Midway, Utah Short-Term Rental Market
Midway, UT STRs averaged $210/night at 46.9% occupancy in April 2026 in this dual-season Heber Valley alpine market.
Quick Answer: Midway, Utah is an active short-term rental market. average occupancy is 56%. average monthly revenue is $3,975. average daily rate is $276. the top operator is Evolve with 341 listings. market score is 52/100 (grade D).
Market data reflects the Utah Area regional market, which includes Midway. Regulations, taxes, and permit details below are specific to Midway.
Market Score Breakdown
Five dimensions Apivex evaluates per market.
Market Overview
Midway is a small alpine community of approximately 6,171 residents on the west bench of Heber Valley in Wasatch County, Utah, marketed as ‘Little Switzerland’ for its Swiss-immigrant heritage. The town is roughly 45 minutes from Salt Lake City and draws visitors year-round: winter brings skiing, snowmobiling, and proximity to Park City and Deer Valley; summer brings golf, hiking, reservoir recreation, and the geothermal Homestead Crater. The broader Heber Valley draws approximately 4 million visitors annually.
In April 2026, the STR market posted an average daily rate of $210 and an occupancy rate of 46.9%, with RevPAR of $98. Year-over-year through April 2026, ADR increased 5.1% while occupancy declined 1.1%, resulting in a revenue decline of 4.0%. The ADR growth trajectory reflects a multi-year trend of rising rates partially offset by gradual occupancy normalization from the 2021 peak.
The listing mix is almost entirely entire-place rentals at approximately 94% of all listings, consistent with Midway’s ordinance restricting rentals to whole properties only. Private rooms account for approximately 5% and shared-room listings are negligible. One-bedroom units lead the bedroom distribution, with three-bedroom and two-bedroom properties next, and four- and five-bedroom properties well-represented for group and destination-event demand.
A large share of properties cross-list on both Airbnb and VRBO, with both platforms also significant as standalone channels.
The Apivex composite score is 52.1, reflecting the combination of strict zoning constraints, high home values, and moderate revenue growth. Investability scores 70.7, seasonality 72.6, regulation 66.0, rental demand 63.4, and revenue growth 52.7.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 38% | $266 | $2,983 |
| Feb | 47% | $282 | $3,213 |
| Mar | 50% | $238 | $3,277 |
| Apr | 46% | $186 | $2,465 |
| May | 55% | $189 | $2,669 |
| Jun | 59% | $238 | $3,492 |
| Jul | 60% | $264 | $4,202 |
| Aug | 50% | $240 | $3,330 |
| Sep | 49% | $196 | $2,638 |
| Oct | 49% | $183 | $2,582 |
| Nov | 41% | $178 | $1,944 |
| Dec | 46% | $264 | $2,964 |
Top Short-Term Rental Operators in Midway
Ranked by total active listings. Useful for understanding the competitive landscape.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Evolve | 341 | 18,745 | ★ 4.75 |
| 2 | Vacasa | 163 | 4,223 | ★ 4.47 |
| 3 | Family Time Vacation Rentals | 124 | 3,957 | ★ 4.47 |
| 4 | Stay Midway | 97 | 845 | ★ 4.17 |
| 5 | Midway Vacation Properties | 87 | 2,019 | ★ 4.53 |
What Kind of STR Should I Buy in Midway?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 2,443 |
| 2 bed | 1,568 |
| 3 bed | 1,842 |
| 4 bed | 1,017 |
| 5 bed | 1,106 |
ADR by Property Tier
| Entire Home | $284 |
| Luxury | $537 |
| Professionally Managed | $371 |
Revenue by Dwelling Type
| Apartment | $2,563 |
| Entire Place | $4,089 |
| House | $4,760 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 37.5% |
| vrbo | 6.9% |
| both | 55.5% |
Investment Analysis
The typical home value in Midway is $947,837 (Zillow, April 2026), with a median list price of $978,667 and 113 active for-sale listings. Midway is a premium mountain real estate market, and additional transaction metrics are not available in this dataset.
At April 2026 average monthly revenue of $2,778 and the typical home value of $947,837, the implied gross yield is approximately 3.5% [(2,778 x 12) / 947,837]. This is below the typical STR investor threshold and reflects the premium real estate costs of the Heber Valley area relative to rental revenue. Investors entering at current prices should factor in the TROD eligibility requirement, licensed property manager costs, and potential Conditional Use Permit expense, all of which reduce effective returns further.
ADR ranges from $210 at the market average to $217 for entire-home listings, $277 for professionally managed properties, and $422 for luxury-tier listings. The luxury-tier ADR of $422 is approximately double the market average, indicating significant upside for ski-adjacent or premium-amenity properties.
By property type, house listings average $3,285/month, entire-place listings average $2,847/month, and apartment-category listings average $1,749/month. Houses significantly outperform the entire-place average by $438/month.
Annual revenue averages show ADR-driven growth: $3,128 in 2023, $3,261 in 2024, and $3,361 in 2025, as ADR increased from $233 to $258 while occupancy declined from 49.95% to 47.55%.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Booking Insights
The average booking lead time for Midway STRs is 51.0 days, approximately 7.3 weeks before arrival. This is the longest lead time in this batch and reflects the advance planning typical of ski trips, Swiss Days festival attendees (Labor Day weekend), and summer vacation groups who coordinate stays well ahead of arrival.
Average length of stay is 3.1 nights, the shortest in this batch. Despite the long lead time, guests are taking relatively short stays of 2 to 4 nights. This is consistent with the Park City-adjacent ski-weekend pattern, where guests arrive Thursday or Friday and depart Sunday or Monday rather than committing to week-long resort stays.
The combination of a 51-day lead time and 3.1-night stays gives operators strong forward visibility for peak periods. Minimum stay requirements of 2 to 3 nights are appropriate for this market and protect against single-night bookings that generate high turnover costs relative to revenue. The short average stay also means more frequent turnover scheduling, which is a relevant consideration when requiring a licensed on-site property manager.
Short-Term Rental Regulations
Midway is one of Utah’s most tightly regulated short-term rental markets. Nightly rentals are permitted only on properties within the Transient Rental Overlay District (TROD). Properties outside the TROD cannot operate as STRs under any circumstances. Within the TROD, properties in the Resort Zone or Commercial Zone may obtain a standard Transient Rental Unit Business License, renewed annually by December 31. Properties in the TROD but outside those zones must also obtain a Conditional Use Permit before the license is issued.
Operators must retain a property manager who separately holds a Midway business license. An information plaque with the manager’s contact information must be posted near the property entrance at all times. Only whole-property rentals are permitted; renting individual rooms is not allowed.
Properties must meet dark-sky lighting standards, verified at license renewal. Enforcement is characterized as strict. Under a December 2025 ordinance update, the violation probation period was extended from 6 months to 1 year, and two or more violations within a 12-month period can trigger license revocation.
Guests pay Utah transient room taxes totaling approximately 5.82% (0.32% state tax plus 4.5% Wasatch County tax effective October 1, 2025, plus up to 1% Midway municipal tax), in addition to state and local sales taxes on lodging.
Investors must verify a specific property’s TROD eligibility with the Midway planning department before purchasing. Failure to confirm eligibility before buying is a significant risk given that properties outside the TROD cannot legally operate as STRs.
Market Comparison
The US median annual STR occupancy is approximately 55%. Midway’s April 2026 occupancy of 46.9% is below the national median. The 2025 annual average of 47.6% is also below the national benchmark, consistent with a premium mountain market where high ADR offsets lower occupancy in revenue terms. Winter ADR months (December through February) consistently exceed $260, and July reaches $263, each above the national median ADR of approximately $220.
Top property management operators in the Midway and Heber Valley market include Evolve (341 listings, 18,745 reviews, 4.75 average rating), Vacasa (163 listings, 4,223 reviews, 4.47 rating), and Family Time Vacation Rentals (124 listings, 3,957 reviews, 4.47 rating). Stay Midway (97 listings, 4.17 rating) and Midway Vacation Properties (87 listings, 2,019 reviews, 4.53 rating) are locally focused operators. Midway’s ordinance requires that each operator retain a property manager separately licensed in the city.
The composite score of 52.1 and gross yield of approximately 3.5% reflect the challenge of achieving strong investment returns at current Midway property prices. The market is most favorable for owners who acquired properties before the 2020 price run-up or who own TROD-eligible properties with ski-season premium pricing potential.
Frequently Asked Questions About Midway, Utah
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What is the Transient Rental Overlay District (TROD) in Midway?
What taxes apply to Midway, UT short-term rentals?
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