Challenges
Rising Operating Costs
Property owners faced rising operating costs , including insurance , utilities , taxes , maintenance , and repair material . Many homeowners want to raise rental rates to offset the costs . Unfortunately , this would have the potential to negatively impact conversion , Occupancy , and overall revenue generation . Remaining competitive and nimble to the Market is key — now more than ever .
Limited Inventory and Increased Competition
There was growing competition in the vacation rental space as more investors entered the Market and local homeowners sought to capitalize on the demand for vacation rentals . However , the limited inventory of high-quality properties — especially those with proximity to the ski slopes — kept rental rates relatively high .
Economic Uncertainty
Despite strong demand , the broader economic environment ( marked by inflation , fluctuating interest rates , and global events ), added an element of uncertainty through 2024 . While Park City ’ s luxury Market remained strong , there was lingering concern over potential slowdowns in discretionary spending for mid-range and budget-conscious travelers .
Environmental Conditions
Ski conditions are the primary demand drivers for the Park City Market . Hopefully , we ’ ll see increased snowfall in the near future to boost some last-minute travel .
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NATURAL RETREATS • PARK CITY • 2024 ANNUAL REVIEW