Mammoth Lakes, California Short-Term Rental Market
Mammoth Lakes STRs averaged $369/night at 32.8% occupancy in April 2026, with February historically the strongest month at nearly 62% occupancy.
Quick Answer: Mammoth Lakes, California is an active short-term rental market. average occupancy is 33%. average monthly revenue is $3,582. average daily rate is $369. the top operator is RedAwning with 650 listings. market score is 45/100 (grade D).
Market Score Breakdown
Five dimensions Apivex evaluates per market.
Market Overview
Mammoth Lakes, California operates one of the most distinctive short-term rental markets in the western United States, driven almost entirely by ski-season demand from Southern California and Nevada. As of April 2026, the market recorded an average daily rate of $369 across 3,784 active listings, with occupancy at 32.8% and RevPAR at $121. April is a shoulder month between ski and summer seasons, and these figures reflect that seasonal trough rather than peak-market performance.
The listing mix is overwhelmingly entire-place accommodations: 3,752 of 3,784 active listings (99.2%) are entire-place rentals, with just 32 private-room listings. By bedroom count, two-bedroom units dominate at 1,453 listings (38.4% of inventory), followed by one-bedroom at 936 (24.7%), three-bedroom at 920 (24.3%), four-bedroom at 414 (10.9%), and five-bedroom at 61 (1.6%).
Channel distribution shows that 2,431 listings appear on both Airbnb and VRBO simultaneously, while 807 are Airbnb-exclusive and 546 are VRBO-exclusive. The Mammoth Lakes market indexes notably higher than most ski markets on VRBO, consistent with the destination’s established group-travel base.
Year-over-year, April 2026 showed occupancy down 15.7% from April 2025, with ADR essentially flat at +1.0% and revenue off 20.4%. The occupancy decline tracks with a broader normalization following the exceptional 2020-2021 demand surge that hit mountain destinations hard. Looking at annual averages, 2025 delivered $377 ADR and 46.2% average occupancy, up modestly from 2024’s $364 ADR and 45.6% occupancy. The 2025 annual average revenue per listing of $4,947 represents a modest recovery from 2024’s $4,664.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 58% | $449 | $7,124 |
| Feb | 62% | $456 | $7,287 |
| Mar | 55% | $408 | $6,563 |
| Apr | 42% | $339 | $3,968 |
| May | 31% | $265 | $2,474 |
| Jun | 51% | $274 | $2,928 |
| Jul | 59% | $287 | $4,309 |
| Aug | 48% | $277 | $3,586 |
| Sep | 33% | $273 | $2,514 |
| Oct | 33% | $248 | $2,355 |
| Nov | 37% | $313 | $2,470 |
| Dec | 60% | $482 | $6,626 |
Top Short-Term Rental Operators in Mammoth Lakes
Ranked by total active listings. Useful for understanding the competitive landscape.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | RedAwning | 650 | 12,948 | ★ 4.48 |
| 2 | Mammoth Reservations | 183 | 5,313 | ★ 4.42 |
| 3 | Nomadness | 175 | 5,703 | ★ 4.70 |
| 4 | Central Reservations of Mammoth | 130 | 8,268 | ★ 4.68 |
| 5 | Vacasa | 128 | 9,466 | ★ 4.42 |
What Kind of STR Should I Buy in Mammoth Lakes?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 936 |
| 2 bed | 1,453 |
| 3 bed | 920 |
| 4 bed | 414 |
| 5 bed | 61 |
ADR by Property Tier
| Entire Home | $370 |
| Luxury | $574 |
| Professionally Managed | $397 |
Revenue by Dwelling Type
| Apartment | $3,404 |
| Entire Place | $3,594 |
| House | $5,243 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 21.3% |
| vrbo | 14.4% |
| both | 64.2% |
Investment Analysis
Mammoth Lakes carries a high entry price relative to STR revenue output. The typical home value as of April 2026 was $820,081, with a median sale price of $741,500 and a median list price of $824,450. Based on the April 2026 monthly revenue average of $3,582, an annualized run-rate of approximately $42,985 implies a gross yield near 5.2% on a typical $820,000 purchase. However, April is the weakest shoulder month; annual average revenue for 2025 was $4,947 per month, implying a 12-month gross of approximately $59,364, or roughly 7.2% yield on the same typical home value.
The ADR tier gap is meaningful. The all-listings average in April was $369, while the entire-home tier averaged $370 (essentially identical), the professionally managed tier averaged $397 (a 7.6% premium), and the luxury tier averaged $574, a 55.5% premium above the market average. Operators who can position in the luxury or professionally managed tier capture materially higher revenue per night.
Revenue by property type reinforces the house premium: April houses averaged $5,243 per month, compared to $3,594 for entire-place listings broadly and $3,404 for apartment-style units. Inventory constraints on single-family homes in permitted zones (Measure Z restricts STRs to commercial and resort-adjacent zones) mean houses with valid permits command a scarcity premium.
The housing market itself shows some softness: the sale-to-list ratio sits at 0.899, meaning properties are selling at roughly 90 cents on the list dollar, and median days to pending is 39. For STR buyers, this negotiating environment may offer entry at below-list prices.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Booking Insights
As of April 2026, the average booking lead time for Mammoth Lakes STRs is 37.3 days, meaning guests are booking roughly five weeks in advance. This is notably shorter than many mountain resort markets, where premium holiday weeks often book 60-90 days out. The 37-day average likely reflects the shoulder-season nature of April, when last-minute and mid-season bookings compress the lead time distribution.
Average length of stay is 3.48 nights, consistent with a long-weekend and mid-week drive-market pattern. Mammoth Lakes sits approximately five hours from Los Angeles, making it primarily a Friday-to-Monday or Thursday-to-Sunday destination. Very few bookings will be the 7-night-plus stays common in fly-to destinations.
For pricing strategy, the 37-day lead time window suggests operators should implement dynamic pricing adjustments at the 30-45 day mark, capturing rate increases as check-in approaches and inventory tightens. The 3.5-night average stay also means higher per-stay cleaning fees are supportable, as turnover frequency is moderate rather than nightly.
Short-Term Rental Regulations
Mammoth Lakes has one of California’s more structured STR licensing systems, shaped largely by Measure Z (2015), which froze zoning and banned STRs from residential-only zones.
STRs are permitted in the Town of Mammoth Lakes, but only in specific zones: Commercial (CG, CL), Resort (R), Residential Multi-Family 2 (RMF-2), and certain Specific Plan areas including North Village and Clearwater. Residential Single-Family (RSF), Rural Residential (RR), and Residential Multi-Family 1 (RMF-1) zones prohibit STRs. Single-family homes in traditional neighborhood zones cannot be rented short-term, regardless of HOA rules. HOA restrictions may apply additional limits even in permitted zones.
To operate legally, a host must obtain three items annually: a Certified Property Authorization Number (CPAN), the primary STR registration introduced under the Certified Properties Program in April 2024; a Business Tax Certificate; and a Transient Occupancy Certificate posted in the unit. The CPAN registration costs $250 per year.
Operators must collect and remit a 15% Transient Occupancy Tax (raised from 13% effective January 1, 2025, per Ordinance OR24) plus a 1% Tourism Business Improvement District assessment, for a combined 16% on gross rental revenue. Monthly TOT returns are required. There is no stated maximum nights-per-year cap and no owner-occupancy or primary-residence requirement.
Enforcement is rated strict. The Town maintains an online TOT property search tool and a violation hotline. Violations can result in fines and permit revocation.
Note: Mono County (unincorporated areas outside Town limits) adopted separate STR rules via Ordinance 25-005 effective February 23, 2026, requiring Use Permits. Properties outside Town boundaries are subject to county, not Town, rules.
Market Comparison
Against U.S. STR benchmarks of approximately 55% median occupancy and $220 median ADR, Mammoth Lakes in April 2026 tracked at 32.8% occupancy and $369 ADR. The occupancy gap reflects April’s shoulder positioning between ski and summer seasons, not a structural market weakness. Historical annual average occupancy of 46.2% (2025) is below the U.S. median but within normal range for high-altitude ski markets where winter compression creates extreme seasonal peaks.
ADR of $369 in April is 67.7% above the U.S. median of $220, consistent with Mammoth Lakes’ premium positioning as a destination resort market. The market competes directly with Lake Tahoe, Aspen, and Park City, where comparable ADR ranges and occupancy patterns are observed.
The property management landscape is heavily consolidated. RedAwning leads with 650 listings and a 4.48-star average. Mammoth Reservations holds 183 listings (4.42 stars), Nomadness manages 175 (4.70 stars), Central Reservations of Mammoth operates 130 (4.68 stars), and Vacasa manages 128 (4.42 stars). Together, these five operators account for 1,266 listings, approximately 33.5% of the 3,784 active listings.
The market’s total score of 45.1 (out of 100) reflects the investability strength (69.4) offset by high seasonality risk (45.8 seasonality score). Investors comfortable with concentrated seasonal revenue and zoning-restricted supply will find a well-defined, repeat-visitor destination with strong per-night rates.
Frequently Asked Questions About Mammoth Lakes, California
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