Park City STR market averages $7,394/month at median with peak-season ADRs exceeding $1,200 for top-quartile properties.
Market Overview
Park City, Utah operates one of the most concentrated short-term rental markets in the western United States. As of February 2026, the market supports 4,085 active listings in a city with a permanent population of just 8,254 residents and approximately 600,000 annual visitors. That ratio of roughly one active STR listing per two permanent residents reflects how thoroughly the local housing stock has shifted toward visitor accommodation.
The average daily rate across all active listings stood at $985.70 in February 2026, with a market-wide average monthly revenue of $10,414.90. Both figures reflect the premium pricing that ski season commands in this market. Over the full year, average monthly revenue runs closer to $7,400 at the median, with meaningful dispersion between lower and higher performers.
Supply has grown steadily. Active listings increased from 3,114 in 2021 to a recent high of 4,229 in 2025, a 36% increase over four years. That supply growth has put measurable pressure on occupancy rates. Market-wide average occupancy fell from 48% in 2021 to 35% in 2024 and 2025, before recovering slightly to 39% in the February 2026 snapshot. ADR has partially offset occupancy declines, rising from $523 in 2022 to $596 in 2025 on a full-year basis. The net effect is that average annual revenue per listing declined from $10,542 in 2021 to $6,189 in 2024, then partially recovered to $6,720 in 2025.
The market is driven by two primary demand windows: winter ski season (December through March) and a shorter summer outdoor recreation window (June through August). These two windows operate at meaningfully different price levels, with winter ADR roughly double summer ADR.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue | Active Listings |
|---|---|---|---|---|
| Jan | 52% | $810 | $12,710 | 4,050 |
| Feb | 57% | $816 | $13,157 | 4,027 |
| Mar | 58% | $689 | $12,871 | 3,644 |
| Apr | 33% | $482 | $5,508 | 3,600 |
| May | 30% | $398 | $4,584 | 3,434 |
| Jun | 39% | $446 | $6,230 | 3,653 |
| Jul | 44% | $477 | $7,302 | 3,829 |
| Aug | 43% | $436 | $6,871 | 3,843 |
| Sep | 38% | $411 | $5,621 | 3,851 |
| Oct | 32% | $410 | $4,714 | 3,735 |
| Nov | 33% | $455 | $4,772 | 3,825 |
| Dec | 43% | $770 | $10,019 | 3,988 |
Park City has one of the most sharply seasonal STR demand profiles in the United States. Winter ski season and summer recreation season produce two distinct demand peaks separated by two slow shoulder periods.
Winter peak runs January through March. March posts the highest average occupancy at 58.2%, followed by February at 56.8% and January at 51.8%. ADR during these three months averages $689 to $816, reflecting premium ski-season pricing. Average monthly revenue in January is $12,710 and in February $13,157, making these the two highest-revenue months of the year.
December acts as a ramp-up month with 42.6% average occupancy and a $770 ADR, producing roughly $10,019 in average monthly revenue. The combination of holiday travel and early ski season access drives December performance well above the annual average.
Spring shoulder (April and May) is the weakest period. April occupancy drops to 32.6% and ADR falls to $482, producing an average monthly revenue of only $5,508. May is the softest month in the market at 30.0% occupancy and a $398 ADR, with average revenue of $4,584. These two months together represent approximately 40% less revenue than the weakest winter month.
Summer (June through August) delivers moderate performance. Occupancy ranges from 39.4% in June to 43.6% in July, with ADRs between $436 and $477. Average monthly revenue runs $6,230 to $7,302 during this window, below the annual median but meaningfully above spring lows. Fall (September through November) is quiet, with occupancy between 31.8% and 37.8% and ADR between $410 and $455.
Investors should model four months of strong cash flow (December through March), four moderate months (June through August, plus November), and four slow months (April, May, September, October).
Revenue Breakdown
| Metric | 25th Pctile | Median | 75th Pctile | 90th Pctile |
|---|---|---|---|---|
| Revenue/mo | $3,521 | $7,394 | $13,104 | $22,885 |
| ADR | $490 | $763 | $1,218 | $1,987 |
| Occupancy | 18% | 36% | 57% | 77% |
Revenue performance in Park City spans an exceptionally wide range. Based on February 2026 data, the 25th percentile of active listings generates $3,521/month, the median (50th percentile) generates $7,394/month, the 75th percentile generates $13,104/month, and the 90th percentile generates $22,885/month.
The ADR distribution tells a similar story. The bottom quartile averages $490/night, the median is $763/night, the top quartile is $1,218/night, and the 90th percentile reaches $1,987/night. The market-wide average ADR of $985.70 sits well above the median, indicating that a smaller number of high-priced luxury properties pull the average up significantly.
These February figures represent peak winter conditions. On a full-year average basis, the median monthly revenue is closer to $7,400 as noted in the seasonal data. Investors modeling annual gross revenue should plan for approximately $88,700/year at median performance ($7,394 x 12), though actual seasonal compression means January through March will contribute disproportionately to that total.
The RevPAR (revenue per available room) average stands at $372, with a median of $264. This gap between mean and median again reflects the influence of luxury outliers. Properties in the top quartile by ADR and occupancy operate in a fundamentally different segment than the average listing.
Investment Analysis
Revenue Trend
RevPAR & ADR Trend
| Date | Revenue | RevPAR | ADR |
|---|---|---|---|
| Mar 2021 | $13,127 | $423 | $572 |
| Apr 2021 | $10,465 | $349 | $497 |
| May 2021 | $10,328 | $333 | $488 |
| Jun 2021 | $10,931 | $364 | $505 |
| Jul 2021 | $11,485 | $371 | $531 |
| Aug 2021 | $11,614 | $375 | $542 |
| Sep 2021 | $10,315 | $344 | $505 |
| Oct 2021 | $8,532 | $275 | $535 |
| Nov 2021 | $7,036 | $235 | $472 |
| Dec 2021 | $11,583 | $374 | $635 |
| Jan 2022 | $11,769 | $380 | $669 |
| Feb 2022 | $12,127 | $433 | $703 |
| Mar 2022 | $12,674 | $409 | $640 |
| Apr 2022 | $5,377 | $179 | $481 |
| May 2022 | $3,811 | $123 | $429 |
| Jun 2022 | $8,789 | $293 | $471 |
| Jul 2022 | $8,871 | $286 | $611 |
| Aug 2022 | $8,340 | $269 | $460 |
| Sep 2022 | $7,304 | $244 | $385 |
| Oct 2022 | $6,384 | $206 | $381 |
| Nov 2022 | $6,407 | $214 | $419 |
| Dec 2022 | $11,429 | $369 | $623 |
| Jan 2023 | $15,033 | $485 | $684 |
| Feb 2023 | $14,371 | $513 | $639 |
| Mar 2023 | $13,103 | $423 | $604 |
| Apr 2023 | $4,649 | $155 | $410 |
| May 2023 | $3,697 | $119 | $339 |
| Jun 2023 | $4,618 | $154 | $323 |
| Jul 2023 | $6,037 | $195 | $354 |
| Aug 2023 | $5,616 | $181 | $323 |
| Sep 2023 | $4,543 | $151 | $364 |
| Oct 2023 | $2,549 | $82 | $339 |
| Nov 2023 | $3,223 | $107 | $406 |
| Dec 2023 | $9,263 | $299 | $837 |
| Jan 2024 | $12,864 | $415 | $867 |
| Feb 2024 | $13,722 | $473 | $852 |
| Mar 2024 | $11,999 | $387 | $800 |
| Apr 2024 | $3,320 | $111 | $527 |
| May 2024 | $2,386 | $77 | $354 |
| Jun 2024 | $3,162 | $105 | $465 |
| Jul 2024 | $4,878 | $157 | $435 |
| Aug 2024 | $4,065 | $131 | $407 |
| Sep 2024 | $2,759 | $92 | $379 |
| Oct 2024 | $2,703 | $87 | $356 |
| Nov 2024 | $3,470 | $116 | $474 |
| Dec 2024 | $8,942 | $288 | $815 |
| Jan 2025 | $12,807 | $413 | $872 |
| Feb 2025 | $15,148 | $541 | $902 |
| Mar 2025 | $13,453 | $434 | $827 |
| Apr 2025 | $3,728 | $124 | $495 |
| May 2025 | $2,698 | $87 | $382 |
| Jun 2025 | $3,653 | $122 | $465 |
| Jul 2025 | $5,239 | $169 | $456 |
| Aug 2025 | $4,722 | $152 | $451 |
| Sep 2025 | $3,182 | $106 | $421 |
| Oct 2025 | $3,404 | $110 | $437 |
| Nov 2025 | $3,724 | $124 | $506 |
| Dec 2025 | $8,878 | $286 | $942 |
| Jan 2026 | $11,078 | $357 | $955 |
| Feb 2026 | $10,415 | $372 | $986 |
Occupancy vs Supply
| Date | Occupancy | Active Listings |
|---|---|---|
| Mar 2021 | 59% | 2,635 |
| Jun 2021 | 52% | 3,032 |
| Sep 2021 | 53% | 3,242 |
| Dec 2021 | 55% | 3,549 |
| Mar 2022 | 62% | 3,652 |
| Jun 2022 | 47% | 4,081 |
| Sep 2022 | 45% | 4,098 |
| Dec 2022 | 54% | 4,254 |
| Mar 2023 | 65% | 4,071 |
| Jun 2023 | 42% | 3,971 |
| Sep 2023 | 36% | 3,948 |
| Dec 2023 | 37% | 3,789 |
| Mar 2024 | 52% | 3,593 |
| Jun 2024 | 28% | 2,904 |
| Sep 2024 | 27% | 3,693 |
| Dec 2024 | 36% | 4,222 |
| Mar 2025 | 53% | 4,269 |
| Jun 2025 | 28% | 4,278 |
| Sep 2025 | 28% | 4,275 |
| Dec 2025 | 31% | 4,128 |
Park City presents a high-entry, high-ceiling STR investment profile. The typical home value in the market is $1,535,531, with a median sale price of $1,455,083. The sale-to-list ratio of 0.967 and a median days-to-pending of 61 days indicate a market where buyers retain modest negotiating room and properties do not move instantly, giving investors time to underwrite deals carefully.
At a purchase price of $1,455,083 and a 25% down payment, a buyer would carry roughly $1,091,312 in debt. At a 7% 30-year rate, that produces a monthly mortgage payment of approximately $7,260. The median STR monthly revenue of $7,394 means a median-performing property covers debt service with limited margin before expenses. Reaching cash-flow positive territory in this market typically requires either a meaningful down payment above 25%, a purchase price below median, or consistent performance in the top quartile of the market where monthly revenue averages $13,104.
The revenue distribution is wide. Bottom-quartile properties average $3,521/month, while top-quartile properties average $13,104/month and the 90th percentile reaches $22,885/month. That 6.5x spread between p25 and p90 means property selection, management quality, and pricing strategy matter more here than in markets with tighter distributions.
Risk factors include continued supply growth (listings up 36% since 2021), declining base occupancy rates (35% annual average in 2024), and zoning constraints that limit where new licenses can be issued. The Sundance Film Festival historically generated a premium demand week in January; its announced relocation to Boulder, Colorado after 2026 removes a reliable high-rate period from future projections and should be reflected in forward underwriting.
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| Date | Typical Home Value |
|---|---|
| Mar 2021 | $1,342,281 |
| Dec 2021 | $1,729,378 |
| Sep 2022 | $2,048,031 |
| Jun 2023 | $1,851,477 |
| Mar 2024 | $1,895,687 |
| Dec 2024 | $1,934,871 |
| Sep 2025 | $1,951,835 |
Booking Insights
Park City bookings are made well in advance by STR market standards. The average booking lead time is 103.5 days, with a median of 84 days. This means the typical guest books roughly 12 weeks before arrival, and half of all bookings come in at 84 days or more before check-in. This lead time reflects the trip-planning behavior of ski vacation travelers who secure accommodations in advance for peak winter dates.
For operators, this pattern has direct pricing strategy implications. Properties that hold firm on rates during the 90-to-120-day advance window are not leaving money on the table in the way a last-minute-heavy market might penalize. Operators can maintain higher published rates early in the booking window and discount selectively in the final 30 days for remaining inventory without disrupting their primary booking flow.
Average length of stay is 6.4 nights, with a median of 4 nights. The gap between mean and median indicates that a segment of longer-stay bookings (7-plus nights for ski weeks or holiday periods) pulls the average above the typical stay. Minimum night requirements of 3 to 5 nights are common and well-tolerated by the guest base given the destination nature of the market.
The combination of long lead times and moderate length of stay means Park City operators should expect their peak-season calendar to fill largely 3 to 4 months in advance. Revenue management systems that track forward booking pace against prior-year comparables are well-suited to this market.
Short-Term Rental Regulations
Park City has an established short-term rental licensing framework that requires compliance before a property can be legally rented.
All properties rented for fewer than 30 consecutive days require both a business license and a Nightly Rental License, obtained through the city’s application process. The application requires proof of ownership, proof of insurance, compliance with safety requirements including smoke detectors and carbon monoxide alarms, and designation of a local contact person who can respond to issues on behalf of the owner.
Zoning is the most significant operational constraint in this market. Short-term rentals are permitted in certain designated zones only. Old Town and Canyons Village are generally permissive toward STR licensing. Many standard residential neighborhoods prohibit short-term rentals entirely. Investors must verify zoning eligibility for any specific parcel before purchase, as buying in a non-permissive zone makes STR operation illegal regardless of the property’s physical characteristics.
Tax obligations are substantial. Operators must collect and remit Utah state sales tax (4.85%) plus local transient room taxes, with the combined rate reaching approximately 8% or higher depending on the specific location and applicable local levies. Failure to collect and remit these taxes is a compliance violation.
The practical consequence of this regulatory structure is that the effective supply of legally licensable STR properties in Park City is constrained by zoning even though the raw housing stock is large. This constraint is a partial offset to the supply growth risk noted in the investment analysis. Buyers should conduct a zoning check and confirm license availability before any purchase decision.
Market Comparison
Park City sits at the upper end of the STR market spectrum nationally in terms of both ADR and entry cost. A median ADR of $763/night and a median monthly revenue of $7,394 both exceed national STR averages by a significant margin. Most mid-tier STR markets in the United States operate with ADRs in the $150 to $300 range and median monthly revenues between $2,000 and $4,500.
Within Utah, Park City competes primarily with other Wasatch Front ski markets and Southern Utah destination markets. Its ADR is materially higher than Salt Lake City proper and broadly comparable to other premier ski destinations in the Mountain West such as Aspen, Telluride, and Jackson Hole, though those markets often carry even higher purchase prices.
The market’s occupancy profile is below the national average for STR markets at 39% in February 2026 and approximately 35% on an annual basis in recent years. National STR average occupancy typically runs 50% to 55% annually for active listings. Park City’s below-average occupancy combined with above-average ADR reflects the classic mountain resort tradeoff: very high rates during a concentrated peak, lower utilization during shoulder and off-peak periods.
The supply-to-permanent-population ratio of roughly one listing per two residents is among the highest of any significant STR market in the country, which is a structural feature investors should weigh against the premium ADR opportunity.
Frequently Asked Questions About Park City, Utah
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