Ski season is a highly anticipated winter travel period. According to the National Ski Areas Association, there were 470 operating ski areas across the United States from 2019-2020. Many of these ski areas are located in only four states; California, Colorado, Utah, and Wyoming. Because of this, winter is the primary revenue season for vacation rentals. COVID-19 brought an abrupt end to last winter’s ski season. The combination of increased domestic demand for vacation rentals and new ski area social-distancing regulations makes this season uncertain too. So, we looked at a few popular ski areas to see how this season is pacing.
Adjusted Paid Occupancy Rate: Breckenridge, CO; Jackson Hole, WY; Lake Tahoe, CA; and Park City, UT; are all outpacing last year for the adjusted paid occupancy rate. Jackson Hole is currently pacing 24% higher than last year; the largest increase of these 4 cities and an astounding year-over-year increase. Park City and Breckenridge are both boasting 11% increases over the same period last year, while Lake Tahoe is performing about the same as last year with only a 1% average increase in paid occupancy. Since so many ski reservations are last minute and booking windows have declined due to the pandemic, it is especially meaningful that these areas are already pacing so far ahead of last year.
Average Daily Rate: ADR is pacing relatively closely, or slightly higher, to last year. Breckenridge (+$15), Jackson Hole (+$30), and Lake Tahoe (+$47) are each pacing slightly higher than last year. Between November and the first week of January, Park City paced alongside last year with no change. However, between the second week of January and the last week of February, daily rate decreased by an average of $164.
Average Length of Stay. On average, vacationers will stay in Jackson Hole, Lake Tahoe, and Park City a day longer than last year. This could be due to more students and employees being able to work from home because of the COVID-19 pandemic.
Overall, the beginning of this year’s ski season looks promising. However, it is difficult to predict what will happen as time progresses. Key Data can assist with the market data necessary for these predictions, so please reach out to our team to see how we can help!