Buying a second home in Aspen.
What the market is doing, how Aspen caps short-term rental permits, and how to own, with introductions to trusted local agents.
Talk with RobThe town in brief.
Aspen is a historic mining town in the Roaring Fork Valley with four ski mountains nearby: Aspen Mountain, Aspen Highlands, Buttermilk and Snowmass. Aspen/Pitkin County Airport sits just outside town.
Aspen draws buyers for its culture, dining and year-round events as much as the skiing. It also has some of the strictest short-term rental rules in the Mountain West, with permit caps in most residential zones and one of the highest rental tax rates.
Fewer sales, strong high end.
Aspen and Snowmass Village, from The Estin Report, a local market report.
Source: The Estin Report, Q3 and September 2026 Aspen Snowmass snapshot. Excludes deed-restricted and fractional sales.
Vacation rentals: costs and results
Aspen taxes investment rentals heavily, and supply grew faster than demand last winter.
Sources: City of Aspen, lodging and short-term rental taxes; AirROI, ski market winter 2026-2027, data as of July 29, 2026. Past results do not predict future income.
Where you can rent nightly.
Inside the City of Aspen, every short-term rental needs a city permit and a business license. Second homes and investment properties use a Classic permit, which is capped in most residential zones. Snowmass Village and unincorporated Pitkin County set their own rules. Last checked November 13, 2026.
Classic permits not capped
- Commercial and lodge zones: C-1, CC, L, CL, LP and LO
- Mostly downtown condos and lodge-style buildings
- $394 permit plus $150 business license each year
Classic permits capped by zone
Residential zones have a fixed number of Classic permits, for example 81 in R-6, 47 in R-15 and 190 in R/MF. If a zone has room, you can apply; if not, you join a waitlist. Owners who live in the home as a primary residence can rent up to 120 nights a year under a separate permit.
Zones at their cap: waitlist only
When a zone is full, a new owner cannot rent nightly until a permit opens. Waitlist spots are held in order of application, with a $394 nonrefundable fee. Ask the seller whether an existing permit can be used, and confirm with the city.
Match the home to the rules.
Nightly rental investment
Focus on downtown commercial and lodge zones where permits are not capped, and budget for the 22.35% tax on Classic rentals.
Private home
Most of Aspen's single-family neighborhoods are capped, so many buyers plan for personal use, or leases of 30 days or more, which do not need a short-term permit.
Co-ownership
Shares of luxury homes are available through co-ownership. Use schedules, fees and resale terms vary by home. Ask us which co-owned homes are available now.
Aspen FAQ
Can I short-term rent a home in Aspen?
Yes, with a City of Aspen permit and business license, but Classic permits for second homes and investment properties are capped in most residential zones. Commercial and lodge zones such as C-1, CC, L, CL, LP and LO are not capped. Snowmass Village and Pitkin County have their own rules.
What taxes apply to short-term rentals in Aspen?
Starting in 2026, the total sales and lodging tax is 22.35% for Classic (investment or second home) rentals and 17.35% for owner-occupied rentals, according to the City of Aspen.
How is the Aspen market doing in 2026?
Aspen and Snowmass dollar sales were $1.88 billion through October 2026, down 19% from a year earlier, while the high end stayed strong, according to The Estin Report.
Is co-ownership available in Aspen?
Yes. Shares of luxury homes are available through co-ownership. Ask us which co-owned homes are available now.
Do you charge buyers a fee?
No. There is no fee to buyers for our guidance.
Thinking about Aspen?
Tell us what you have in mind and we will introduce you to a trusted local agent and share what fits your plans.