Several studies have predicted a loss of quaking aspen (Populus tremuloides) from many western landscapes, but other studies have suggested that aspen persistence is driven by local site factors. Increased frequency of acute drought has been implicated as an important factor driving overstory mortality and reduced regeneration densities in the region. We investigated the relationship between aspen regeneration and site moisture availability potential using ecosystem type as a proxy. We hypothesized that aspen stands growing along perennial-flowing streams would support higher aspen regeneration densities than upland aspen stands. We compared stand structure, groundcover composition, and regeneration densities of nine riparian aspen stands with nine paired upland aspen stands in the Caribou-Targhee National Forest. Aspen regeneration densities were significantly higher in the riparian aspen stands (845. 3 + 318.7 stems ha-1) compared to the upland aspen stands (249.1 + 74.1 stems ha-1) for regeneration shorter than one meter (p = 0.0391). Riparian stands also exhibited significantly higher forb (p< 0.001) and graminoid (p < 0.001) cover compared to upland aspen stands, suggesting that riparian sites provided higher site moisture availability. We suggest that riparian areas may provide refugia for aspen in the future considering projections of increased incidence of acute drought.