Market Overview

The Big Sky vacation rental market remained steady in 2025 as compared with 2024, while many markets in our competitive set experienced great volatility.  Big Sky saw mixed results during Q3 this year, with a modest uptick in ADR combined with a modest decline in APO.  This resulted in RevPAR flat to slightly up year over year.

Overall annual rental performance was mixed, with a slower summer season and a strong start to the year with great snow for the first quarter of the year.  While economic uncertainties have led to a decrease in lower and middle-income visitors and geopolitical concerns have decreased the amount of Canadian and overseas visitors, Big Sky remains well positioned to capitalize on the more affluent domestic demographic that our market continues to appeal to. Those who are traveling to luxury destinations are prioritizing quality and comfort, with a focus on the experience at the core of their travel. Big Sky’s ever-increasing airlift, access to the outdoors, and world-class skiing position us nicely to meet this demand. Vacation rental managers with high-end portfolios and a focus on guest service, such as Natural Retreats, are able to outperform in an increasingly competitive marketplace.

2025 Key Performance Indicators  

The Data

The data below was sourced from Key Data, a third-party short-term rental analytics provider sourcing authoritative data from 10 property managers and from privately managed rentals with +/- 1,350 properties, all of which are located within the BSRAD boundary.  Key Data refers to the market within the BSRAD boundary, as Greater Big Sky.

Looking Ahead

Now let’s look ahead through the remainder of the 2026 ski season (April). It’s no secret that Big Sky, along with the Rocky Mountain West, is not off to a great start to the winter in terms of snowpack and ski conditions. The Greater Big Sky market appears to be holding onto high rates as of the start of 2026 as evidenced by an 8.7% increase in ADR and a modest 8.2% increase in APO. Natural Retreats has flexed slightly on rates now that we have secured the benefit of advanced bookings at higher dollar amounts. The result of this is a slight decrease of 1.7% in ADR, along with a strong 36.7% increase in YoY APO. Natural Retreats is currently pacing 34.4% ahead of the same period last year in RevPAR, while the Greater Big Sky market is seeing roughly half of that with a 17.6% increase with RevPAR currently at $441. Professional, industry-leading brands like Natural Retreats are demonstrating that we can outperform the market and deliver stronger returns to our homeowners. We’re accomplishing this by employing robust teams of specialists in Marketing and Revenue Management, adopting new technologies, and adapting to market conditions in real time.