Market Reports, Investors, Whitefish

Whitefish 2026 Q1 Market Report

Published on Apr 20, 2026

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Tim Drain

Tim Drain

Regional Manager of Business Development

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Dear Partners,

We hope your spring is off to a great start and you were able to make the most of a lighter snowfall this past winter. As we wrap up another ski season here in Whitefish, we want to share the most up to date short-term rental data, along with our perspective on how it applies to our market. This review provides an overview of Key Performance Indicator (KPI) trends for Q1 2026 compared to Q1 2025. We’ll also provide a look ahead at how we’re seeing the summer season shaping up.

Report Sections

Market Overview
Market KPIs
Looking Ahead
Glossary

Market Overview

The Whitefish short-term rental market demonstrated resilient performance in Q1, with steady gains across key metrics despite less favorable winter conditions. Modest growth in Average Daily Rate (ADR), coupled with a meaningful increase in Occupancy, signals a balanced and disciplined pricing environment where demand remains strong and operators are optimizing for both rate and booking volume. As a result, overall revenue production for the greater market improved year-over-year. The pricing power trend we saw in 2025 has certainly continued into Q1 of 2026, as guests continue to prioritize quality, location, and experiences. Homes on Whitefish Mountain and in downtown Whitefish continue to perform well, while the more outlying homes and lake properties saw the softest performance this past quarter, as they are more attractive to summer visitors.

2025 Key Performance Indicators

The Data

The data was sourced from Key Data, a third-party short-term rental analytics provider sourcing authoritative data from 37 property managers and from privately managed rentals with +/- 650 properties, all of which are located within the Flathead Valley.  Key Data refers to the market within the boundary as Glacier Country.

Average Daily Rate (ADR)

Average Daily Rate (ADR) 2026 Whitefish

 

Average Daily Rate (ADR):

The Whitefish market saw a modest 4% increase in ADR over Q1 2025. In light of a subpar winter for snowfall, this shows that Whitefish still maintains pricing power—particularly in ski and downtown properties offering comfort, quality, and amenities. Natural Retreats continues to maintain a premium in rate with our luxury portfolio, achieving an ADR of $516 vs the Market’s $433. As a leader in service and guest satisfaction levels, this reflects guests being willing to pay a premium for elevated experiences and properties.

 

Q1 2026: $433 (+4.0%)

Q1 2025: $416

Adjusted Paid Occupancy

Adjusted Paid Occupancy 2026 Whitefish

 

Adjusted Paid Occupancy (APO):

The Market saw a 13.7% increase in Occupancy over Q1 2025. This growth in Occupancy, with more modest growth in ADR, suggests that professional short-term rental managers are being mindful of satisfying homeowner needs with increasing rates while not pricing too high and deterring bookings. Natural Retreats achieved an Occupancy rate of 29.6% vs the Market’s 21.8% due to our portfolio mix focusing on high-end properties in sought after locations on the mountain and downtown.

 

Q1 2026: 21.8% (+13.7%)

Q1 2025: 19.2%

Adjusted Revenue per Available Rental (RevPAR)

RevPar 2026 Whitefish

 

Adjusted Revenue per Available Rental (RevPAR):

The Whitefish Market saw a meaningful 18.2% increase in RevPAR as a result of increases in both ADR and Occupancy. This was driven in large part by professional short-term rental managers utilizing increasingly accurate and detailed data to drive rate and length of stay requirement decisions to optimize revenue.

 

Q1 2026: $94 (+18.2%)

Q1 2025: $80

2026 Natural Retreats Vs Market Whitefish

Natural Retreats vs. Whitefish Market - 2025

Natural Retreats’ Market-beating ADR and Occupancy have once again resulted in a RevPAR of $175 vs the Market’s still healthy $94. With a dedicated Revenue Management team keeping a watchful eye on our portfolio and the overall market, dynamic pricing software maximizing yield in real time, along with a global marketing reach with known luxury travelers, we are positioned to maximize revenue for our homeowners. Add to that our local operations team caring for our homes and driving repeat guest stays though exceptional service levels, and you have a winning combination resulting in not only market-leading revenues but also increased net owner income by minimizing maintenance expenses.

Looking Ahead

Whitefish is poised for another strong summer rental season. All key metrics are pacing well ahead of same time last year. ADR is pacing ~5% ahead of last summer, while Occupancy and RevPAR are both pacing 30+% ahead of last summer. Holiday and event weekends such as Independence Day and “Under the Big Sky” are supporting the growth in ADR, while disciplined rate management is leading to the increase in Occupancy and RevPAR. These metrics are currently being boosted by higher ADRs on advanced summer bookings. While we expect to end the summer ahead of last year given the strong pacing to date, this growth is likely to contract somewhat, as shorter stays and last-minute bookings at discounted rates for off-peak periods are realized across the market.

KEY-DATA KPI DEFINITIONS

Glossary

 

  • ADR (Average Daily Rate) measures the average Unit Revenue paid by guests for the Guest Nights in a given time period. ADR = Unit Revenue (Nightly) / Guest Nights.
  • APO (Adjusted Paid Occupancy) calculates the percentage of Guest Nights out of the total nights available for guests to book, or the Nights Available. Adjusted Paid Occupancy = Guest Nights / Nights Available.
  • Adjusted RevPAR (Revenue Per Available “Room”) is calculated by multiplying the Adjusted Paid Occupancy % by the ADR. A critical KPI for measuring revenue performance, Adjusted RevPAR takes into account both the average rate at which you booked the property (ADR) and the number of nights it was booked less owner nights and holds (Adjusted Paid Occupancy).  This provides a better indicator of overall performance when compared to looking at the ADR or the Occupancy alone. Adjusted RevPAR = Adjusted Paid Occupancy % x ADR (or) Total Unit Revenue / Total Available Paid Nights in a given period.
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Partner with Natural Retreats

We continue to serve as a resource for real estate professionals and their clients across throughout the Flathead Valley. Here’s how we can help you and your buyers or sellers succeed in today’s competitive market:

  • Complimentary rental income assessments
  • Pre-listing revenue projections for investment buyers
  • Seamless onboarding for new vacation rentals
  • Expert guidance on zoning, compliance, and permitting

 

If you’re working with clients looking to invest in or optimize a vacation rental, let’s connect. Our team is dedicated to helping homeowners earn more, worry less, and deliver unforgettable Montana experiences.

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Vacation Rental Management

Discover how partnering with Natural Retreats can help you succeed. Our Homeowner Experience Guide includes all you need to know about vacation rental management in destinations.

 

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