Market Reports, Investors, Whitefish

Whitefish 2026 Q2 Market Report

Published on Jul 24, 2026

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Brandon Grande

Manager of Business Development

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Dear Partners,

We hope you have had a great Q1 and enjoyed the early spring. As we head into another amazing Montana summer 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 Q2 2026 as compared to Q2 2025. We will also provide a look ahead to how we are seeing the fall shoulder season shaping up.

Report Sections

Market Overview
Market KPIs
Looking Ahead
Glossary

Market Overview

With an early spring, the short-term rental market in Whitefish had a strong Q2.  The Market was pacing above in all key metrics compared to Q2 2025, with RevPAR leading—up 36% YoY. This demonstrates that travelers were looking to take advantage of the warmer-than-average temperatures, and with significantly higher ADR numbers from the same time last year. They were willing to pay a premium for luxury accommodations, particularly those with thoughtful features and amenities. The pricing power trend we saw in 2025 has certainly continued into Q2 of 2026, as guests continue to prioritize quality, location, and experience. Homes in and around Whitefish and Downtown Whitefish continue to perform well, the more outlying homes and lake properties are starting to come online as we get closer to summer, and guests are looking to take advantage of our pristine lakes and rivers here in the Flathead Valley.

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 37 property managers and from privately managed rentals with +/- 650 properties—all of which are located within the Flathead Valley. 

Average Daily Rate (ADR)

Average Daily Rate (ADR) 2026 Whitefish

The Whitefish Market saw a 14.4% increase in ADR over Q2 2025, which shows that travelers were looking to take advantage of the early spring and warmer-than-average temperatures in the Flathead Valley. Natural Retreats continues to maintain a premium in rate with our luxury portfolio, achieving an ADR of $372 vs the Market’s $341. As a leader in service and guest satisfaction levels, this reflects guests being willing to pay a premium for elevated experiences and properties.

 

Q2 2026: $341 (+14.4%)

Q2 2025: $298

Adjusted Paid Occupancy

Adjusted Paid Occupancy 2026 Whitefish

The Market saw a 19.6% increase in Occupancy over Q2 2025. This growth—in tandem with the growth in ADR—suggests that professional short-term rental managers are optimizing rates and length of stay to meet homeowner needs with increasing rates, while not pricing so high as to deter bookings. 

 

Q2 2026: 29.9% (+19.6%)

Q2 2025: 25.0%

Adjusted Revenue per Available Rental (RevPAR)

RevPar 2026 Whitefish

The Whitefish Market saw a substantial 36% increase in RevPAR as a result of increases in both ADR and Occupancy. This is driven in large part by professional short-term rental managers utilizing increasingly accurate and detailed data in conjunction with local market knowledge to drive rate and length of stay requirement decisions to optimize revenue.

 

Q2 2026: $102 (+36%)

Q2 2025: $75

Natural Retreats vs. Whitefish Market

2026 Natural Retreats Vs Market Whitefish

While Natural Retreats’ ADR of $372 beat the Market’s $341, our RevPAR fell slightly to $81, vs the Market’s $102.  As ski-in/ski-out homes begin to take more of a backseat on the mountain, larger properties with 5 bedrooms or more for summer family gatherings began to put up higher numbers, which will continue into summer for weddings, family reunions, and group vacations. Three to four bedroom properties still remain steady for single family vacations and smaller group vacations.

Our Revenue Management team is keeping a watchful eye on our portfolio and the overall market, and our dedicated Marketing team is looking for opportunities to maximizing yield for Q3. With dynamic pricing software and global marketing reach with known luxury travelers, we are looking to boost revenue for our homeowners in Q3. 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. The result: market-leading revenues and increased net owner income via minimized maintenance expenses.

Looking Ahead

Airport closures lead to limited flight availability to the Flathead Valley in the month of July, affecting some key dates and events that drive bookings through the summer, such as the Fourth of July and Under the Big Sky. ADR is pacing ~4.2% ahead of same time last year, and Occupancy and RevPAR are both up slightly in Q2 from same time last year. We are seeing more demand for late-summer and early fall bookings. Disciplined rate management is helping to increase overall revenue for our homeowners despite the softer demand. Rates have been 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 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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We’re actively seeking partnerships with real estate professionals who want to bring added value to their clients. Whether your buyers are exploring vacation home investment or sellers need a compelling income story, we’re here to help with:

  • Complimentary revenue projections
  • Pre-market rental assessments
  • Seamless onboarding for new homeowner clients
  • Consultation of current short term rental regulations

At Natural Retreats, we provide expert vacation rental management designed to drive returns and preserve property value. We're actively partnering with local agents to help buyers and sellers unlock the full potential of short-term rentals.

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Vacation Rental Management

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