$137	37.6%	Low
32	Cetinje, Old Royal Capital Cetinje	74	$247	$62	27.2%	Low
33	Trojica, Kotor Municipality	72	$815	$137	39.5%	Low
34	Igalo, Herceg Novi Municipality	71	$399	$92	32.0%	Low
35	Krašići, Tivat Municipality	69	$730	$157	37.1%	Low
36	Donji Štoj - Shtoji i Poshtëm, Ulcinj Municipality	69	$231	$100	28.0%	Low
37	Dobra Voda, Bar Municipality	68	$602	$129	32.3%	Low
38	Đenovići, Herceg Novi Municipality	67	$498	$129	34.8%	Low
39	Boljevići, Bar Municipality	63	$582	$81	37.9%	Low
40	Nikšić, Nikšić Municipality	63	$230	$61	27.1%	Low
41	Škaljari, Kotor Municipality	59	$836	$104	42.5%	Low
42	Provodina, Herceg Novi Municipality	52	$534	$109	40.3%	Low
43	Lepetane, Tivat Municipality	50	$877	$110	44.5%	Low
44	Radovići, Tivat Municipality	50	$917	$265	31.6%	Low
45	Bogišići, Tivat Municipality	48	$1,094	$190	43.1%	Low
46	Mrčevac, Tivat Municipality	48	$383	$95	32.8%	Low
47	Kumbor, Herceg Novi Municipality	45	$478	$101	38.6%	Low
48	Kavač, Kotor Municipality	44	$449	$196	19.1%	Low
49	Prijevor, Budva Municipality	43	$438	$202	29.9%	Low
50	Bigova, Kotor Municipality	43	$314	$111	35.9%	Low
51	Đuraševići, Tivat Municipality	40	$1,087	$239	37.8%	Low
52	Morinj, Kotor Municipality	39	$712	$163	40.2%	Low
53	Baošići, Herceg Novi Municipality	38	$544	$95	37.7%	Low
54	Virpazar, Bar Municipality	37	$335	$78	29.1%	Low
55	Dražin Vrt, Kotor Municipality	37	$1,648	$162	47.2%	Low
56	Kruče - Kërruçi, Ulcinj Municipality	37	$620	$131	40.1%	Low
57	Borje, Žabljak Municipality	37	$498	$118	31.2%	Low
58	Lastva Grbaljska, Kotor Municipality	34	$497	$91	36.0%	Low
59	Meždo, Žabljak Municipality	33	$321	$98	21.2%	Low
60	Virak, Žabljak Municipality	32	$469	$105	25.7%	Low
61	Kovačka Dolina, Žabljak Municipality	31	$575	$112	30.1%	Low
62	Motički gaj, Žabljak Municipality	31	$406	$109	32.8%	Low
63	Razvršje, Žabljak Municipality	30	$445	$97	33.1%	Low
64	Seoca, Budva Municipality	29	$657	$150	37.1%	Low
65	Krimovice, Kotor Municipality	29	$2,133	$382	32.3%	Low
66	Plužine, Plužine Municipality	29	$369	$76	30.4%	Low
67	Pitomine, Žabljak Municipality	29	$620	$108	42.4%	Low
68	Ada Bojana, Ulcinj Municipality	28	$609	$181	28.6%	Low
69	Zagrađe, Bar Municipality	26	$517	$125	33.4%	Low
70	Rađenovići, Budva Municipality	25	$1,476	$316	30.5%	Low
71	Podi, Herceg Novi Municipality	25	$1,598	$259	44.9%	Low
72	Kuljače, Budva Municipality	24	$910	$233	30.3%	Low
73	Rijeka Reževići, Budva Municipality	22	$1,975	$280	41.1%	Low
74	Javorje, Žabljak Municipality	22	$401	$52	37.7%	Low

Most Profitable Airbnb Markets in Montenegro by Revenue

The most profitable Airbnb cities in Montenegro are those where hosts earn the highest average monthly revenue per listing — the single most telling indicator of a market's income potential. Krimovice, Kotor Municipality leads with $2,133/month at $382 ADR and 32.3% occupancy. Whether you are evaluating your first STR investment or benchmarking an existing property, these top-earning Airbnb markets show where vacation rentals generate the greatest short-term rental income.

#	Market	Revenue/mo	Active Listings (TTM)	ADR	Occupancy	Regulation
1	Krimovice, Kotor Municipality	$2,133	29	$382	32.3%	Low
2	Rijeka Reževići, Budva Municipality	$1,975	22	$280	41.1%	Low
3	Dražin Vrt, Kotor Municipality	$1,648	37	$162	47.2%	Low
4	Podi, Herceg Novi Municipality	$1,598	25	$259	44.9%	Low
5	Rađenovići, Budva Municipality	$1,476	25	$316	30.5%	Low
6	Perast, Kotor Municipality	$1,374	94	$196	39.4%	Low
7	Donji Orahovac, Kotor Municipality	$1,253	89	$190	43.3%	Low
8	Prčanj, Kotor Municipality	$1,175	307	$158	44.5%	Low
9	Luštica, Herceg Novi Municipality	$1,164	94	$223	35.8%	Low
10	Dobrota, Kotor Municipality	$1,161	1,022	$140	43.9%	Low
11	Kotor, Kotor Municipality	$1,132	584	$130	41.8%	Low
12	Bogišići, Tivat Municipality	$1,094	48	$190	43.1%	Low
13	Đuraševići, Tivat Municipality	$1,087	40	$239	37.8%	Low
14	Muo, Kotor Municipality	$1,019	104	$151	44.8%	Low
15	Radovići, Tivat Municipality	$917	50	$265	31.6%	Low
16	Kuljače, Budva Municipality	$910	24	$233	30.3%	Low
17	Donja Lastva, Tivat Municipality	$879	126	$146	40.3%	Low
18	Lepetane, Tivat Municipality	$877	50	$110	44.5%	Low
19	Škaljari, Kotor Municipality	$836	59	$104	42.5%	Low
20	Trojica, Kotor Municipality	$815	72	$137	39.5%	Low
21	Gornji Štoj - Shtoji i Epërm, Ulcinj Municipality	$758	77	$159	33.6%	Low
22	Krašići, Tivat Municipality	$730	69	$157	37.1%	Low
23	Morinj, Kotor Municipality	$712	39	$163	40.2%	Low
24	Tivat, Tivat Municipality	$705	494	$125	35.0%	Low
25	Rafailovići, Budva Municipality	$689	138	$155	37.8%	Low
26	Seoca, Budva Municipality	$657	29	$150	37.1%	Low
27	Pečurice, Bar Municipality	$656	76	$137	37.6%	Low
28	Sveti Stefan, Budva Municipality	$652	193	$161	31.3%	Low
29	Pržno, Budva Municipality	$626	143	$137	34.0%	Low
30	Pitomine, Žabljak Municipality	$620	29	$108	42.4%	Low
31	Bečići, Budva Municipality	$620	351	$124	38.0%	Low
32	Kruče - Kërruçi, Ulcinj Municipality	$620	37	$131	40.1%	Low
33	Ada Bojana, Ulcinj Municipality	$609	28	$181	28.6%	Low
34	Dobra Voda, Bar Municipality	$602	68	$129	32.3%	Low
35	Budva, Budva Municipality	$597	1,577	$107	37.2%	Low
36	Risan, Kotor Municipality	$585	115	$103	39.4%	Low
37	Boljevići, Bar Municipality	$582	63	$81	37.9%	Low
38	Kovačka Dolina, Žabljak Municipality	$575	31	$112	30.1%	Low
39	Kunje, Bar Municipality	$549	186	$129	34.8%	Low
40	Baošići, Herceg Novi Municipality	$544	38	$95	37.7%	Low
41	Provodina, Herceg Novi Municipality	$534	52	$109	40.3%	Low
42	Zagrađe, Bar Municipality	$517	26	$125	33.4%	Low
43	Borje, Žabljak Municipality	$498	37	$118	31.2%	Low
44	Đenovići, Herceg Novi Municipality	$498	67	$129	34.8%	Low
45	Lastva Grbaljska, Kotor Municipality	$497	34	$91	36.0%	Low
46	Buljarica, Budva Municipality	$491	83	$97	34.3%	Low
47	Herceg Novi, Herceg Novi Municipality	$487	391	$99	35.8%	Low
48	Kumbor, Herceg Novi Municipality	$478	45	$101	38.6%	Low
49	Boreti, Budva Municipality	$471	111	$129	32.1%	Low
50	Virak, Žabljak Municipality	$469	32	$105	25.7%	Low
51	Kavač, Kotor Municipality	$449	44	$196	19.1%	Low
52	Razvršje, Žabljak Municipality	$445	30	$97	33.1%	Low
53	Prijevor, Budva Municipality	$438	43	$202	29.9%	Low
54	Motički gaj, Žabljak Municipality	$406	31	$109	32.8%	Low
55	Javorje, Žabljak Municipality	$401	22	$52	37.7%	Low
56	Igalo, Herceg Novi Municipality	$399	71	$92	32.0%	Low
57	Žabljak, Žabljak Municipality	$386	294	$95	29.3%	Low
58	Mrčevac, Tivat Municipality	$383	48	$95	32.8%	Low
59	Šušanj, Bar Municipality	$378	158	$90	36.5%	Low
60	Plužine, Plužine Municipality	$369	29	$76	30.4%	Low
61	Bijela, Herceg Novi Municipality	$357	90	$98	32.5%	Low
62	Kolašin, Kolašin Municipality	$352	137	$113	22.6%	Low
63	Petrovac na Moru, Budva Municipality	$343	242	$90	34.8%	Low
64	Virpazar, Bar Municipality	$335	37	$78	29.1%	Low
65	Sutomore, Bar Municipality	$333	139	$85	33.1%	Low
66	Podgorica, Podgorica Capital City	$331	553	$59	31.1%	Low
67	Meždo, Žabljak Municipality	$321	33	$98	21.2%	Low
68	Ulcinj - Ulqin, Ulcinj Municipality	$314	383	$89	31.6%	Low
69	Bigova, Kotor Municipality	$314	43	$111	35.9%	Low
70	Bar, Bar Municipality	$305	305	$80	30.6%	Low
71	Ulcinj, Ulcinj Municipality	$287	98	$106	29.2%	Low
72	Cetinje, Old Royal Capital Cetinje	$247	74	$62	27.2%	Low
73	Donji Štoj - Shtoji i Poshtëm, Ulcinj Municipality	$231	69	$100	28.0%	Low
74	Nikšić, Nikšić Municipality	$230	63	$61	27.1%	Low

Most Expensive Airbnb Markets in Montenegro by Nightly Rate

The average daily rate (ADR) measures how much guests pay per night in each market, making it the clearest indicator of a city's short-term rental pricing power. Krimovice, Kotor Municipality commands the highest Airbnb nightly rate in Montenegro at $382/night, generating $2,133/month at 32.3% occupancy. Markets with premium nightly pricing typically feature high-demand destinations where travelers pay a significant premium over hotel alternatives.

#	Market	ADR	Active Listings (TTM)	Revenue/mo	Occupancy	Regulation
1	Krimovice, Kotor Municipality	$382	29	$2,133	32.3%	Low
2	Rađenovići, Budva Municipality	$316	25	$1,476	30.5%	Low
3	Rijeka Reževići, Budva Municipality	$280	22	$1,975	41.1%	Low
4	Radovići, Tivat Municipality	$265	50	$917	31.6%	Low
5	Podi, Herceg Novi Municipality	$259	25	$1,598	44.9%	Low
6	Đuraševići, Tivat Municipality	$239	40	$1,087	37.8%	Low
7	Kuljače, Budva Municipality	$233	24	$910	30.3%	Low
8	Luštica, Herceg Novi Municipality	$223	94	$1,164	35.8%	Low
9	Prijevor, Budva Municipality	$202	43	$438	29.9%	Low
10	Perast, Kotor Municipality	$196	94	$1,374	39.4%	Low
11	Kavač, Kotor Municipality	$196	44	$449	19.1%	Low
12	Donji Orahovac, Kotor Municipality	$190	89	$1,253	43.3%	Low
13	Bogišići, Tivat Municipality	$190	48	$1,094	43.1%	Low
14	Ada Bojana, Ulcinj Municipality	$181	28	$609	28.6%	Low
15	Morinj, Kotor Municipality	$163	39	$712	40.2%	Low
16	Dražin Vrt, Kotor Municipality	$162	37	$1,648	47.2%	Low
17	Sveti Stefan, Budva Municipality	$161	193	$652	31.3%	Low
18	Gornji Štoj - Shtoji i Epërm, Ulcinj Municipality	$159	77	$758	33.6%	Low
19	Prčanj, Kotor Municipality	$158	307	$1,175	44.5%	Low
20	Krašići, Tivat Municipality	$157	69	$730	37.1%	Low
21	Rafailovići, Budva Municipality	$155	138	$689	37.8%	Low
22	Muo, Kotor Municipality	$151	104	$1,019	44.8%	Low
23	Seoca, Budva Municipality	$150	29	$657	37.1%	Low
24	Donja Lastva, Tivat Municipality	$146	126	$879	40.3%	Low
25	Dobrota, Kotor Municipality	$140	1,022	$1,161	43.9%	Low
26	Pečurice, Bar Municipality	$137	76	$656	37.6%	Low
27	Pržno, Budva Municipality	$137	143	$626	34.0%	Low
28	Trojica, Kotor Municipality	$137	72	$815	39.5%	Low
29	Kruče - Kërruçi, Ulcinj Municipality	$131	37	$620	40.1%	Low
30	Kotor, Kotor Municipality	$130	584	$1,132	41.8%	Low
31	Dobra Voda, Bar Municipality	$129	68	$602	32.3%	Low
32	Boreti, Budva Municipality	$129	111	$471	32.1%	Low
33	Kunje, Bar Municipality	$129	186	$549	34.8%	Low
34	Đenovići, Herceg Novi Municipality	$129	67	$498	34.8%	Low
35	Zagrađe, Bar Municipality	$125	26	$517	33.4%	Low
36	Tivat, Tivat Municipality	$125	494	$705	35.0%	Low
37	Bečići, Budva Municipality	$124	351	$620	38.0%	Low
38	Borje, Žabljak Municipality	$118	37	$498	31.2%	Low
39	Kolašin, Kolašin Municipality	$113	137	$352	22.6%	Low
40	Kovačka Dolina, Žabljak Municipality	$112	31	$575	30.1%	Low
41	Bigova, Kotor Municipality	$111	43	$314	35.9%	Low
42	Lepetane, Tivat Municipality	$110	50	$877	44.5%	Low
43	Provodina, Herceg Novi Municipality	$109	52	$534	40.3%	Low
44	Motički gaj, Žabljak Municipality	$109	31	$406	32.8%	Low
45	Pitomine, Žabljak Municipality	$108	29	$620	42.4%	Low
46	Budva, Budva Municipality	$107	1,577	$597	37.2%	Low
47	Ulcinj, Ulcinj Municipality	$106	98	$287	29.2%	Low
48	Virak, Žabljak Municipality	$105	32	$469	25.7%	Low
49	Škaljari, Kotor Municipality	$104	59	$836	42.5%	Low
50	Risan, Kotor Municipality	$103	115	$585	39.4%	Low
51	Kumbor, Herceg Novi Municipality	$101	45	$478	38.6%	Low
52	Donji Štoj - Shtoji i Poshtëm, Ulcinj Municipality	$100	69	$231	28.0%	Low
53	Herceg Novi, Herceg Novi Municipality	$99	391	$487	35.8%	Low
54	Meždo, Žabljak Municipality	$98	33	$321	21.2%	Low
55	Bijela, Herceg Novi Municipality	$98	90	$357	32.5%	Low
56	Buljarica, Budva Municipality	$97	83	$491	34.3%	Low
57	Razvršje, Žabljak Municipality	$97	30	$445	33.1%	Low
58	Baošići, Herceg Novi Municipality	$95	38	$544	37.7%	Low
59	Mrčevac, Tivat Municipality	$95	48	$383	32.8%	Low
60	Žabljak, Žabljak Municipality	$95	294	$386	29.3%	Low
61	Igalo, Herceg Novi Municipality	$92	71	$399	32.0%	Low
62	Lastva Grbaljska, Kotor Municipality	$91	34	$497	36.0%	Low
63	Šušanj, Bar Municipality	$90	158	$378	36.5%	Low
64	Petrovac na Moru, Budva Municipality	$90	242	$343	34.8%	Low
65	Ulcinj - Ulqin, Ulcinj Municipality	$89	383	$314	31.6%	Low
66	Sutomore, Bar Municipality	$85	139	$333	33.1%	Low
67	Boljevići, Bar Municipality	$81	63	$582	37.9%	Low
68	Bar, Bar Municipality	$80	305	$305	30.6%	Low
69	Virpazar, Bar Municipality	$78	37	$335	29.1%	Low
70	Plužine, Plužine Municipality	$76	29	$369	30.4%	Low
71	Cetinje, Old Royal Capital Cetinje	$62	74	$247	27.2%	Low
72	Nikšić, Nikšić Municipality	$61	63	$230	27.1%	Low
73	Podgorica, Podgorica Capital City	$59	553	$331	31.1%	Low
74	Javorje, Žabljak Municipality	$52	22	$401	37.7%	Low

Highest Occupancy Airbnb Markets in Montenegro

Airbnb occupancy rate measures the percentage of available nights actually booked — the most telling indicator of short-term rental demand in a market. Prčanj, Kotor Municipality leads Montenegro with 44.5% occupancy, $1,175/month revenue, and 307 active listings. Markets with the highest STR occupancy rates reflect strong, sustained guest demand — a critical signal for investors evaluating where properties will stay consistently booked year-round. This ranking is filtered to markets with 300+ listings to ensure statistical reliability.

#	Market	Occupancy	Active Listings (TTM)	Revenue/mo	ADR	Regulation
1	Prčanj, Kotor Municipality	44.5%	307	$1,175	$158	Low
2	Dobrota, Kotor Municipality	43.9%	1,022	$1,161	$140	Low
3	Kotor, Kotor Municipality	41.8%	584	$1,132	$130	Low
4	Bečići, Budva Municipality	38.0%	351	$620	$124	Low
5	Budva, Budva Municipality	37.2%	1,577	$597	$107	Low
6	Herceg Novi, Herceg Novi Municipality	35.8%	391	$487	$99	Low
7	Tivat, Tivat Municipality	35.0%	494	$705	$125	Low
8	Ulcinj - Ulqin, Ulcinj Municipality	31.6%	383	$314	$89	Low
9	Podgorica, Podgorica Capital City	31.1%	553	$331	$59	Low
10	Bar, Bar Municipality	30.6%	305	$305	$80	Low

How to Choose an Airbnb Investment Market in Montenegro

No single ranking tells the full story. The best Airbnb market for a given investor depends on their capital, risk tolerance, operating model, and income goals. The four ranking dimensions on this page — market depth, revenue, ADR, and occupancy — serve different investor profiles.

If you prioritize predictable cash flow, start with the occupancy rankings. Markets where occupancy exceeds 55% offer consistent bookings and lower vacancy risk. High-occupancy markets may not have the highest nightly rates, but their revenue stability makes them better suited for mortgage-backed investments where monthly debt coverage matters more than peak earnings.

If you're targeting maximum income per property, use the revenue rankings. Revenue is the product of nightly rate and occupancy — it captures the combined effect of both. The highest-revenue Airbnb markets in Montenegro tend to be destination cities where travelers stay longer and pay a premium for entire-home listings.

If you're evaluating luxury or premium positioning, the ADR rankings show where guests are willing to pay top dollar per night. High-ADR markets reward property upgrades, professional photography, and amenity investments. However, a high nightly rate with low occupancy may generate less income than a moderately priced listing that stays booked consistently.

If you want the deepest market data, the active listings rankings identify cities with the largest short-term rental supply. More listings mean more comparable properties for pricing, more data points for revenue projections, and typically a more liquid resale market if your investment thesis changes.

In all cases, check the regulation column before committing capital. A profitable market with high regulation may require permits, annual caps on rental days, or costly compliance steps that erode returns. Markets with low regulation offer faster time-to-market but may tighten rules as STR supply grows.

Short-Term Rental Regulation in Montenegro

Understanding the regulatory environment is critical for any Airbnb investment in Montenegro. Regulation affects licensing costs, annual operating limits, tax obligations, and the long-term viability of a short-term rental strategy.

Across the 74 markets ranked on this page: 74 have a low regulation profile (generally operator-friendly with minimal licensing requirements), 0 have medium regulation (some permit or registration requirements), and 0 have high regulation (strict licensing, annual rental day caps, or active enforcement). Markets with low regulation offer the lowest barrier to entry, while high-regulation markets may still be profitable — but require careful compliance planning and often limit the number of properties a single operator can manage.

AirROI classifies regulation as a market-level signal based on available ordinance data and platform registration patterns. This is not legal advice — always verify current local ordinances, as short-term rental rules can change rapidly, especially in high-growth markets where municipalities are actively responding to STR expansion.

How We Rank the Best Airbnb Investment Markets in Montenegro

This page ranks Airbnb markets in Montenegro across four dimensions that matter most to short-term rental investors and operators: market depth (active listings), revenue potential (monthly income per listing), pricing power (average daily rate), and booking demand (occupancy rate). Each ranking uses the same underlying dataset but sorts by a different metric, giving you multiple lenses to evaluate where to invest in Airbnb in Montenegro.

No single metric tells the full story. A market with high ADR but low occupancy may underperform one with moderate pricing and strong demand. Revenue captures the combined effect of rate and occupancy, while active listings signal whether a market has enough depth for reliable benchmarking and a liquid resale environment. We include regulation data alongside every ranking so you can weigh compliance risk before committing capital.

Ranking Methodology & Data Sources

Active Listings (TTM): The count of active short-term rental listings in each market over the trailing twelve months — a proxy for market maturity, data reliability, and investor confidence in Montenegro.
Monthly Revenue: Average gross revenue per listing per month — the bottom-line metric for evaluating Airbnb profitability in Montenegro and projecting cash flow.
Average Daily Rate (ADR): The mean nightly booking price across all active listings — the clearest measure of a market's short-term rental pricing power.
Occupancy Rate: Percentage of available nights booked — the demand signal that determines how much of your nightly rate converts to actual income. Occupancy rankings are filtered to markets with 300+ listings to exclude small markets with unreliable averages.
Regulation: An indicator of the local regulatory climate in Montenegro, from low (operator-friendly) to high (strict licensing and enforcement) — essential for assessing compliance risk.

All data is sourced from AirROI's proprietary analytics pipeline, which tracks 20,000,000+ properties across 190+ countries. Metrics are recalculated on a rolling basis using trailing twelve-month aggregates from active listings. For full methodology, see the data methodology page.

Frequently Asked Questions About the Best Airbnb Markets in Montenegro

These quick answers summarize the most common investor and operator questions using AirROI's latest market data for Montenegro.

What are the best places to invest in Airbnb in Montenegro?

Budva, Budva Municipality leads this ranking for Montenegro with 1,577 active listings — the largest market by depth. Markets are ranked by listing count because deeper markets offer more comparable data, more pricing benchmarks, and a more predictable operating environment for investors. Each row also shows revenue, ADR, occupancy, and regulation so investors can evaluate based on what matters most to them.

Which market has the highest Airbnb revenue in Montenegro?

Krimovice, Kotor Municipality posts the highest average monthly revenue in this ranking at $2,133. Revenue leaders often combine healthy rates, solid occupancy, and enough listing scale to support repeatable operations rather than one-off outliers.

Which market has the strongest Airbnb occupancy in Montenegro?

Dražin Vrt, Kotor Municipality has the highest occupancy rate in this comparison at 47.2%. High occupancy can signal resilient demand, but investors still need to balance it against nightly rates, regulation, and supply depth before deciding where to buy or operate.

Which Airbnb markets in Montenegro have the lowest regulation?

Budva (Budva Municipality), Dobrota (Kotor Municipality), Kotor (Kotor Municipality) currently show low regulation profiles in this ranking. Lower regulation can reduce compliance costs and time-to-market for new hosts, but investors should always verify local ordinances before purchasing — rules can change quickly as short-term rental markets grow.

Is short-term rental investing still profitable in Montenegro in 2026?

The markets ranked here average 35.0% occupancy, and the top performer posts $2,133 in monthly revenue. Profitability depends on property acquisition cost, local operating expenses, and regulation compliance — but the data shows active, performing markets exist across Montenegro for well-researched investors.

How often are AirROI's top Airbnb market rankings updated?

AirROI updates these rankings using the latest market snapshot available in the dataset, which for this page is anchored to 2026. Rankings should be treated as current market intelligence rather than permanent truths because pricing, demand, regulation, and supply can all shift over time.

What metrics should I use to evaluate Airbnb investments in Montenegro?

The most important metrics for comparing short-term rental markets are active listing count (market depth and data reliability), occupancy rate (demand consistency), average daily rate (pricing power), monthly revenue (income potential), and regulation level (compliance cost and risk). This ranking sorts by market depth first; use the other columns to filter for the profile that fits your investment strategy.

What makes a good Airbnb market for first-time investors in Montenegro?

First-time investors in Montenegro should prioritize markets with high occupancy (55%+) and low regulation, which reduce the risk of empty calendars and compliance surprises. Markets with 200+ active listings also provide better benchmarking data and a more predictable operating environment. Revenue is important, but consistent demand is more forgiving for operators still learning pricing and guest management.

What is a good Airbnb occupancy rate in Montenegro?

Across the markets ranked here, the average occupancy rate in Montenegro is 35.0%. Occupancy above 50% is generally considered healthy for short-term rentals, and above 65% signals strong, sustained demand. However, the best occupancy rate depends on pricing strategy — some hosts maximize revenue by targeting fewer bookings at higher nightly rates rather than maximizing booking volume.

How does regulation affect Airbnb investment returns in Montenegro?

Regulation is one of the most overlooked risks in short-term rental investing. In Montenegro, 74 of 74 ranked markets have low regulation, 0 have medium, and 0 have high. High-regulation markets often require permits, limit annual rental days, or impose occupancy taxes — all of which reduce net returns. Low-regulation markets offer faster time-to-market and lower compliance costs, but rules can tighten as STR supply grows.

What is the difference between ADR and RevPAR for Airbnb investing?

ADR (Average Daily Rate) is the average nightly price guests pay, while RevPAR (Revenue Per Available Rental night) factors in both price and occupancy. A market with $200 ADR and 50% occupancy has $100 RevPAR — the same as a market with $125 ADR and 80% occupancy. RevPAR is a better single-number benchmark for comparing markets because it captures how effectively nightly rates convert to realized income. AirROI's city-level reports include RevPAR with percentile breakdowns for deeper analysis.

How many Airbnb listings does a market need to be investable in Montenegro?

Markets with fewer than 100 active listings can show volatile averages that do not predict future performance. The median market in this Montenegro ranking has about 68 listings. Larger markets (500+) offer more reliable data, more comparable properties for pricing, and typically a more liquid exit if you decide to sell. Smaller markets can still be profitable, but investors should treat the data as directional rather than precise.

How do seasonal and year-round Airbnb markets differ in Montenegro?

Seasonal markets in Montenegro experience dramatic swings in booking demand — often earning 60-70% of annual revenue in just 3-4 peak months. Year-round markets deliver steadier cash flow with lower peak-to-trough variation. Investors who need predictable monthly income should prioritize high-occupancy markets with low seasonal variance, while those comfortable with cash-flow timing can target seasonal markets where peak rates compensate for off-season softness.

About AirROI Market Data

AirROI tracks over 20 million properties across 190+ countries and maintains 15+ years of historical performance data, making it one of the deepest Airbnb and STR intelligence platforms available. The analytics pipeline aggregates listing-level data monthly — revenue, occupancy, nightly rates, RevPAR, guest demographics, booking patterns, and competitive supply — so investors and operators can benchmark any market against its own history and against neighboring destinations.

Real estate investors, property managers, financial institutions, hospitality consultants, and academic researchers rely on AirROI data to underwrite acquisitions, optimize pricing, model macro trends, and conduct peer-reviewed research. Data is available through in-depth market reports, the data portal for bulk downloads, the Airbnb API with 22 endpoints, and an Airbnb MCP Server for AI agents.

All metrics reflect trailing twelve-month aggregates from active listings as of 2026-07-06. Revenue figures are market averages, not projections. For full methodology, see the data methodology page.

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What Other Airbnb Markets Are in Montenegro?

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