Mammoth Lakes STR market shows strong ADR recovery with 2,632 active listings averaging $7,785 per month.
Market Overview
Mammoth Lakes is one of California’s most active short-term rental markets, supported by a population of roughly 7,200 permanent residents and approximately 2.8 million annual visitors. As of February 2026, the market holds 2,632 active listings, up from 2,003 in 2021, reflecting steady supply growth over five years.
The market’s defining characteristic is a wide seasonal spread. Winter months drive the economics: January, February, and March each average occupancy above 56%, with December reaching 51.4% and the highest average daily rate of any month at $531. The shoulder and off-peak months tell a different story, with September at 39.0%, October at 36.8%, and November at 37.4% occupancy.
From 2021 to 2024, average occupancy fell from 57.8% to 37.1% as supply expanded faster than demand. However, ADR continued climbing throughout that period, from $310 in 2021 to $386 in 2024, and has accelerated to $594 in early 2026. Average monthly revenue per listing, which dipped to $4,363 in 2024, has recovered to $5,288 in 2025 and $7,904 through early 2026. The revenue recovery is being driven by rate increases, not occupancy recovery, which means the market rewards properties that can command premium pricing.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue | Active Listings |
|---|---|---|---|---|
| Jan | 56% | $489 | $8,492 | 2,525 |
| Feb | 59% | $479 | $8,100 | 2,515 |
| Mar | 61% | $412 | $8,063 | 2,325 |
| Apr | 48% | $377 | $5,544 | 2,318 |
| May | 37% | $301 | $3,798 | 2,254 |
| Jun | 45% | $315 | $4,597 | 2,343 |
| Jul | 53% | $324 | $5,803 | 2,436 |
| Aug | 47% | $303 | $4,824 | 2,444 |
| Sep | 39% | $288 | $3,743 | 2,445 |
| Oct | 37% | $278 | $3,374 | 2,406 |
| Nov | 37% | $350 | $4,009 | 2,454 |
| Dec | 51% | $531 | $8,459 | 2,504 |
Mammoth Lakes has one of the most pronounced seasonal patterns of any U.S. ski market. Winter and spring ski season (January through March) generate the highest occupancy and the highest absolute revenue. February is the peak occupancy month at 59.4% average, followed by March at 60.8% and January at 56.2%. December is the ADR leader at $531, reflecting holiday premium pricing despite slightly lower occupancy than the core ski months.
Spring transition in April sees occupancy drop to 48.2% and ADR fall to $377, as ski season winds down and the summer hiking season has not yet started. May is the weakest shoulder month at 36.6% occupancy and $301 ADR, producing an average monthly revenue of only $3,798 per listing.
Summer recovery begins in June (44.8% occupancy, $315 ADR) and peaks in July (52.6% occupancy, $324 ADR). July is the strongest summer month by both occupancy and revenue at $5,803 average per listing, driven by hiking, fishing, and heat-driven demand from the Central Valley and Los Angeles basin. August tracks slightly below July at 46.6% occupancy.
Fall is the extended off-season. September, October, and November form the three weakest months of the year, with October producing the lowest average revenue at $3,374 per listing. This pattern means investors need to model cash flow based on approximately 7 strong months (November through March plus June through July) and 5 softer months, rather than assuming consistent year-round demand.
Revenue Breakdown
| Metric | 25th Pctile | Median | 75th Pctile | 90th Pctile |
|---|---|---|---|---|
| Revenue/mo | $3,992 | $6,377 | $9,923 | $14,330 |
| ADR | $369 | $497 | $685 | $962 |
| Occupancy | 30% | 48% | 67% | 82% |
February 2026 data captures peak ski season performance. At the 25th percentile, properties earned $3,992 per month. The median (p50) was $6,377. Properties at the 75th percentile earned $9,923, and top-decile properties (p90) earned $14,330.
The average of $7,785 sits above the median, indicating a right-skewed distribution where a smaller number of high-performing properties pull the average up. Investors targeting median-level performance should plan around the $6,377 monthly figure for peak winter months.
ADR shows a similar spread: p25 at $368.60, p50 at $496.70, p75 at $684.60, and p90 at $962.00. A property clearing the p90 ADR threshold in peak season is likely a premium ski-in/ski-out condo or a larger mountain home. RevPAR for the market averaged $278 in February 2026, with a median of $227.70.
Using the 2025 full-year average of $5,288 per month, a median-performing property generates approximately $63,500 gross annually. Top-quartile properties, extrapolated from the p75 February figure, likely produce $90,000 to $110,000 in gross annual revenue, though actual annual figures depend heavily on how aggressively the property is managed in shoulder months.
Investment Analysis
Revenue Trend
RevPAR & ADR Trend
| Date | Revenue | RevPAR | ADR |
|---|---|---|---|
| Mar 2021 | $8,846 | $285 | $339 |
| Apr 2021 | $7,012 | $234 | $325 |
| May 2021 | $5,691 | $184 | $280 |
| Jun 2021 | $6,487 | $216 | $278 |
| Jul 2021 | $7,564 | $244 | $290 |
| Aug 2021 | $6,754 | $218 | $287 |
| Sep 2021 | $5,086 | $170 | $271 |
| Oct 2021 | $4,951 | $160 | $276 |
| Nov 2021 | $5,773 | $192 | $314 |
| Dec 2021 | $9,739 | $314 | $436 |
| Jan 2022 | $9,368 | $302 | $382 |
| Feb 2022 | $8,313 | $297 | $377 |
| Mar 2022 | $7,702 | $248 | $344 |
| Apr 2022 | $5,173 | $172 | $312 |
| May 2022 | $3,668 | $118 | $263 |
| Jun 2022 | $5,849 | $195 | $291 |
| Jul 2022 | $6,715 | $217 | $305 |
| Aug 2022 | $5,346 | $173 | $279 |
| Sep 2022 | $4,756 | $159 | $278 |
| Oct 2022 | $4,362 | $141 | $258 |
| Nov 2022 | $5,396 | $180 | $305 |
| Dec 2022 | $9,825 | $317 | $427 |
| Jan 2023 | $10,730 | $346 | $430 |
| Feb 2023 | $8,930 | $319 | $405 |
| Mar 2023 | $8,671 | $280 | $402 |
| Apr 2023 | $6,652 | $222 | $384 |
| May 2023 | $4,125 | $133 | $291 |
| Jun 2023 | $4,176 | $139 | $282 |
| Jul 2023 | $5,451 | $176 | $298 |
| Aug 2023 | $4,586 | $148 | $272 |
| Sep 2023 | $3,537 | $118 | $269 |
| Oct 2023 | $2,177 | $70 | $251 |
| Nov 2023 | $2,676 | $89 | $334 |
| Dec 2023 | $6,320 | $204 | $526 |
| Jan 2024 | $6,438 | $208 | $494 |
| Feb 2024 | $7,095 | $245 | $490 |
| Mar 2024 | $6,725 | $217 | $451 |
| Apr 2024 | $3,706 | $124 | $387 |
| May 2024 | $2,375 | $77 | $295 |
| Jun 2024 | $2,792 | $93 | $330 |
| Jul 2024 | $4,316 | $139 | $340 |
| Aug 2024 | $3,455 | $112 | $314 |
| Sep 2024 | $2,446 | $82 | $293 |
| Oct 2024 | $2,356 | $76 | $270 |
| Nov 2024 | $2,731 | $91 | $376 |
| Dec 2024 | $7,923 | $256 | $595 |
| Jan 2025 | $7,901 | $255 | $534 |
| Feb 2025 | $8,375 | $299 | $540 |
| Mar 2025 | $8,369 | $270 | $525 |
| Apr 2025 | $5,176 | $173 | $475 |
| May 2025 | $3,134 | $101 | $379 |
| Jun 2025 | $3,681 | $123 | $392 |
| Jul 2025 | $4,968 | $160 | $386 |
| Aug 2025 | $3,978 | $128 | $362 |
| Sep 2025 | $2,890 | $96 | $328 |
| Oct 2025 | $3,022 | $98 | $333 |
| Nov 2025 | $3,470 | $116 | $424 |
| Dec 2025 | $8,487 | $274 | $672 |
| Jan 2026 | $8,023 | $259 | $604 |
| Feb 2026 | $7,785 | $278 | $584 |
Occupancy vs Supply
| Date | Occupancy | Active Listings |
|---|---|---|
| Mar 2021 | 71% | 1,798 |
| Jun 2021 | 61% | 1,979 |
| Sep 2021 | 49% | 2,021 |
| Dec 2021 | 65% | 2,192 |
| Mar 2022 | 65% | 2,238 |
| Jun 2022 | 53% | 2,490 |
| Sep 2022 | 44% | 2,500 |
| Dec 2022 | 69% | 2,572 |
| Mar 2023 | 65% | 2,501 |
| Jun 2023 | 48% | 2,478 |
| Sep 2023 | 42% | 2,474 |
| Dec 2023 | 39% | 2,425 |
| Mar 2024 | 50% | 2,357 |
| Jun 2024 | 30% | 2,014 |
| Sep 2024 | 30% | 2,483 |
| Dec 2024 | 43% | 2,676 |
| Mar 2025 | 53% | 2,733 |
| Jun 2025 | 32% | 2,754 |
| Sep 2025 | 30% | 2,745 |
| Dec 2025 | 41% | 2,656 |
Mammoth Lakes presents a high-entry-cost, seasonally concentrated investment case. The typical home value is $803,078, with 141 properties currently listed for sale and a median of 52 days to pending, indicating moderate buyer competition.
At that purchase price, a property at the market median revenue level ($6,377 per month as of February 2026) produces roughly $76,500 in gross annual revenue, assuming that month is representative of peak season and not year-round. Annualized using the full seasonal average closer to $5,288 per month (2025 annual average), gross annual revenue runs approximately $63,500. That implies a gross yield of roughly 7.9% on an $803,000 purchase before operating costs, financing, and taxes.
The percentile spread reveals significant performance divergence. Bottom-quartile properties (p25) earned $3,992 in February 2026, while top-decile properties (p90) earned $14,330 that same month. A property at p75 earned $9,923. The gap between p25 and p90 in a single month is $10,338, which means property selection, unit quality, and management execution have an outsized effect on returns here.
Risk factors include supply growth (listings increased 31.7% from 2,003 in 2021 to 2,644 in early 2026), occupancy volatility tied to snowpack and weather, and a zoning framework that limits where STRs are legally permitted. Investors should verify zoning compliance before purchase, as Measure Z prohibits STRs in Residential Single Family, Rural Residential, and Residential Multi-Family 1 zones.
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| Date | Typical Home Value |
|---|---|
| Mar 2021 | $908,774 |
| Dec 2021 | $1,080,838 |
| Sep 2022 | $1,190,966 |
| Jun 2023 | $1,131,682 |
| Mar 2024 | $1,129,593 |
| Dec 2024 | $1,122,442 |
| Dec 2025 | $1,165,908 |
Booking Insights
As of February 2026, the average booking lead time in Mammoth Lakes is 53.2 days, with a median of 44 days. This indicates that roughly half of all bookings are made more than six weeks in advance, but a meaningful portion of demand comes in under 44 days out.
For pricing strategy, this lead time profile supports a two-phase approach: set firm pricing for bookings made 45 or more days out during peak season, then adjust dynamically for the shorter-lead inventory as the check-in date approaches. Because the market is ski-season dependent and weather-sensitive, last-minute discounting in winter can erode revenue significantly. Operators who hold rates on winter weekends generally outperform those who discount aggressively.
The average length of stay is 3.7 nights, with a median of exactly 3.0 nights. This is a weekend-dominant booking pattern. Most guests are arriving Thursday or Friday and departing Sunday or Monday. Operators should evaluate their minimum-night policies carefully: a 3-night minimum aligns with the median stay length and captures most of the demand, while a 2-night minimum may increase booking volume but raises turnover costs. A 4-night or 7-night minimum during peak holiday weekends is common among top-performing listings and is supported by the 3.7-day average stay length.
Short-Term Rental Regulations
Mammoth Lakes has an active STR regulatory framework that investors must understand before purchasing.
Permit requirement: All STR operators must obtain a Short-Term Rental Activity Permit from the Town of Mammoth Lakes before operating. Operating without a permit carries the risk of fines and permit revocation.
Zoning restrictions under Measure Z: STRs are permitted in Commercial, Residential Multi-Family 2, Resort, and Specific Plan zones only. They are prohibited in Residential Single Family, Rural Residential, and Residential Multi-Family 1 zones. This is a critical due-diligence item. A property in the wrong zone cannot be legally operated as an STR regardless of whether a permit is obtained.
Tax obligations: Operators must collect and remit a Transient Occupancy Tax (TOT) of 15% on gross rental income. An additional 1% Tourism Business Improvement District (TBID) assessment applies to all bookings. These taxes apply to transient occupancy, defined as rentals of fewer than 30 days. Both TOT and TBID are calculated on total gross rentals received, including non-refundable fees collected at booking.
Certified Properties program: As of April 2024, the town introduced a Certified Properties program providing updated compliance standards and clearer operating guidelines.
Safety requirements: Properties must meet baseline safety standards including functional smoke detectors and fire extinguishers.
For permit applications, the official resources are the Mono County Short-Term Rental Activity Permit page and the Town of Mammoth Lakes Transient Occupancy Tax Information page.
Market Comparison
Mammoth Lakes sits in the upper tier of U.S. ski and mountain resort STR markets by ADR. The February 2026 average ADR of $583.50 and median ADR of $496.70 are substantially above national STR averages, which typically run in the $150 to $250 range for most urban and suburban markets. The market’s RevPAR of $278 in peak season reflects the combination of high nightly rates and moderate (not exceptional) occupancy.
Occupancy at 49.0% in February 2026 is consistent with destination resort market norms, where properties are not expected to run at the 60-70% occupancy levels seen in urban and coastal vacation markets. The trade-off is that the ADR premium in ski markets compensates: a $500 ADR at 49% occupancy outperforms a $200 ADR at 65% occupancy in absolute revenue terms.
Year-over-year, Mammoth Lakes has seen occupancy contract from a post-COVID high of 57.8% in 2021 to a low of 37.1% in 2024, while ADR has grown from $310 to $594 over the same five-year span. This divergence reflects a national pattern in STR markets where supply growth has compressed occupancy while pricing power has partially offset the impact. The Mammoth Lakes market added roughly 641 listings (32% supply growth) between 2021 and 2026, which is the primary driver of the occupancy decline.
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