Big Bear Lake hosts 3,127 active STR listings with December ADR averaging $624 and top-quartile properties earning over $6,400 per month.
Market Overview
Big Bear Lake is one of Southern California’s largest short-term rental markets, with 3,127 active listings as of February 2026. The market sits at 6,750 feet elevation in the San Bernardino Mountains and draws roughly 3 million visitors annually to a resident population of approximately 5,000 people, which means the STR supply base is substantial relative to the permanent population.
The market has gone through a notable correction since its 2021 peak. Average occupancy ran at 49.3% in 2021 and has declined each year, reaching a low of 29.8% in 2024 before recovering modestly to 30.8% in 2025 and 34.0% in early 2026. Active listing counts peaked around 3,528 in 2023 and have since pulled back to the 3,100 to 3,200 range, suggesting some supply contraction.
The encouraging countertrend is on the rate side. Average daily rates bottomed at $347 in 2023 and have risen steadily: $420 in 2024, $468 in 2025, and $568 in the February 2026 snapshot. This ADR recovery is lifting per-listing revenue even as occupancy remains below 2021 levels. Average monthly revenue per listing reached $5,526 annually in 2025, up from $3,891 in 2024.
Big Bear operates as a classic two-season mountain market: winter skiing from late November through March and summer lake activity from June through August. This creates clear peaks and a softer shoulder season in spring and fall that investors need to plan around.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue | Active Listings |
|---|---|---|---|---|
| Jan | 44% | $562 | $7,279 | 3,320 |
| Feb | 43% | $497 | $5,792 | 3,278 |
| Mar | 41% | $394 | $5,336 | 3,154 |
| Apr | 34% | $343 | $4,056 | 3,141 |
| May | 30% | $340 | $3,649 | 2,910 |
| Jun | 39% | $347 | $4,827 | 3,116 |
| Jul | 43% | $379 | $5,727 | 3,271 |
| Aug | 39% | $344 | $5,062 | 3,290 |
| Sep | 33% | $323 | $3,986 | 3,314 |
| Oct | 34% | $319 | $3,725 | 3,171 |
| Nov | 36% | $418 | $4,582 | 3,225 |
| Dec | 47% | $624 | $8,754 | 3,312 |
Big Bear Lake has a pronounced two-peak seasonal structure driven by winter snow sports and summer lake activity, with two distinct soft periods in between.
The strongest month by average revenue is December at $8,754 per listing, with 47.2% average occupancy and an ADR of $624. January is a close second at $7,279 revenue, 43.8% occupancy, and $562 ADR. February comes in at $5,792 with 42.8% occupancy and $497 ADR. The winter skiing season, roughly December through February, consistently generates the market’s highest nightly rates and some of its best occupancy numbers simultaneously.
July is the strongest summer month at $5,727 average revenue, 42.8% occupancy, and $379 ADR. August follows at $5,062 and 39.4% occupancy. June rounds out summer at $4,827 and 39.0% occupancy. Summer performs well but at notably lower ADR than winter, meaning more bookings are needed to generate comparable revenue.
The two soft seasons require attention. Spring (March through May) is the weakest stretch: March averages $5,336 revenue at 40.6% occupancy but ADR drops to $394. April falls to $4,056 at 33.8% occupancy and $343 ADR. May is the lowest-revenue month at $3,649 and just 30.2% occupancy. Fall is similarly soft: September averages $3,986 at 32.8% occupancy and $323 ADR, October comes in at $3,725 and 34.0% occupancy.
November shows a partial recovery as holiday bookings begin, averaging $4,582 at 36.2% occupancy and a meaningfully higher $418 ADR driven by Thanksgiving travel.
Investors should budget for two to three months of weak cash flow in spring and two months in early fall when offsetting fixed costs against thin revenue.
Revenue Breakdown
| Metric | 25th Pctile | Median | 75th Pctile | 90th Pctile |
|---|---|---|---|---|
| Revenue/mo | $1,950 | $3,752 | $6,453 | $10,297 |
| ADR | $291 | $423 | $664 | $1,024 |
| Occupancy | 19% | 31% | 46% | 62% |
Revenue in Big Bear Lake is highly stratified. The February 2026 data shows the full spread: the 25th percentile property earned $1,950 for the month, the median earned $3,752, the 75th percentile earned $6,453, and the 90th percentile earned $10,297.
That spread, from p25 to p90, represents a 5.3x difference in monthly revenue between the bottom quartile and the top decile. This level of stratification is typical of large mountain resort markets where property quality, size, amenities (hot tub, ski-in access, lake view, garage), and listing optimization create significant performance differences.
The average monthly revenue of $5,025 in February sits well above the median of $3,752, indicating that higher-revenue properties pull the average up. Investors should target the median, not the average, as their baseline expectation for a new, reasonably well-positioned property.
On an annualized basis using seasonal averages: the December peak generates average revenue of $8,754, the July peak generates $5,727, and the May trough generates only $3,649. A property earning at the median consistently across all 12 months would generate roughly $45,000 to $52,000 in gross annual revenue. Properties in the top quartile can realistically target $70,000 to $90,000 annually. Properties below the median may struggle to generate positive cash flow at current purchase prices.
Investment Analysis
Revenue Trend
RevPAR & ADR Trend
| Date | Revenue | RevPAR | ADR |
|---|---|---|---|
| Mar 2021 | $8,909 | $287 | $435 |
| Apr 2021 | $7,804 | $260 | $396 |
| May 2021 | $7,544 | $243 | $386 |
| Jun 2021 | $8,004 | $267 | $381 |
| Jul 2021 | $8,525 | $275 | $396 |
| Aug 2021 | $8,413 | $271 | $381 |
| Sep 2021 | $6,931 | $231 | $367 |
| Oct 2021 | $6,555 | $212 | $381 |
| Nov 2021 | $6,245 | $208 | $391 |
| Dec 2021 | $9,751 | $315 | $559 |
| Jan 2022 | $8,320 | $268 | $516 |
| Feb 2022 | $6,527 | $233 | $490 |
| Mar 2022 | $5,498 | $177 | $364 |
| Apr 2022 | $4,638 | $155 | $345 |
| May 2022 | $3,299 | $106 | $306 |
| Jun 2022 | $5,898 | $197 | $319 |
| Jul 2022 | $6,501 | $210 | $393 |
| Aug 2022 | $5,401 | $174 | $326 |
| Sep 2022 | $4,460 | $149 | $293 |
| Oct 2022 | $4,434 | $143 | $274 |
| Nov 2022 | $5,242 | $175 | $330 |
| Dec 2022 | $9,541 | $308 | $461 |
| Jan 2023 | $9,599 | $310 | $471 |
| Feb 2023 | $6,232 | $223 | $407 |
| Mar 2023 | $4,029 | $130 | $323 |
| Apr 2023 | $2,921 | $97 | $267 |
| May 2023 | $2,460 | $79 | $249 |
| Jun 2023 | $3,272 | $109 | $257 |
| Jul 2023 | $4,763 | $154 | $285 |
| Aug 2023 | $4,243 | $137 | $267 |
| Sep 2023 | $4,049 | $135 | $286 |
| Oct 2023 | $2,312 | $75 | $264 |
| Nov 2023 | $3,467 | $116 | $413 |
| Dec 2023 | $7,945 | $256 | $680 |
| Jan 2024 | $6,327 | $204 | $618 |
| Feb 2024 | $5,422 | $187 | $491 |
| Mar 2024 | $3,990 | $129 | $398 |
| Apr 2024 | $2,203 | $73 | $319 |
| May 2024 | $2,179 | $70 | $334 |
| Jun 2024 | $3,119 | $104 | $349 |
| Jul 2024 | $4,023 | $130 | $377 |
| Aug 2024 | $3,202 | $103 | $336 |
| Sep 2024 | $1,866 | $62 | $318 |
| Oct 2024 | $2,300 | $74 | $304 |
| Nov 2024 | $3,724 | $124 | $478 |
| Dec 2024 | $8,343 | $269 | $717 |
| Jan 2025 | $6,124 | $198 | $614 |
| Feb 2025 | $5,755 | $206 | $555 |
| Mar 2025 | $4,257 | $137 | $448 |
| Apr 2025 | $2,716 | $91 | $386 |
| May 2025 | $2,765 | $89 | $425 |
| Jun 2025 | $3,843 | $128 | $429 |
| Jul 2025 | $4,825 | $156 | $446 |
| Aug 2025 | $4,050 | $131 | $410 |
| Sep 2025 | $2,625 | $88 | $353 |
| Oct 2025 | $3,024 | $98 | $371 |
| Nov 2025 | $4,232 | $141 | $480 |
| Dec 2025 | $8,192 | $264 | $702 |
| Jan 2026 | $6,027 | $194 | $595 |
| Feb 2026 | $5,025 | $179 | $541 |
Occupancy vs Supply
| Date | Occupancy | Active Listings |
|---|---|---|
| Mar 2021 | 54% | 2,690 |
| Jun 2021 | 53% | 2,850 |
| Sep 2021 | 47% | 2,955 |
| Dec 2021 | 55% | 3,097 |
| Mar 2022 | 44% | 3,202 |
| Jun 2022 | 46% | 3,560 |
| Sep 2022 | 36% | 3,717 |
| Dec 2022 | 63% | 3,726 |
| Mar 2023 | 39% | 3,605 |
| Jun 2023 | 38% | 3,580 |
| Sep 2023 | 36% | 3,633 |
| Dec 2023 | 39% | 3,252 |
| Mar 2024 | 34% | 2,926 |
| Jun 2024 | 29% | 2,216 |
| Sep 2024 | 20% | 2,964 |
| Dec 2024 | 39% | 3,315 |
| Mar 2025 | 32% | 3,345 |
| Jun 2025 | 29% | 3,372 |
| Sep 2025 | 25% | 3,303 |
| Dec 2025 | 40% | 3,171 |
The investment case for Big Bear Lake centers on the gap between entry cost and revenue potential, alongside meaningful risk factors that require careful underwriting.
On the housing side, the typical home value is $540,112 and the median sale price is $634,166. The market is notably slow: 383 homes are currently listed for sale, the sale-to-list ratio is 97.1%, and median days to pending is 116 days. That extended time-on-market gives buyers negotiating leverage and time to conduct thorough due diligence before committing.
Revenue performance varies sharply by property tier. In February 2026, the bottom quartile (p25) earned $1,950 for the month while the median (p50) earned $3,752, the 75th percentile earned $6,453, and the 90th percentile earned $10,297. Annualizing the p50 monthly average across seasonal patterns suggests a well-positioned median property can realistically target $45,000 to $55,000 in gross annual revenue, while top performers at p90 push past $90,000 to $100,000.
At a $540,000 to $634,000 purchase price, a median-performing property at roughly $50,000 gross annual revenue yields a gross revenue-to-purchase-price ratio around 8% to 9%, before operating expenses, mortgage, taxes, and the 13% combined TOT and BBLTBID. Net yields after all costs typically run significantly lower.
The primary risk factor is occupancy compression. The market lost nearly 20 percentage points of average occupancy between 2021 and 2024. Any investor underwriting based on 2021 or 2022 occupancy figures will be disappointed. Buyers should base projections on 2024 to 2026 data, not the pandemic-era peak.
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| Date | Typical Home Value |
|---|---|
| Mar 2021 | $481,545 |
| Dec 2021 | $607,424 |
| Sep 2022 | $666,038 |
| Jun 2023 | $616,047 |
| Mar 2024 | $618,252 |
| Dec 2024 | $611,035 |
| Sep 2025 | $568,573 |
Booking Insights
Big Bear Lake guests book with a moderate lead time. The average booking lead time is 38.6 days and the median is 29 days. This means half of all bookings come in less than a month before arrival, and the average booking is placed roughly five to six weeks out.
This relatively short lead time has implications for pricing strategy. Properties that hold firm on rates too early in the booking window risk sitting empty in a market where a large share of demand materializes in the final four weeks. A dynamic pricing approach that reduces rates gradually as the arrival date approaches is well-suited to this booking behavior.
Length of stay averages 3.1 nights with a median of 2.0 nights. The short median stay reflects a significant volume of weekend trips, which is consistent with Big Bear’s proximity to the Los Angeles and Inland Empire metro areas (roughly 2 hours from LA). Many guests book Thursday through Sunday or Friday through Sunday.
For operational planning, the short average stay means higher turnover costs per occupied night. Cleaning fees and turnover time need to be factored into per-night pricing carefully. Properties that can attract occasional longer stays (5 to 7 nights) during ski season or summer will see meaningfully lower per-night operating costs and often higher total revenue for those booking windows.
The combination of short lead times and short stays also means cancellation policies require careful calibration. A strict policy can deter last-minute demand, while a flexible policy increases the risk of revenue gaps from late cancellations.
Short-Term Rental Regulations
Big Bear Lake has a structured short-term rental permitting system that investors must navigate before listing any property.
Permit and registration: Property owners must obtain a Vacation Rental permit from the City of Big Bear Lake. The permit fee is $550, and the license must be printed and posted inside the property at all times. The permit must remain current and valid while the property is advertised or rented.
Zoning restrictions: Short-term rentals are permitted only in zones designated for tourist accommodation. Investors must verify that a specific property’s zoning allows STR use before purchasing. Properties in residential zones that are not designated for tourist accommodation cannot be permitted.
Tax obligations: Effective January 1, 2025, the Transient Occupancy Tax is 10% of gross receipts, and an additional 3% Big Bear Lake Tourism Business Improvement District assessment applies to all vacation rentals, for a combined tax burden of 13% of gross receipts. Property owners are responsible for collecting and remitting this 13% monthly, regardless of which booking platform was used. Monthly reports are required even in months with zero rental income. Remittances are due on the last day of the month following the reporting month.
Parking: Improved parking spaces are required for all properties. Properties permitted before January 11, 2021 that had gravel parking were allowed to continue temporarily, but as of January 1, 2026, all permitted vacation rentals must have improved parking spaces.
Safety requirements: Working smoke detectors, carbon monoxide alarms, and fire extinguishers are mandatory. Properties must meet all applicable health and safety codes. Violations can result in fines and permit revocation.
Market Comparison
Big Bear Lake sits in the upper tier of California mountain STR markets by listing count, with 3,127 active listings as of February 2026. That scale places it among the largest ski and mountain resort STR markets in the western United States.
On ADR, Big Bear’s February 2026 average of $541 is competitive with other California mountain destinations, and the seasonal December average of $624 is consistent with what premium ski markets across the country command. National STR market averages for similar resort markets typically run between $300 and $500 ADR; Big Bear’s winter rates exceed that range.
Occupancy is the notable soft point. At 34.0% in February and an annual average hovering around 30% to 35% in recent years, Big Bear occupancy trails national STR market averages, which typically range from 45% to 55% for active markets. This gap reflects the two-peak seasonal structure with distinct shoulder-season lulls rather than consistent year-round demand.
RevPAR (revenue per available room) was $179 in February 2026 with a median of $134. These figures are moderate by California mountain resort standards and reflect the occupancy headwind offsetting strong ADR.
The 116-day median days-to-pending on the housing side is notably longer than California’s statewide average, suggesting less competition for properties and potentially more favorable negotiating conditions for buyers compared to coastal California markets.
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