Market Report 2021 JACKSON, W Y
OUTPOST PROPERTY MANAGEMENT
OUTPOST PROPERTY MANAGEMENT
Industry Recap: 2021 In 2021, despite continued uncertainty around travel, Covid-19 variants, schooling, and work from home policies, the U.S. trend of road tripping to national parks grew to epic levels. Grand Teton National Park and Yellowstone National Park saw the most visitors on record. Outpost celebrated our highest levels of occupancy and average daily rates to date. We will continue to monitor pandemic, work from home, and travel trends, but long term we anticipate an increase in international visitors and a decrease in long-distance car travel.
TH E S TAT S 85%
increase in demand year-over-year for Chalet rentals
50% o f families said they’re more likely to let their kids decide where they vacation 61% o f parents said they are more likely to require their children to disconnect from their devices on vacation 60% of travelers said they plan to book future vacations earlier than they did in pre-pandemic times 44% of families said they are more likely to work remotely from a place that’s not their own home 77% o f families agreed they have a greater appreciation for separating their professional and personal lives, compared to pre-pandemic times 59% of respondents said they are more likely to take a two-week vacation 40% increase in demand year-over-year for pet-friendly homes in VRBO homes.
OUTPOST
SLOPE-SIDE RENTAL VILL AGE J A C K S O| N SHOOTING H O L E | W YSTAR, O M I N TETON G
5
SLOPE-SIDE RENTAL SHOOTING STAR, TETON VILL AGE
Cancellations — While we’re still seeing high levels of cancellations due to the pandemic, the Jackson Hole market overall did see a 2.0% decline in canceled bookings compared to 2020. Outpost saw an increase in year-over-year cancellations, but still remains significantly lower than the market’s cancellations (12.7% versus 21.0%). We are anticipating cancellation rates to continuously trend higher as we enter into a “new normal” of volatile travel plans.
P E R C E N T O F C A N C E L E D N I G H T S I N 202 1 — OUTPOST VS. MARKET
40% 30% 20% 10%
OUTPOST
DEC
NOV
OCT
SEP
AUG
JUL
JUN
M AY
APR
MAR
FEB
JAN
0%
Average Length of Stay — Outpost saw our highest occupancy and revenue to date, however, the average length of stay decreased slightly in comparison to 2020. We speculate that the fluctuations in the average length of stay, yearover-year, are due to the constantly changing work from home and Covid-19 restrictions.
8 7 6
O U TJPAOCSKTSPORNOH PE ORL TEY| M WAYN OAMGI N EM GENT
DEC
NOV
OCT
SEP
AUG
JUL
JUN
M AY
APR
MAR
FEB
5
JAN
NUMBER OF NIGHTS
AV E R AG E L E N G T H O F S TAY I N 202 1 — OUTPOST VS. MARKET
9
Average Daily Rates — The Jackson Hole market continued to see average daily rates (ADRs) trend higher in 2021. This past year registered an ADR of $736 versus $664 in 2020, a 10.8% increase year-over-year. Travel is booming amidst the pandemic and we anticipate this to continue. The increase in demand allows us more pricing control than ever before. The holidays and peak summer months still continue to be the most coveted time to visit the Tetons.
AV E R AG E DA I LY R AT E 202 1 V S . 2020
$1,000 $800 $600 $400
OUTPOST
DEC
NOV
OCT
SEP
AUG
JUL
JUN
M AY
APR
MAR
FEB
JAN
$200
Occupancy Rates — Jackson Hole continued to be a hot spot for travel in 2021. With many still working remotely and pandemic travel becoming more accessible, we saw the most visitors on record. Outpost celebrated our highest occupancy rates yet at 74.8% while the rest of the market ended the year at 57.5%. This occupancy rate is a 13.2% increase over last year for Outpost properties. These numbers show Outpost consistently occupied 30.1% over the market.
O CC U PA N C Y R AT E S I N 202 1 — OUTPOST VS. MARKET
100% 75% 50% 25%
JACKSON HOLE | WYOMING
DEC
NOV
OCT
SEP
AUG
JUL
JUN
M AY
APR
MAR
FEB
JAN
0%
11
Air-travel Arrivals — We saw dramatic spikes in domestic air travel from 2020 to 2021, as pandemic-related travel hesitancy lessened. With travelers wanting to get out of their homes, we saw 2021 air travel even exceed that of 2019. With international travel still restricted in many countries in 2021, we’ll be paying close attention to see how 2022 trends.
JAC K S O N H O L E A I R P O R T A R R I VA L S 202 1 V S . 2020 V S . 2019
60,000 50,000 40,000 30,000 20,000 10,000
OUTPOST
DEC
NOV
OCT
SEP
AUG
JUL
JUN
M AY
APR
MAR
FEB
JAN
0
National Park Visitation — In 2021, with road trips and remote work/schooling at an all-time high, the national parks saw their highest visitations in the historic record. In July 2021, Grand Teton National Park saw a 9.7% increase in visitors and Yellowstone National Park a 13.0% increase — both experiencing their busiest months ever.
T O TA L M O N T H LY V I S I T O R S I N 202 1 : G R A N D T E T O N N AT I O N A L PA R K V S . Y E L L O W S T O N E N AT I O N A L PA R K
1,000,000 750,000 500,000 250,000
JACKSON HOLE | WYOMING
DEC
NOV
OCT
SEP
AUG
JUL
JUN
M AY
APR
MAR
FEB
JAN
0
13
Guest Demographics — Visitors from the four most populated American States — California, Texas, Florida, and New York — made up 34.5% of total short-term rental guests in Jackson Hole. Visitors from California represented a slightly lower visitation share than in prior years, while we saw an identical share of visitors from New York compared to 2020. Georgia accounted for 4.9% of total domestic travelers to Jackson Hole, overtaking Colorado, which was previously in the top 5. With the pandemic continuing to complicate overseas travel, international visitors once again made up a smaller share of short-term rental guests this year. However, while countries like Australia and Canada remained closed, we did host guests from the UK, Brazil, France, Mexico, and Norway.
TOP 5 VISITING STATES 12 .0%
CA L I F ORN I A
7.9%
N E W YORK
7.6%
TE XA S
7.0%
FLORI DA
4.9%
GE ORGI A
OUTPOST
WY
JACKSON HOLE | WYOMING
15
IT’S IN THE DETAILS MOOSE CREEK | TETON VILL AGE
OUTPOST
Professionally Managed Vacation Rentals — The total number of professionally managed vacation rentals in the Teton area is 819, which represents 42.6% of all rentals available. Outpost is proud to manage 225, or 27.5%, of the professionally managed rentals in the valley. Professionally managed vacation rentals in Teton Village represent 44.0%, the town of Jackson 27.0%, and Wilson 29.0% of the total rentals.
Q UA N T I T Y O F P R O F E S S I O N A L LY M A N AG E D R E N TA L S OUTPOST
225
COM PA N Y A
135
COM PA N Y B
117
COM PA N Y C
104
COM PA N Y D
68
COM PA N Y E
42
COM PA N Y F
37
COM PA N Y G
31
OTHER
JACKSON HOLE | WYOMING
200
150
100
50
0
60
19
Total Quantity of Vacation Rentals — There was an upward trend in vacation rentals in the valley in 2021, with Airbnb and Vrbo listings in the town of Jackson, Wilson, and Teton Village totaling 1,921 unique listings. The town of Jackson increased from 605 properties in 2020 to 685 in 2021. Teton Village sky-rocketed from 572 properties in 2020 to 672 in 2021, while Wilson took a slight dip from 572 in 2020 to 563 in 2021.
Q UA N T I T Y O F R E N TA L S
45 60 40 5050 55 TOWN OF JACKSON
50%
50%
WILSON
55%
45%
TE TON VILL AGE
60%
40%
Listings: 685
Listings: 563
Listings: 672
Occupancy: 4,296
Occupancy: 3,333
Occupancy: 5,153
Occ. per unit: 6.27
Occ. per unit: 5.92
Occ. per unit: 7.67
OUTPOST
SKI IN / SKI OUT | MOOSE CREEK, TETON VILL AGE
Configuration of Vacation Rentals — Three bedroom dwellings represent the most common configuration in JH at 24.8% of all listings. Two bedrooms are not too far behind with 23.7% of all listings. Six or more bedrooms grew in representation this year to 6.0% of total listings. This home configuration only represented 2.0% of listings last year. VAC AT I O N R E N TA L C O N F I G U R AT I O N & R E N TA L T Y P E A S A P E R C E N TAG E O F T O TA L I N A G I V E N A R E A
TOWN OF JACKSON
TETON VILL AGE
WILSON
41428321345 282620108 41428321345
30% 20% 10% 5% 0%
Vacation Rental Amenities — With Jackson's winter temperatures often dropping below zero and highs rarely rising above 30 degrees, rentals with hot tubs are a highly soughtafter amenity, especially in Teton Village. Traveling with a dog will still be challenging for visitors, with only about 10.0% of vacation rentals in Jackson Hole allowing pets on-premises. As evidenced in the graph below, very few rentals in Teton Village and Wilson are pet-friendly.
A M E N I T I E S AT VAC AT I O N R E N TA L S A S A P E R C E N TAG E O F T O TA L L I S T I N G S I N A G I V E N A R E A
100%
75%
50%
25%
0 A/C
FIREPLACE
HOT TUB
TOWN OF JACKSON
PETS
ELEVATOR
WILSON
GAME ROOM
COMMUNITY POOL
PRIVATE POOL
TETON VILLAGE 23
Ski Destinations: Winter Adjusted Occupancy Rates — 2021 travel trends saw visitors flock to places with wide-open spaces. Ski-in, ski-out destinations topped the list; promoting socially distanced outdoor exercise, as well as mental and physical well-being. While our usual crowded après scene experienced a dip, Jackson Hole still saw the highest occupancy rates compared to any other resort in the west by an incredible margin.
N OV E M B E R – M A R C H A S O F N OV. 10, 202 1
40%
30%
20%
OUTPOST
2 02 1
2 02 0
2019
2 02 1
2019
2 02 0
2 02 1
2 02 0
2019
2 02 1
2019
2 02 0
2 02 1
2 02 0
2019
10%
JACKSON HOLE | WYOMING
25
SLOPE-SIDE RENTAL ONE TOWN HILL, SNOW KING MOUNTAIN JACKSON HOLE, WY
OUTPOST
AUTUMN HAPPY HOUR CLOUDVEIL HOTEL JACKSON HOLE, WY
OUTPOST
Outpost — WELCOME TO OUR HOME . At Outpost, our mission is to provide our guests and homeowners with the highest quality of service, care, and respect, empowering them to do the same for our community in the Tetons. This simple tagline embodies our love and respect for our home, here in the Tetons, on planet earth, and in each and every one of the properties we care for on behalf of our homeowners. A vacation rental business at its core, but so much more—Outpost is an opportunity to share the Tetons and community with people around the world. Our team is our family. We are hard-working, fun-loving, energetic, and loyal, and we are all here because of a shared love and respect for the mountains. We work toward a collective vision: Empowering our guests and homeowners to feel comfortable here, encouraging them to respect and enjoy their individual spaces, and the Tetons at large. We do this through our impeccable customer service, attention to detail, and our collective pursuit to treat every home we manage as if it were our own. Our passion for this business drives new ideas, energy, consistency, and the highest standard of vacation rental management. We are grateful and honored by the opportunity and privilege to responsibly share our community with others, and we promise to keep pushing the boundaries to create an experience built on respect, appreciation and connection. As John Muir perfectly said, “Going to the mountains is going home.”
With gratitude, Mekki Jaidi (Owner & Broker) and Annie Jackson (Managing Director)
JACKSON HOLE | WYOMING
29
Looking back… Wow, what a year! With the pandemic continuing throughout 2021, we saw an influx of visitors, hosted families as they road tripped through the national parks and welcomed many new homeowners to our portfolio. Our team continues to grow, so we can support our growing business and stay focused on providing the highest quality of service. In fact, this year we are proud to have hit a major milestone, as we now employ over 100 community members throughout Jackson and the surrounding areas. Despite our size, we still operate as a small, close knit team energized by big ideas and a year’s worth of many great accomplishments.
JANUARY
FEBRUARY
We kicked off the year with a record-breaking January
O2 Cleaning revamped its operations and added a new coordinator
M AY
JUNE
We hosted a full team celebration at Hatch, to bring in the warmer weather! Team members across the whole business safely gathered together
Launched our Caretaking department
SEPTEMBER
OCTOBER
Donated to Old Bill’s in Jackson, WY, supporting 13 different local nonprofits
We launched Terrain: Snow Removal + Landscaping company to our quiver of amenities
End of summer celebration for all of our staff
OUTPOST
MARCH
APRIL
For the third consecutive year, Outpost was awarded Gold in the “Best Property Management” category for the Best of Jackson Hole!
The team volunteered at Habitat for Humanity in Jackson, WY
J U LY
AUGUST
We survived the busiest July that Jackson has ever seen
Achieved our highest occupancy to date
NOVEMBER
DECEMBER
We caught our breath and worked on business and home revisions
Outpost acquired Snake River Roasting Co., adding another wonderful local business to our group
JACKSON HOLE | WYOMING
31
Looking forward… As always, we have some big things in the works. In 2021, we established a more holistic approach to property management, by adding Terrain: Landscaping + Snow Removal, and an in-house caretaking team, whilst continuing to offer cleaning services through O2 Cleaning. As our portfolio grows, we continue to expand and support our experienced, talented, and enthusiastic team to ensure the best quality of service.
OUTPOST TEAM
We are so proud of our team. We truly value each and every one of our employees and will continue to invest in our people as we maintain a culture that we would describe as creative, positive, inclusive and family-like. This year our executive team expanded with the addition of an experienced Strategy Director, Creative Director, and Director of HR and Finance. In addition, our homeowner and guest relations, caretaking, maintenance, and cleaning teams have all grown as well.
C A R E TA KI N G
To continue to provide the best quality of service for our homeowners and guests, we added an in-house caretaking team. They work closely with our maintenance team to manage our luxury properties ensuring these homes and guests receive the individual care they deserve.
OUTPOST
PROPERTIES
We are proud to have welcomed 32 new homeowners and properties into the portfolio in 2021. With each new addition, we are pleased to continue offering a wide variety of homes and accommodations for guests.
TERRAIN
The Outpost Group is expanding our service offerings to include customized snow removal services through the winter season, in addition to bespoke landscaping services come spring.
JACKSON HOLE | WYOMING
33
M A RKE T RE P O R T 2021 - RE FE RE N CE S •
P age 4 | VRBO 2022 Trend Report https://www.vrbo.com/vacation-ideas/explore-vrbo/travel-trends/the-2022-vrbo-trend-report
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Pages 8-11 | Key Data Dashboard
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Page 12 | Jackson Hole Airport https://www.jacksonholeairport.com/records-reports/activity-reports/
•
P age 13 | National Park Service https://irma.nps.gov/STATS/Reports/Park/GRTE
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Page 14 | Forbes: 2021 Travel Trends, Ski-In, Ski-Out Resorts
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Pages 14-15 | Key Data Dashboard
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Pages 19 | Key Data Dashboard + Google search
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Pages 22-24 | Key Data Dashboard + Google search
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Page 31 | JH News & Guide https://www.jhnewsandguide.com/news/business/local/yes-jackson-is-way-way-busier/article_5c17f357696b-5569-b919-35e901bf9dd7.html
•
Photography by: Taylor Glenn, Lindley Rust, Aaron Kraft, and Karsten Winegeart
OUTPOST
JACKSON HOLE | WYOMING
35
OUTPOST 307. 690. 4790 ext. 3 MANAGEMENT@OUTPOSTJH.COM OUTPOSTJH.COM
TERRAIN 307. 218. 6153 INQUIRY@TERRAINJH.COM TERRAINJH.COM
O2 CLEANING 307. 227. 3480 INFO@O2CLEANINGJH.COM O2CLEANINGJH.COM OUTPOST