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

Source: AirROI Reviewed by Jun Zhou , Founder @ AirROI

Updated: 2026-04-09

The short-term rental market in Montenegro spans 80 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 1,391 active listings and $673/month revenue. Across all ranked markets, average occupancy is 35.9% with $708/month in average revenue and $131/night ADR. 80 of 80 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 1,391 active short-term rental listings and $673/month in average revenue.

#	Market	Active Listings (TTM)	Revenue/mo	ADR	Occupancy	Regulation
1	Budva, Budva Municipality	1,391	$673	$104	39.0%	Low
2	Dobrota, Kotor Municipality	954	$1,216	$135	45.4%	Low
3	Kotor, Kotor Municipality	532	$1,189	$129	43.6%	Low
4	Podgorica, Podgorica Capital City	469	$372	$57	33.0%	Low
5	Tivat, Tivat Municipality	420	$763	$122	37.4%	Low
6	Ulcinj - Ulqin, Ulcinj Municipality	384	$334	$86	32.0%	Low
7	Herceg Novi, Herceg Novi Municipality	349	$554	$98	37.4%	Low
8	Bečići, Budva Municipality	309	$701	$121	39.6%	Low
9	Prčanj, Kotor Municipality	299	$1,200	$151	43.2%	Low
10	Bar, Bar Municipality	262	$358	$76	31.6%	Low
11	Žabljak, Žabljak Municipality	246	$419	$83	30.5%	Low
12	Petrovac na Moru, Budva Municipality	230	$362	$88	33.7%	Low
13	Sveti Stefan, Budva Municipality	177	$702	$156	31.5%	Low
14	Kunje, Bar Municipality	176	$605	$130	34.9%	Low
15	Šušanj, Bar Municipality	145	$395	$87	36.8%	Low
16	Pržno, Budva Municipality	138	$601	$136	34.2%	Low
17	Rafailovići, Budva Municipality	137	$708	$150	37.1%	Low
18	Sutomore, Bar Municipality	126	$344	$84	33.2%	Low
19	Kolašin, Kolašin Municipality	125	$392	$111	22.3%	Low
20	Donja Lastva, Tivat Municipality	120	$958	$132	39.3%	Low
21	Boreti, Budva Municipality	117	$541	$122	31.2%	Low
22	Risan, Kotor Municipality	106	$640	$105	40.8%	Low
23	Muo, Kotor Municipality	92	$1,150	$151	49.1%	Low
24	Luštica, Herceg Novi Municipality	90	$1,406	$218	37.6%	Low
25	Perast, Kotor Municipality	88	$1,396	$186	41.9%	Low
26	Donji Orahovac, Kotor Municipality	85	$1,283	$174	43.9%	Low
27	Bijela, Herceg Novi Municipality	83	$389	$92	32.6%	Low
28	Pečurice, Bar Municipality	76	$692	$140	36.6%	Low
29	Gornji Štoj - Shtoji i Epërm, Ulcinj Municipality	74	$798	$159	35.3%	Low
30	Trojica, Kotor Municipality	72	$890	$127	39.5%	Low
31	Cetinje, Old Royal Capital Cetinje	71	$253	$60	28.0%	Low
32	Donji Štoj - Shtoji i Poshtëm, Ulcinj Municipality	71	$248	$92	27.0%	Low
33	Buljarica, Budva Municipality	70	$592	$97	37.0%	Low
34	Igalo, Herceg Novi Municipality	68	$400	$90	30.4%	Low
35	Ulcinj, Ulcinj Municipality	67	$359	$106	32.4%	Low
36	Krašići, Tivat Municipality	63	$714	$144	37.8%	Low
37	Đenovići, Herceg Novi Municipality	61	$539	$116	35.3%	Low
38	Boljevići, Bar Municipality	60	$590	$78	38.7%	Low
39	Dobra Voda, Bar Municipality	56	$697	$133	35.4%	Low
40	Nikšić, Nikšić Municipality	52	$240	$53	27.8%	Low
41	Provodina, Herceg Novi Municipality	51	$533	$107	40.1%	Low
42	Lepetane, Tivat Municipality	49	$934	$105	46.6%	Low
43	Radovići, Tivat Municipality	47	$1,014	$260	32.4%	Low
44	Bogišići, Tivat Municipality	46	$1,235	$191	40.9%	Low
45	Mrčevac, Tivat Municipality	46	$432	$94	32.4%	Low
46	Škaljari, Kotor Municipality	45	$1,017	$104	45.3%	Low
47	Kumbor, Herceg Novi Municipality	44	$483	$96	37.8%	Low
48	Bigova, Kotor Municipality	39	$360	$103	35.5%	Low
49	Prijevor, Budva Municipality	38	$458	$206	31.4%	Low
50	Dražin Vrt, Kotor Municipality	37	$1,536	$157	46.7%	Low
51	Kavač, Kotor Municipality	37	$429	$167	19.7%	Low
52	Morinj, Kotor Municipality	37	$813	$161	39.8%	Low
53	Đuraševići, Tivat Municipality	37	$1,030	$215	39.2%	Low
54	Kruče - Kërruçi, Ulcinj Municipality	35	$656	$130	42.3%	Low
55	Virpazar, Bar Municipality	34	$355	$73	30.8%	Low
56	Baošići, Herceg Novi Municipality	34	$646	$97	40.0%	Low
57	Lastva Grbaljska, Kotor Municipality	34	$515	$91	37.3%	Low
58	Motički gaj, Žabljak Municipality	33	$419	$110	31.0%	Low
59	Borje, Žabljak Municipality	32	$525	$108	33.7%	Low
60	Meždo, Žabljak Municipality	32	$352	$96	23.6%	Low
61	Kovačka Dolina, Žabljak Municipality	30	$637	$111	32.4%	Low
62	Razvršje, Žabljak Municipality	30	$477	$95	32.6%	Low
63	Virak, Žabljak Municipality	30	$539	$104	28.5%	Low
64	Seoca, Budva Municipality	29	$699	$140	36.4%	Low
65	Krimovice, Kotor Municipality	29	$2,191	$373	33.9%	Low
66	Pitomine, Žabljak Municipality	28	$729	$103	44.4%	Low
67	Rađenovići, Budva Municipality	25	$1,496	$318	31.5%	Low
68	Podi, Herceg Novi Municipality	25	$1,729	$256	46.3%	Low
69	Kuljače, Budva Municipality	24	$960	$234	30.7%	Low
70	Plužine, Plužine Municipality	24	$467	$67	35.5%	Low
71	Javorje, Žabljak Municipality	22	$420	$52	39.7%	Low
72	Brca, Bar Municipality	21	$657	$215	40.8%	Low
73	Ada Bojana, Ulcinj Municipality	21	$719	$182	33.9%	Low
74	Burtaiši, Bar Municipality	20	$207	$61	31.3%	Low
75	Zagrađe, Bar Municipality	20	$580	$125	37.0%	Low
76	Meljine, Herceg Novi Municipality	20	$295	$75	30.1%	Low
77	Njegovuđa, Žabljak Municipality	20	$354	$94	32.2%	Low
78	Danilovgrad, Opština Danilovgrad	19	$1,084	$132	42.6%	Low
79	Krstac, Budva Municipality	18	$1,367	$201	46.0%	Low
80	Gošići, Tivat Municipality	18	$618	$204	26.5%	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 $2,191/month at $373 ADR and 33.9% 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	$2,191	29	$373	33.9%	Low
2	Podi, Herceg Novi Municipality	$1,729	25	$256	46.3%	Low
3	Dražin Vrt, Kotor Municipality	$1,536	37	$157	46.7%	Low
4	Rađenovići, Budva Municipality	$1,496	25	$318	31.5%	Low
5	Luštica, Herceg Novi Municipality	$1,406	90	$218	37.6%	Low
6	Perast, Kotor Municipality	$1,396	88	$186	41.9%	Low
7	Krstac, Budva Municipality	$1,367	18	$201	46.0%	Low
8	Donji Orahovac, Kotor Municipality	$1,283	85	$174	43.9%	Low
9	Bogišići, Tivat Municipality	$1,235	46	$191	40.9%	Low
10	Dobrota, Kotor Municipality	$1,216	954	$135	45.4%	Low
11	Prčanj, Kotor Municipality	$1,200	299	$151	43.2%	Low
12	Kotor, Kotor Municipality	$1,189	532	$129	43.6%	Low
13	Muo, Kotor Municipality	$1,150	92	$151	49.1%	Low
14	Danilovgrad, Opština Danilovgrad	$1,084	19	$132	42.6%	Low
15	Đuraševići, Tivat Municipality	$1,030	37	$215	39.2%	Low
16	Škaljari, Kotor Municipality	$1,017	45	$104	45.3%	Low
17	Radovići, Tivat Municipality	$1,014	47	$260	32.4%	Low
18	Kuljače, Budva Municipality	$960	24	$234	30.7%	Low
19	Donja Lastva, Tivat Municipality	$958	120	$132	39.3%	Low
20	Lepetane, Tivat Municipality	$934	49	$105	46.6%	Low
21	Trojica, Kotor Municipality	$890	72	$127	39.5%	Low
22	Morinj, Kotor Municipality	$813	37	$161	39.8%	Low
23	Gornji Štoj - Shtoji i Epërm, Ulcinj Municipality	$798	74	$159	35.3%	Low
24	Tivat, Tivat Municipality	$763	420	$122	37.4%	Low
25	Pitomine, Žabljak Municipality	$729	28	$103	44.4%	Low
26	Ada Bojana, Ulcinj Municipality	$719	21	$182	33.9%	Low
27	Krašići, Tivat Municipality	$714	63	$144	37.8%	Low
28	Rafailovići, Budva Municipality	$708	137	$150	37.1%	Low
29	Sveti Stefan, Budva Municipality	$702	177	$156	31.5%	Low
30	Bečići, Budva Municipality	$701	309	$121	39.6%	Low
31	Seoca, Budva Municipality	$699	29	$140	36.4%	Low
32	Dobra Voda, Bar Municipality	$697	56	$133	35.4%	Low
33	Pečurice, Bar Municipality	$692	76	$140	36.6%	Low
34	Budva, Budva Municipality	$673	1,391	$104	39.0%	Low
35	Brca, Bar Municipality	$657	21	$215	40.8%	Low
36	Kruče - Kërruçi, Ulcinj Municipality	$656	35	$130	42.3%	Low
37	Baošići, Herceg Novi Municipality	$646	34	$97	40.0%	Low
38	Risan, Kotor Municipality	$640	106	$105	40.8%	Low
39	Kovačka Dolina, Žabljak Municipality	$637	30	$111	32.4%	Low
40	Gošići, Tivat Municipality	$618	18	$204	26.5%	Low
41	Kunje, Bar Municipality	$605	176	$130	34.9%	Low
42	Pržno, Budva Municipality	$601	138	$136	34.2%	Low
43	Buljarica, Budva Municipality	$592	70	$97	37.0%	Low
44	Boljevići, Bar Municipality	$590	60	$78	38.7%	Low
45	Zagrađe, Bar Municipality	$580	20	$125	37.0%	Low
46	Herceg Novi, Herceg Novi Municipality	$554	349	$98	37.4%	Low
47	Boreti, Budva Municipality	$541	117	$122	31.2%	Low
48	Virak, Žabljak Municipality	$539	30	$104	28.5%	Low
49	Đenovići, Herceg Novi Municipality	$539	61	$116	35.3%	Low
50	Provodina, Herceg Novi Municipality	$533	51	$107	40.1%	Low
51	Borje, Žabljak Municipality	$525	32	$108	33.7%	Low
52	Lastva Grbaljska, Kotor Municipality	$515	34	$91	37.3%	Low
53	Kumbor, Herceg Novi Municipality	$483	44	$96	37.8%	Low
54	Razvršje, Žabljak Municipality	$477	30	$95	32.6%	Low
55	Plužine, Plužine Municipality	$467	24	$67	35.5%	Low
56	Prijevor, Budva Municipality	$458	38	$206	31.4%	Low
57	Mrčevac, Tivat Municipality	$432	46	$94	32.4%	Low
58	Kavač, Kotor Municipality	$429	37	$167	19.7%	Low
59	Javorje, Žabljak Municipality	$420	22	$52	39.7%	Low
60	Žabljak, Žabljak Municipality	$419	246	$83	30.5%	Low
61	Motički gaj, Žabljak Municipality	$419	33	$110	31.0%	Low
62	Igalo, Herceg Novi Municipality	$400	68	$90	30.4%	Low
63	Šušanj, Bar Municipality	$395	145	$87	36.8%	Low
64	Kolašin, Kolašin Municipality	$392	125	$111	22.3%	Low
65	Bijela, Herceg Novi Municipality	$389	83	$92	32.6%	Low
66	Podgorica, Podgorica Capital City	$372	469	$57	33.0%	Low
67	Petrovac na Moru, Budva Municipality	$362	230	$88	33.7%	Low
68	Bigova, Kotor Municipality	$360	39	$103	35.5%	Low
69	Ulcinj, Ulcinj Municipality	$359	67	$106	32.4%	Low
70	Bar, Bar Municipality	$358	262	$76	31.6%	Low
71	Virpazar, Bar Municipality	$355	34	$73	30.8%	Low
72	Njegovuđa, Žabljak Municipality	$354	20	$94	32.2%	Low
73	Meždo, Žabljak Municipality	$352	32	$96	23.6%	Low
74	Sutomore, Bar Municipality	$344	126	$84	33.2%	Low
75	Ulcinj - Ulqin, Ulcinj Municipality	$334	384	$86	32.0%	Low
76	Meljine, Herceg Novi Municipality	$295	20	$75	30.1%	Low
77	Cetinje, Old Royal Capital Cetinje	$253	71	$60	28.0%	Low
78	Donji Štoj - Shtoji i Poshtëm, Ulcinj Municipality	$248	71	$92	27.0%	Low
79	Nikšić, Nikšić Municipality	$240	52	$53	27.8%	Low
80	Burtaiši, Bar Municipality	$207	20	$61	31.3%	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 $373/night, generating $2,191/month at 33.9% 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	$373	29	$2,191	33.9%	Low
2	Rađenovići, Budva Municipality	$318	25	$1,496	31.5%	Low
3	Radovići, Tivat Municipality	$260	47	$1,014	32.4%	Low
4	Podi, Herceg Novi Municipality	$256	25	$1,729	46.3%	Low
5	Kuljače, Budva Municipality	$234	24	$960	30.7%	Low
6	Luštica, Herceg Novi Municipality	$218	90	$1,406	37.6%	Low
7	Đuraševići, Tivat Municipality	$215	37	$1,030	39.2%	Low
8	Brca, Bar Municipality	$215	21	$657	40.8%	Low
9	Prijevor, Budva Municipality	$206	38	$458	31.4%	Low
10	Gošići, Tivat Municipality	$204	18	$618	26.5%	Low
11	Krstac, Budva Municipality	$201	18	$1,367	46.0%	Low
12	Bogišići, Tivat Municipality	$191	46	$1,235	40.9%	Low
13	Perast, Kotor Municipality	$186	88	$1,396	41.9%	Low
14	Ada Bojana, Ulcinj Municipality	$182	21	$719	33.9%	Low
15	Donji Orahovac, Kotor Municipality	$174	85	$1,283	43.9%	Low
16	Kavač, Kotor Municipality	$167	37	$429	19.7%	Low
17	Morinj, Kotor Municipality	$161	37	$813	39.8%	Low
18	Gornji Štoj - Shtoji i Epërm, Ulcinj Municipality	$159	74	$798	35.3%	Low
19	Dražin Vrt, Kotor Municipality	$157	37	$1,536	46.7%	Low
20	Sveti Stefan, Budva Municipality	$156	177	$702	31.5%	Low
21	Prčanj, Kotor Municipality	$151	299	$1,200	43.2%	Low
22	Muo, Kotor Municipality	$151	92	$1,150	49.1%	Low
23	Rafailovići, Budva Municipality	$150	137	$708	37.1%	Low
24	Krašići, Tivat Municipality	$144	63	$714	37.8%	Low
25	Pečurice, Bar Municipality	$140	76	$692	36.6%	Low
26	Seoca, Budva Municipality	$140	29	$699	36.4%	Low
27	Pržno, Budva Municipality	$136	138	$601	34.2%	Low
28	Dobrota, Kotor Municipality	$135	954	$1,216	45.4%	Low
29	Dobra Voda, Bar Municipality	$133	56	$697	35.4%	Low
30	Danilovgrad, Opština Danilovgrad	$132	19	$1,084	42.6%	Low
31	Donja Lastva, Tivat Municipality	$132	120	$958	39.3%	Low
32	Kruče - Kërruçi, Ulcinj Municipality	$130	35	$656	42.3%	Low
33	Kunje, Bar Municipality	$130	176	$605	34.9%	Low
34	Kotor, Kotor Municipality	$129	532	$1,189	43.6%	Low
35	Trojica, Kotor Municipality	$127	72	$890	39.5%	Low
36	Zagrađe, Bar Municipality	$125	20	$580	37.0%	Low
37	Boreti, Budva Municipality	$122	117	$541	31.2%	Low
38	Tivat, Tivat Municipality	$122	420	$763	37.4%	Low
39	Bečići, Budva Municipality	$121	309	$701	39.6%	Low
40	Đenovići, Herceg Novi Municipality	$116	61	$539	35.3%	Low
41	Kolašin, Kolašin Municipality	$111	125	$392	22.3%	Low
42	Kovačka Dolina, Žabljak Municipality	$111	30	$637	32.4%	Low
43	Motički gaj, Žabljak Municipality	$110	33	$419	31.0%	Low
44	Borje, Žabljak Municipality	$108	32	$525	33.7%	Low
45	Provodina, Herceg Novi Municipality	$107	51	$533	40.1%	Low
46	Ulcinj, Ulcinj Municipality	$106	67	$359	32.4%	Low
47	Lepetane, Tivat Municipality	$105	49	$934	46.6%	Low
48	Risan, Kotor Municipality	$105	106	$640	40.8%	Low
49	Škaljari, Kotor Municipality	$104	45	$1,017	45.3%	Low
50	Budva, Budva Municipality	$104	1,391	$673	39.0%	Low
51	Virak, Žabljak Municipality	$104	30	$539	28.5%	Low
52	Bigova, Kotor Municipality	$103	39	$360	35.5%	Low
53	Pitomine, Žabljak Municipality	$103	28	$729	44.4%	Low
54	Herceg Novi, Herceg Novi Municipality	$98	349	$554	37.4%	Low
55	Baošići, Herceg Novi Municipality	$97	34	$646	40.0%	Low
56	Buljarica, Budva Municipality	$97	70	$592	37.0%	Low
57	Meždo, Žabljak Municipality	$96	32	$352	23.6%	Low
58	Kumbor, Herceg Novi Municipality	$96	44	$483	37.8%	Low
59	Razvršje, Žabljak Municipality	$95	30	$477	32.6%	Low
60	Mrčevac, Tivat Municipality	$94	46	$432	32.4%	Low
61	Njegovuđa, Žabljak Municipality	$94	20	$354	32.2%	Low
62	Bijela, Herceg Novi Municipality	$92	83	$389	32.6%	Low
63	Donji Štoj - Shtoji i Poshtëm, Ulcinj Municipality	$92	71	$248	27.0%	Low
64	Lastva Grbaljska, Kotor Municipality	$91	34	$515	37.3%	Low
65	Igalo, Herceg Novi Municipality	$90	68	$400	30.4%	Low
66	Petrovac na Moru, Budva Municipality	$88	230	$362	33.7%	Low
67	Šušanj, Bar Municipality	$87	145	$395	36.8%	Low
68	Ulcinj - Ulqin, Ulcinj Municipality	$86	384	$334	32.0%	Low
69	Sutomore, Bar Municipality	$84	126	$344	33.2%	Low
70	Žabljak, Žabljak Municipality	$83	246	$419	30.5%	Low
71	Boljevići, Bar Municipality	$78	60	$590	38.7%	Low
72	Bar, Bar Municipality	$76	262	$358	31.6%	Low
73	Meljine, Herceg Novi Municipality	$75	20	$295	30.1%	Low
74	Virpazar, Bar Municipality	$73	34	$355	30.8%	Low
75	Plužine, Plužine Municipality	$67	24	$467	35.5%	Low
76	Burtaiši, Bar Municipality	$61	20	$207	31.3%	Low
77	Cetinje, Old Royal Capital Cetinje	$60	71	$253	28.0%	Low
78	Podgorica, Podgorica Capital City	$57	469	$372	33.0%	Low
79	Nikšić, Nikšić Municipality	$53	52	$240	27.8%	Low
80	Javorje, Žabljak Municipality	$52	22	$420	39.7%	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. Dobrota, Kotor Municipality leads Montenegro with 45.4% occupancy, $1,216/month revenue, and 954 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	Dobrota, Kotor Municipality	45.4%	954	$1,216	$135	Low
2	Kotor, Kotor Municipality	43.6%	532	$1,189	$129	Low
3	Bečići, Budva Municipality	39.6%	309	$701	$121	Low
4	Budva, Budva Municipality	39.0%	1,391	$673	$104	Low
5	Herceg Novi, Herceg Novi Municipality	37.4%	349	$554	$98	Low
6	Tivat, Tivat Municipality	37.4%	420	$763	$122	Low
7	Podgorica, Podgorica Capital City	33.0%	469	$372	$57	Low
8	Ulcinj - Ulqin, Ulcinj Municipality	32.0%	384	$334	$86	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 80 markets ranked on this page: 80 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 1,391 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 $2,191. 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?

Muo, Kotor Municipality has the highest occupancy rate in this comparison at 49.1%. 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 35.9% occupancy, and the top performer posts $2,191 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 35.9%. 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, 80 of 80 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 52 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 2026-04-09. Revenue figures are market averages, not projections. For full methodology, see the data methodology page.

Access Real-Time Airbnb API

This report is powered by our industry-leading Airbnb Data API, providing direct access to live short-term rental data from global markets like Montenegro. Use this data to build powerful analytics tools, discover investment opportunities, and inform your vacation rental strategy.

Get API Access

What Other Airbnb Markets Are in Montenegro?

Bar Municipality Budva Municipality Herceg Novi Municipality Kolašin Municipality Kotor Municipality Nikšić Municipality Old Royal Capital Cetinje Opština Danilovgrad Plužine Municipality Podgorica Capital City Tivat Municipality Ulcinj Municipality Žabljak Municipality