Park City Vacation Rental Market Review: May 2024

This review examines the Park City vacation rental performance for May 2024 compared to the same period in 2023.

Park City, Utah, renowned for its world-class ski resorts and vibrant cultural scene, is a popular destination for tourists seeking winter sports and summer outdoor activities. Analyzing key metrics such as paid occupancy, average daily rate (ADR), and revenue per available room (RevPAR). This review provides insights into vacation rental market trends in Park City. 

By understanding these dynamics, property owners and stakeholders can better navigate the competitive landscape and optimize their rental strategies.

Key Takeaways

Seasonal Trend:

• May is a slower month due to the transition between the end of the ski season and the beginning of summer activities.
• Cooler temperatures, intermittent rain, and snow in the first half of May contribute to lower visitor numbers.

Market Insights:

• Decline in paid occupancy and RevPAR highlights the impact of seasonal fluctuations.
• A slight decrease in ADR suggests competitive pricing to attract visitors during the off-peak season.
•  Property owners must consider strategic pricing and marketing efforts to improve performance during shoulder seasons.

Overview

In May 2024, the Park City vacation rental market experienced a seasonal slowdown. 

May is a transitional month when the ski resorts have closed, and summer activities are not yet in full swing due to lingering snow in the higher elevations. 

Mother Nature provided cooler temperatures and abundant moisture in the form of rain and snow for most of the month, which slowed reservations.

Occupancy:

In May 2024, the occupancy of vacation rentals in Park City was down 10.14% compared to the previous year. 

Paid Occupancy YoY Comparison

• 6.2% in 2024
• 6.9% in 2023

The decrease in occupancy reflects fewer bookings and visitor stays compared to the previous year, influenced by cooler temperatures and sporadic precipitation during the early part of the month.

Average Daily Rate

While occupancy was down 10.14% year-over-year (YoY), the Average Daily Rate (ADR) for vacation rentals in Park City only decreased by 1.38%.

ADR YoY Comparison 

• $143 in 2024
• $145 in 2023

Despite the minor decline, the relatively stable ADR suggests that Park City remains a desirable destination, even during off-peak periods, maintaining its value proposition for short-term rental guests.

RevPAR

In May 2024, the Revenue per Available Room (RevPAR) for vacation rentals in Park City was $9, down slightly from $10 in May 2023. This 10% decrease in RevPAR reflects the combined impact of a lower paid occupancy rate and a marginally reduced average daily rate during the comparative periods. 

RevPAR YoY Comparison

• $9 in May 2024
• $10 in May 2023

Summary

With ski resorts closed and summer activities not fully operational due to lingering snow, Park City experienced a quieter month, resulting in fewer bookings and overall revenue generation for rental properties. 

Check back next month to see the June 2024 performance.

Dataset

This report on the Park City vacation rental properties for May 2024 was generated using data provided by Key Data. It comprehensively analyzes various room types (0, 1, 2, 3, and 4 bedrooms) across the Park City area. The dataset includes information from approximately 60 property managers overseeing around 3,700 properties. The report covers key neighborhoods such as Bear Hollow, Canyons Village, Deer Valley, Jordanelle, Kimball Junction, Old Town, Prospector, and Thaynes Canyon, providing insights into occupancy rates, average daily rates, and revenue per available room within these regions.

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