Market Overview

Despite the lackluster snowfall and less-than-ideal conditions on the mountain, the short-term rental market here in Big Sky outperformed the same quarter last year in every performance metric during Q1. Adjusted Paid Occupancy (ADR) and RevPAR both saw a meaningful uptick. The balanced growth of these metrics indicates that supply and demand have come back into balance and rental properties are being priced right for our guest demographics.

This increase can be attributed partly to the fact that Big Sky had better conditions than much of the Rocky Mountain West this winter. But another important factor is that forward performance in the short-term rental space is somewhat protected. This is due to our cancellation policies that typically require a guest to cancel 30-60 days prior to arrival in order to receive a refund—and many visitors aren’t willing to write off their highly anticipated vacations that far in advance. Occupancy also saw a boost with last-minute bookings coming in during many of the storm cycles we did see.

Key Performance Indicators  

The Data

This data 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

While it’s still a bit early to make a call on our summer 2026 performance, the Market is pacing slightly ahead for Q2 and Q3 over 2025. We often see higher ADR and Occupancy at this point in the booking window, only to see those metrics normalize as we get into the summer months. This is largely attributable to early summer bookings garnering higher rates as guests seek to secure very specific and unique accommodations to meet the needs of larger parties for family reunions, weddings—or to just serve as a base camp for exploring Yellowstone and the Big Sky area. As the booking window shrinks, we tend to see smaller groups booking the more commoditized accommodations (condos, townhomes, cabins) that do not command the same premium and are discounted the closer to arrival the guest books, resulting in overall performance normalizing year-over year. 

As it stands at the end of Q1, the Big Sky market ADR is pacing 17.7% ahead of same time last year for the dates of April 1-Sept. 30, 2026. Adjusted Paid Occupancy is pacing 12.5% ahead. RevPAR is pacing 32.5% ahead.