Christopher Stenger
Regional Manager of Business Development
Dear Partners,
As we close out the third quarter and head into another winter in Park City, I wanted to share a look at how the local short-term rental market performed through the summer months.
The following report outlines performance trends for July, August, and September 2025 compared to the same period last year, highlighting how the Park City market continues to evolve and where Natural Retreats remains well positioned heading into the new season.
Market Overview
2025 reflected a year of relative stabilization across the Park City vacation rental market following the volatility of recent years. Booking behavior became more measured, with greater pricing sensitivity, shorter booking windows, while there’s still a demonstration for preference for professionally managed, high-quality lodging.
While broader market conditions introduced moderate rate pressure, Natural Retreats’ Park City portfolio remained well positioned, supported by disciplined revenue management, strong local operations, and sustained demand for premium properties.
2025 Key Performance Indicators
The Data
Sourced from Direct. Data represents approximately 86 property managers and 3,600 vacation rentals across the greater Park City area.
Average Daily Rate (ADR)
Average Daily Rate (ADR):
The Park City market experienced continued pricing pressure in 2025, with market ADR declining 5.0% year over year to $483 as increased competition and value-driven traveler behavior influenced rate setting. The market observed shorter booking windows after Q1 which certainly contributed to more competitive pricing. Additionally, unfavorable snow accumulation played a significant role in the lack of last-minute pickup for December 2025.
Park City Market Occupancy
Occupancy:
Across the broader market, occupancy edged slightly higher to 27.3% in 2025, reflecting a 1.5% increase over last year. Consistent supply, shorter booking windows, and more competitive pricing certainly offered occupancy (and overall revenue generation) growth year-over-year, with particular occupancy growth occurring in the summer months among mid-tier inventory.
Park City Market RevPAR
Revenue per Available Rental (RevPAR):
Market RevPAR declined 3.6% to $132 in 2025 as rate pressure and competitive supply weighed on revenue performance. The most impactful decline in RevPAR occurred in December, likely as a result of the snow conditions and lack of last-minute pickup.
Despite these conditions, Natural Retreats maintained stable RevPAR and drove modest growth over 2025. This stability underscores the effectiveness of Natural Retreats’ pricing discipline and demand strategy in a competitive environment.
Average Length of Stay
The broader market saw average stays shorten to 4.0 nights in 2025 as travelers demonstrated increased price sensitivity and more frequent shorter trips.
In contrast, Natural Retreats extended average length of stay to 5.0 nights, up from 4.9 nights in 2024, supporting stronger operational efficiency and guest experience.
Portfolio and Inventory Context
We observed a steady growth pattern throughout the year for inventory, in the form of Available Nights. Overall though, inventory remained relatively consistent with 2024’s. Based on current trajectory, we would expect this growth to proceed into 2026, increasing competitive pressure and contributing to rate compression and more aggressive discounting among mid-tier properties.
Looking Ahead
Performance entering 2026 is tracking below the same period last year across core market KPIs, largely influenced by shorter booking windows and early-season ski conditions. December performance was impacted by below-average snow accumulation, which reduced last-minute booking activity across the broader market.
Submarket performance has varied. Deer Valley–oriented inventory has demonstrated stronger rate stability and more consistent demand, supported by destination-driven travel and higher-end guest profiles. Park City Mountain–adjacent inventory has shown greater sensitivity to weather conditions and short booking behavior, particularly outside of peak holiday periods.
As conditions improve and booking windows extend, booking activity remains fluid, with continued opportunity for pickup through the remainder of the winter season.
KEY-DATA KPI DEFINITIONS
Glossary
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