Frisco vs. Keystone vs. Breckenridge: Which Summit County Town is Best for a Short-Term Rental?

If you're buying in Summit County specifically to short-term rent, the town you choose matters as much as the property itself. Each town has its own licensing rules, its own cost structure, and its own path to getting you up and running. Here's the honest breakdown.

Frisco: Great Town, But There's a Cap and a Waitlist

Frisco is one of the most popular places to buy in Summit County. Walkable main street, central location, access to five ski areas. For a lot of buyers it checks every box.

The problem right now is the STR license situation. In 2022, Frisco capped short-term rental licenses at 25% of its residential housing stock — about 900 licenses total. The cap was hit in February 2023. Since then, new applicants go on a waitlist, and there is no guaranteed timeline for how long that wait will be.

If you buy in Frisco today, you can get on the waitlist, but you cannot legally short-term rent until your number comes up. For buyers who need rental income to make the purchase work from day one, that's a dealbreaker.

For current waitlist numbers and official details: friscogov.com

Keystone: No Cap, Apply After You Close

Keystone is the most straightforward option for STR buyers right now. There is no cap on licenses, which means you buy the property, close, apply for your license, and get to work. No waitlist, no competing against a queue.

The annual STR license fee in Keystone is $285 — a flat fee, no per-bedroom charges. Combined with the lowest STR tax rate in Summit County at 8.35%, Keystone's operating cost structure is the most predictable of the three towns.

One thing specific to Keystone: some neighborhoods fall under the Keystone Neighborhood Company (KNC), which adds a 2% RETA fee at purchase and ongoing annual AREA assessments. Worth knowing before you make an offer on a KNC property.

Official Keystone STR info: keystoneco.gov/short-term-rentals

Breckenridge: Zone First, Everything Else Second

Breckenridge has the strongest brand recognition in Summit County, and that does drive rental demand. But the STR rules here are the most layered of the three towns.

Licensing is zone-based. If STR income is part of your buying decision, you need to be in the Resort Zone or Zone 1. Before you fall in love with any Breckenridge property, the first question is always: what zone is this in? If it's not in the right zone, it's not an STR play, full stop.

Breckenridge also charges an annual regulatory fee of $756 per bedroom on STR properties. A two-bedroom unit runs $1,512 per year in that fee alone, on top of taxes. The town's court upheld this fee in March 2026.

Official Breckenridge STR and tax info: townofbreckenridge.com

A Note on Taxes and Transfer Costs

Keystone has the lowest combined STR tax rate in Summit County at 8.35%. Frisco's structure includes a 5% STR excise tax on top of regular sales and lodging taxes. Breckenridge sits in between on taxes but adds the $756 per bedroom annual fee.

Transfer taxes across Summit County run between 0-2% of the purchase price depending on the town. Budget for that at closing.

For the most current tax breakdowns, use the official town pages linked above.

So Which Town Is Right for You?

If you need to start renting right away: Keystone. No cap, lowest tax rate, apply after closing.

If Frisco is your preference for lifestyle reasons: go in knowing the waitlist is real, with no guaranteed timeline. Plan to hold for personal use until your license comes through.

If Breckenridge is the goal: start with the zone. Resort Zone or Zone 1. Everything else comes after that.

One thing that applies in all three towns: check the HOA before you make an offer. Even in the right zone, in the right town, some HOAs restrict or prohibit short-term rentals. That's part of the document review process we walk through with every buyer.

If you're trying to figure out which town makes sense for your situation, reach out. This is exactly the kind of conversation we have every day.

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FAQ

Can you short-term rent in Frisco, Colorado?
Frisco allows short-term rentals, but new licenses are capped at 25% of the town's residential housing stock. That cap was hit in February 2023, and new applicants go on a waitlist with no guaranteed timeline. Buyers who need STR income from day one should look at Keystone instead. Current waitlist info: friscogov.com

Does Keystone have a cap on short-term rental licenses?
No. Keystone does not cap STR licenses. You can purchase a property, close, and apply for your license without competing against a waitlist. It's the most straightforward STR path in Summit County right now.

What zones allow short-term rentals in Breckenridge?
Breckenridge uses a zone-based licensing system. If STR income is part of your buying decision, you need to be in the Resort Zone or Zone 1. Properties outside those zones have significant restrictions or don't allow STRs at all.

What is the STR tax rate in Keystone, Colorado?
Keystone has a combined STR tax rate of 8.35%, the lowest in Summit County. Full details at keystoneco.gov/lodging-tax-information.

What is the $756 per bedroom fee in Breckenridge?
Breckenridge charges an annual regulatory fee of $756 per bedroom on STR properties, on top of regular lodging and sales taxes. A court upheld this fee in March 2026. It's a real line item to factor into your operating costs before buying.