Vacation Rental Market Analysis: Park City, UT

The Evolve Team
The Evolve Team
November 8, 2022

Brimming with world-renowned ski destinations, charming mountain-town vibes, and home of the critically-acclaimed Sundance Film Festival, Park City offers a little something for everyone — including those in search of a profitable rental property. 

With activities like skiing, hiking, biking, and dining bringing in over 600,000 annual visitors, Park City is one of Utah’s most sought-after resort towns — presenting a major opportunity for interested buyers.

To help you understand the investment opportunity this top vacation rental market presents, we created a free, downloadable vacation rental market analysis. Inside you’ll find: 

  • Rental income potential by property size
  • Average occupancy by property size
  • Average daily rate by property size
  • Average days booked in advance
  • Average length of stay
  • Vacation rental inventory by property size
  • Occupancy rate by month

The findings in this analysis are based on Evolve’s Park City market averages in the last year and provide a general baseline for performance potential. They’re designed to help inform smart decisions when buying a Park City investment property.

Download Our Complete Park City Vacation Rental Investment Analysis

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Why Park City Is a Great Place to Own Vacation Rental Property

While Park City is most-often known for its winter sports, the area sees two peak occupancy seasons — summer and winter. The powdery slopes of Deer Valley Ski Resort, the snow-capped mountains of Park City Mountain, and the groundbreaking, artistic entertainment of the Sundance Film Festival attract powder-chasers and movie buffs alike during the early winter months of the year.

Once warm-weather rolls around, adventure-chasers enjoy unforgettable excursions in Park City’s refreshing, alpine climate  — think hot air-balloon rides, golfing at one of the many idyllic courses, and hiking or biking over 400 miles of trails

Spring and fall months do tend to see lower occupancy rates, but that doesn’t stop the area from hosting tons of year-round activities that can attract travelers of all interests (leaf peeping, anyone?).

With all that said, it’s important to know the varying upfront costs you might face based on where you ultimately purchase a Park City Airbnb investment. The area has a median home value of around $1.8 million. While on the higher end, you can help recoup some of the upfront costs by aligning your timeline to be open for business during the area’s two peak seasons —  allowing you to hit the ground running and earn right from the start.

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How Much Money Can You Earn with a Park City Vacation Rental?

Reaching high levels of success with a Park City investment property depends on a variety of considerations. Keep these important factors in mind when evaluating your purchasing options.

Property Size

Guests vacationing in Park City tend to come in mid-sized groups of six people or less. According to our Real Estate Services (RES) team, two-bedroom properties are the top performers with the highest number of nights booked and average daily rates.

Two-bedroom rentals also account for the largest portion of available inventory in the area, making up nearly one-third of all the short-term accommodations in Park City — a win-win for those looking to buy at lower price points while still getting a fully-booked calendar.

Larger properties can see higher average daily rates, but they do make up a smaller percentage of available inventory that guests are able to book — and investors are able to purchase.

Property Location

Since the area boasts two major ski resorts (one of which was voted a top ski resort in America), drool-worthy dining options, and a wide range of family-friendly entertainment, our RES team says it’s pretty typical for guests to want to stay in close proximity to ski resorts, downtown, or restaurants. So buying a vacation home near one or more of these local draws can increase your potential for more bookings and annual income. 

Mountain views are another major draw of a vacation home, but it’s even better if you can nab a slope-side location or a property with ski-in/ski-out access. Providing this additional level of luxury and convenience can help make sure getting around town is a stress-free experience for travelers — and it may be what sets your Park City investment property apart from the competition, ultimately making it easier to book more guests at higher rates.

Property Amenities

Park City attracts a wide variety of travelers, ranging from couples and solo adventurers to families and small groups of friends. So first and foremost, it’s important to provide all the top amenities that allow for a comfortable and relaxing atmosphere.

The two most sought-after amenities in this area are hot tubs and fireplaces — perfect for unwinding after a fun-filled day in the mountains. To make your vacation rental even more attractive to potential guests, our RES team suggests adding a sauna or a steam room, offering another unique way for guests to unwind year-round.

Of course, guests are always looking for a special vacation experience that comes with a home-away-from-home feel, so look for properties with modern finishes like granite countertops and stainless steel appliances. Once you’ve selected a place, adding rustic cabin decor like antique skis, timber furniture, or overstuffed leather sofas can also add an inviting, cozy touch that really gives your Park City investment property an income-driving edge.

Download Our Full Park City Vacation Rental Market Analysis

With a stronghold on outdoor adventure and entertainment, Park City’s tourism industry continues to be a huge part of what makes this charming mountain town such a valuable investment opportunity. 

To get a closer look at the details around buying a vacation home in this area, download our full Park City Vacation Rental market analysis today.

Inside, you’ll find key insights like:

  • Average daily rate by property size 
  • Expected seasonality in vacation rental demand
  • Average length of stay in high and low seasons
  • Inventory breakdown based on property size

With this exclusive performance intel on your side, buying a Park City investment property can be as thrilling as swooshing down the area’s world-class slopes.

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