Performance Overview
Dear Trusted Real Estate Partners ,
We hope you all had a safe and productive 2024 ! We are excited to continue sharing short-term vacation rental data , along with our perspective on how it applies to the Park City market . Today , we are sharing a review of 2024 as well as a look ahead to Q1 of 2025 . This review provides an overview of key trends , challenges , and performance metrics for the year .
Market Overview
The vacation rental market in Park City showed resilience through 2024 despite fluctuating economic factors , including evolving consumer preferences . The combination of the enduring appeal of outdoor recreation , luxury accommodations , and local events ensured that Occupancy rates remained relatively high throughout the year .
Occupancy Rates
Average Occupancy rates were relatively consistent YOY at 30.5 % in 2024 vs 31 % in 2023 . We saw a drop in Occupancy in January and February ( the months of peak demand ). However , March 2024 outperformed March 2023 by 5 %.
Average Daily Rate ( ADR )
ADR rose slightly in 2024 due to increased demand and limited availability of high-end properties . The ADRs for the region vary greatly based on product type , size , and location . However , the ADR for the regional market was $ 446 — a 1.8 % YOY increase . Much of that was driven by rate increases for Q1 . Q4 — and December , specifically — experienced lower demand and lower ADRs .
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NATURAL RETREATS • PARK CITY • 2024 ANNUAL REVIEW