Market Reports, Investors, Whitefish

Whitefish Q3 Market Report 2025

Published on Oct 18, 2025

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Nicholas Muus

Manager of Business Development

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Dear Partners,

As we move through the back half of 2025, the Whitefish vacation rental market continues to demonstrate both strength and stability. Q3 represents the peak season for Northwest Montana’s short-term rental market, powered by Glacier National Park visitation, lakefront travel, and a steady flow of family vacations and outdoor adventure seekers. Despite broader economic caution, traveler demand in Whitefish remains resilient, with consistent occupancy and continued rate discipline among top-performing homes.

Report Sections

Market Overview
Market KPIs
Looking Ahead
Glossary

Market Overview

The summer season delivered another strong showing for the Whitefish short-term rental industry. The region’s sustained appeal as a gateway to Glacier National Park, coupled with its growing reputation for boutique lodging and design-forward homes, continues to attract travelers looking for both adventure and comfort.

While occupancy softened slightly year-over-year, average daily rates strengthened, underscoring traveler confidence and a healthy market balance between rate and volume. Professionally managed homes, particularly those with proximity to Whitefish Lake, downtown, and the resort, once again led performance across all key metrics.

Q3 2025 Key Performance Indicators

The Data

This 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) Q3 2025 Whitefish

 

Average Daily Rate (ADR):

ADR rose by an impressive 12% compared to last year. This increase highlights both continued guest appetite for premium vacation rentals and the strength of professional management revenue strategies. Despite macroeconomic uncertainty, nightly rates held strong, supported by high-quality inventory and robust summer demand. Homes offering premium amenities, such as outdoor living spaces, lake access, and updated interiors, continue to command the highest rates.

Adjusted Occupancy Rate

Adjusted Occupancy Rate Q3 2025 Whitefish

 

Adjusted Occupancy Rate:

Occupancy dipped modestly year-over-year, suggesting increased price sensitivity. A significant increase in available nights has also created a more competitive environment and offers travelers more options.  However, this remains a healthy level for a peak season marked by more discerning traveler behavior. Homes with flexible stay requirements, strong reviews, and active pricing management were best positioned to sustain higher occupancy levels.

Adjusted Revenue per Available Rental (RevPAR)

RevPar Q3 2025 Whitefish

 

Adjusted Revenue per Available Rental (RevPAR):

RevPAR increased 5.9% year-over-year, driven by the significant ADR growth that offset a moderate dip in occupancy. This improvement underscores the importance of strategic rate management and value-driven guest experiences. Overall, Q3 performance reflects steady, sustainable revenue growth across the Whitefish market.

Natural Retreats vs. Whitefish MArket - Q3 2025

Natural Retreats portfolio once again outperformed the broader market, delivering a 27% premium in RevPAR relative to local averages with NR delivering our homeowners a $321 average, while the overall market performance came in at $251. This consistent outperformance underscores the strength of our approach: curated inventory, proactive revenue management, and a reputation for exceptional guest experience. The continued strength of our portfolio’s RevPAR is a prime example of how premium experience homes continue to successfully demand premium rates through diligent marketing, competitive pricing, and white glove guest services. 
 
Our team’s use of dynamic pricing, data-driven rate and minimum length of stay requirements, along with strategic placement across booking platforms allowed us to maintain premium rates while keeping occupancy competitive. Moreover, the Natural Retreats brand continues to attract discerning travelers seeking a trusted, elevated experience thus translating into stronger reviews, repeat bookings, and sustained revenue gains 

Looking Ahead

As we transition into Q4, we’re preparing for a strong finish to the year. Fall bookings remain steady, with demand from foliage travelers, weekend getaways, and early holiday planners. Looking toward winter, we anticipate robust interest in ski-in/ski-out homes and properties near downtown Whitefish as the mountain reopens.

Our focus remains on sustaining high-value bookings through strategic rate management, guest experience excellence, and continued collaboration with our real estate partners.

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.
  • 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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Questions?

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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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