This report examined the role short-term rentals (STRs) play in Montana’s housing challenges, building on earlier ITRR research (Bigart et al., 2021). Using a mixed-methods approach, the study analyzed STR and housing data from 2019 to 2023 and incorporated interviews with local officials to assess evolving regulations, occupancy patterns, and perceptions of STR impacts. Findings highlight that STRs interact with broader market forces contributing to tight housing conditions and underscore the need for balanced policy approaches that support housing supply and affordability while sustaining tourism-related economic activity.