High mountain peaks above Twin Lakes, Colorado
Colorado STR Markets · Lake County

Twin Lakes STR Investing

Independence Pass · Mount Elbert · Twin Lakes Village · Leadville

Twin Lakes sits at the foot of Colorado's two tallest peaks, on the road to Aspen over Independence Pass. It's unincorporated Lake County, where investor licenses are capped and nearly gone.

By , licensed Colorado broker (license IR.100066325) · Published · Updated

See the Portfolio
Investor Licenses
135 cap
Countywide Standard licenses
Available
9
As of Sept 24, 2026
2BR Asking Rate
$195–$330
Middle half, next 12 months
Occupancy
About 53%
All sizes, past 12 months

License counts: Lake County STR page, updated September 24, 2026. Rates and occupancy: PriceLabs market data for 58 comparable two-bedroom listings around Twin Lakes (occupancy across all sizes), pulled October 24, 2026. Rates are current asking prices for the next 12 months, not booked rates. Occupancy covers October 2025 to September 2026.

Key takeaways

  • Twin Lakes is unincorporated Lake County. Investors need a Standard STR license, capped at 135 countywide, and 9 were available as of September 24, 2026.
  • The Community Housing Overlay allows no more than 19 Standard licenses, and none were left there in September 2026. Once licenses run out, applications go on a first-come waitlist.
  • Renewing a Standard license requires at least 14 rented days in the prior term. The county page doesn't say whether a license transfers, so plan on applying in your own name.
  • Demand is summer-first, fed by Mount Elbert, Independence Pass and Aspen traffic. Covest checks the overlay, how many licenses remain, septic, well and winter access.
Is an Airbnb Legal in Twin Lakes?

Yes. While Licenses
Last.

Lake County issues two STR licenses under Land Development Code Section 5.2.18. A Primary license is for an owner's (or owner-approved tenant's) primary residence and has no cap. A Standard license is for everything else, which is the investor path, and it's capped at 135 countywide, with no more than 19 in the Community Housing Overlay and none in manufactured home communities.

As of September 24, 2026, the county listed 9 Standard licenses available countywide and none left inside the Community Housing Overlay. That's down from 11 in January. Once they're gone, complete applications go on a first-come waitlist.

Keeping a Standard license takes use: renewal requires proof the unit was rented at least 14 days in the prior term.

The Rulebook

Twin Lakes STR Rules,
Line by Line.

Lake County's rules for an investor buying in Twin Lakes.

Standard license
Non-owner-occupied STRs need a Standard license from Lake County Community Planning & Development.
Investor OK
Countywide cap
135 Standard licenses countywide; 9 available as of September 24, 2026. Waitlist when they run out.
Capped
Community Housing Overlay
No more than 19 Standard licenses inside the overlay, and none available there as of September 2026. Check the parcel on the county map.
Full
Primary license
Owner-occupied (or owner-approved tenant) primary residences. No cap; two proofs of residency plus an affidavit.
No cap
Minimum use
A Standard license renewal requires at least 14 rented days in the prior term.
14 days
Safety and septic
Fire safety check by Leadville Lake County Fire Rescue every three years ($50). Septic inspection report if the home is on septic.
Inspections
On a sale
The county page doesn't answer whether a license transfers. Assume you'll apply in your own name and confirm with the county.
Confirm
Summarized from the Lake County Short-Term Rentals page (availability updated September 24, 2026), checked October 2026. The county has discussed further policy changes; confirm current rules and availability before you buy.
Market Numbers

What Twin Lakes STRs
Are Asking.

Across 58 comparable two-bedroom listings around Twin Lakes, the middle half of asking rates for the next 12 months runs $195 to $330 a night. Three-bedroom homes (24 comps) ask $351 to $507.

Occupancy across all sizes averaged about 53% from October 2025 to September 2026. Summer carries the year: July hit 71%, and June through September held near 70%. April dropped to 27%, and November wasn't far behind.

This is a summer-first market fed by Mount Elbert, Independence Pass and Aspen traffic, with a quieter ski-season tail from Ski Cooper and Copper.

Before Any Offer

What I Check in Twin Lakes

With a handful of licenses left, the license question comes before the house.

  • Whether the parcel is inside the Community Housing Overlay.
  • How many Standard licenses remain and how long the waitlist is when you're ready to buy.
  • Septic and well, since most homes here are off the grid of city services.
  • Winter access, as Independence Pass closes seasonally and some roads aren't plowed.

Considering Twin Lakes?

Send me the address. I'll check the overlay, the license count and the septic, and tell you if there's a real path to renting it.

Send Me an Address
Twin Lakes STR FAQ

Questions Investors Ask Covest

Q.Can you run an Airbnb in Twin Lakes, Colorado as an investor?
Yes, with a Lake County Standard STR license. Standard licenses are capped at 135 countywide, and 9 were available as of September 24, 2026. After that, applications go on a first-come waitlist.
Q.What is the Lake County Community Housing Overlay?
An area where Lake County limits Standard STR licenses to 19. As of September 2026 none were available inside the overlay. The county's GIS map shows whether a parcel is in it.
Q.Do you have to rent a Lake County STR to keep the license?
Yes. Renewing a Standard license requires proof the unit was rented at least 14 days in the prior license term.
Q.What inspections does a Twin Lakes STR need?
A fire safety check by Leadville Lake County Fire Rescue every three years ($50), plus a septic inspection report at application if the home is on septic.

Sources

Covest LLC is a licensed Colorado real estate brokerage. This page is general information, not legal or tax advice, and rules change. Confirm current requirements with the Lake County Community Planning & Development before you buy.

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