Outpost Market Report 2022

M A R KE T R E P O R T 2022 JACKSON HOLE | W YOMING

OUTPOST PROPERTY MANAGEMENT

“Wilderness is no necessity of the

OUTPOST PROPERTY MANAGEMENT

ot a luxury but a human spirit.”

- EDWA R D A B B E Y

I N D U S TRY R E C A P: 2022 The shift from 2021 to 2022 was notable and we, once again, found a ‘new normal.’ Despite such factors as the Jackson Hole Airport being closed for almost the entirety of spring and inflation hitting its highest mark in decades, families across the country continued to trust Outpost to provide them with the highest quality of service and the most beautiful homes away from home.

Most significantly, Outpost had an outstanding 2022 winter season.

We consistently drove occupancy rates that outperformed the market and even welcomed some new members to the team. We were also presented with various challenges beyond our control but, once again, we proved that when we work together we can achieve great things.

From January to April, we saw an exceptional 73.7% occupancy rate compared to the market’s 63.5%, and a cancellation rate of only 12.7% compared to the market’s 18.2%. During the holiday season, our occupancy rate was more than 12.0% above the market. We also launched a new email marketing campaign to increase engagement among our guests and homeowners, welcomed a Social Media Strategist and Luxury Sales Agent to the team, and drove remarkable growth in our caretaking program.

OUTPOST

J A C K3725 S O N | HWESTBANK OLE | WYOM ING FISH CREEK | WILSON, WY

5

TETON RETREAT SPRING CREEK RANCH | JACKSON, WY

C A N C E L L ATI O N S — Throughout 2022, Outpost’s cancellation rate remained below the Jackson market, at 15.6% for the year overall compared to the market’s 18.2% — with July being the only exception. In January and October, it was almost half of the market cancellation rate, and in April it was less than half. Year over year, the Jackson market saw a decrease in cancellations, from 21.0% in 2021 to 18.2% in 2022, while Outpost saw a slight increase in cancellations, from 12.7% in 2021 to 15.6% in 2022.

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 2022 OUTPOST MARKET

40% 30% 20% 10%

OUTPOST

DEC

NOV

OCT

SEP

AUG

JUL

JUN

M AY

APR

MAR

FEB

JAN

0%

AV E R A G E L E N G T H O F S TAY — Year over year, Outpost guests' average length of stay (ALOS) decreased very slightly, from 5.5 nights in 2021 to 5.2 nights in 2022. In April, Outpost reached a high ALOS of 8 nights. For the year overall, the ALOS in the Jackson market was 6.3 nights, which was marginally higher than the 2021 market average of 6 nights.

8 7 6

JACKSON HOLE | WYOMING

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 2022 OUTPOST MARKET

9

A V E R A G E D A I LY R A T E S — During 2022, the Jackson market again saw average daily rates (ADRs) continue to rise. The 2022 ADR was $834, comfortably higher than the $736 ADR we saw in 2021 — a 13.3% year-over-year increase. July and December both saw four-figure ADRs of $1,053 and $1,247 respectively, reinforcing that the summer and the holiday seasons are the most popular times to visit.

AV E R AG E DA I LY R AT E S 2022 202 1

$1,200 $1,000 $800 $600 $400

OUTPOST

DEC

NOV

OCT

SEP

AUG

JUL

JUN

M AY

APR

MAR

FEB

JAN

$200

O CC U PA N C Y R AT E S — Outpost maintained an average overall occupancy rate that was 13.3% higher than the Jackson market for the year. October was a standout month, in which our occupancy rates were more than double those of the market. Year over year, occupancy rates for both Outpost and the market were lower in 2022 compared to 2021. Outpost's 2022 occupancy rate was 59.1%, down from 74.8% in 2021. The market's 2022 rate was 45.8%, down from 57.5% in 2021. Despite this, our 2022 occupancy rates were still higher than those of the market during the 2021 boom.

O CC U PA N C Y R AT E S I N 2022 OUTPOST MARKET

100% 75% 50% 25%

JACKSON HOLE | WYOMING

DEC

NOV

OCT

SEP

AUG

JUL

JUN

M AY

APR

MAR

FEB

JAN

0%

11

A I R -T R AV E L A R R I VA L S — Air travel into Jackson Hole in 2022 was significantly affected by the JAC airport closure from April 11 to June 27, which prevented visitors from arriving by plane. Before the closure, arrivals into JAC during January, February, and March of 2022 were higher than those of the previous two years. Once the airport reopened, arrivals were lower from July to November than they were during the same time in 2021.

JAC K S O N H O L E A I R P O R T A R R I VA L S 2022 202 1 2020

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

N AT I O N A L PA R K V I S I TAT I O N — After seeing their busiest years on record in 2021, Grand Teton National Park (GTNP) and Yellowstone National Park (YNP) saw lower visitor counts in 2022. From January to May, YNP visitor counts exceeded those of the same months in 2021. In June, unprecedented floods swept through the park, leading to evacuations, trail and road closures, and recovery efforts that spanned the summer months. In turn, YNP saw lower visitor counts for the remainder of the year. GTNP trended similarly, seeing higher yearover-year visitation records at the beginning of 2022 and lower numbers in the back half of the year.

T O TA L M O N T H LY V I S I T O R S I N 2022 G R A N D T E T O N N AT I O N A L PA R K 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 — As we saw in 2021, many of the visitors staying in shortterm rentals (STRs) throughout 2022 were traveling from the four most populated states: California, New York, Florida, and Texas. Collectively, these visitors accounted for 33.0% of STR bookings in Jackson Hole. Colorado rounded out the top five states sending visitors to Jackson Hole, with 7.0% of STR bookings.

With the JAC airport closure and continuing economic uncertainty, it was not surprising to see an uptick in visitors driving in from our neighboring state, Colorado.

CA

TOP 5 VISITING STATES 11.0%

CA L I F ORN I A

8.0%

N E W YORK

7.0%

F LORI DA

7.0%

TE XA S

7.0%

COLORA D O

OUTPOST

NY WY

CO

TX FL

JACKSON HOLE | WYOMING

15

SHOOTING STAR LODGE 7 SHOOTING STAR | TETON VILL AGE, WY

OUTPOST

P R O F E S S I O N A L LY M A N A G E D VAC AT I O N R E N TA L S — In 2022, the total number of professionally managed vacation rentals in Jackson Hole reached 760. Of those, Outpost is proud to manage 249, or 32.8%. When broken down by area, Teton Village accounted for 37.4% of professionally managed vacation rentals, the town of Jackson accounted for 33.3%, and Wilson 29.3%.

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

249 141

COMPA N Y A

110

COMPA N Y B

69

COMPA N Y C

52

COMPA N Y D COMPA N Y E

28

200

50

0

150

74

OTHER

100

COMPA N Y F

37

T O TA L P R O P E R T I E S : 760 O U T P O S T = 3 2 . 8 % O F P R O F E S S I O N A L LY M A N A G E D P R O P E R T I E S BREAKDOWN BY AREA: T O W N O F J A C K S O N = 3 3 . 3 % | T E T O N V I L L A G E = 3 7. 4 % | W I L S O N = 2 9 . 3 %

JACKSON HOLE | WYOMING

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TOTA L Q UA NTIT Y O F VAC AT I O N R E N TA L S — The number of vacation rentals continued to trend upward in 2022, with Airbnb and Vrbo listings totaling over 2K in Jackson, Wilson, and Teton Village — up from 1,921 in 2021.

The town of Jackson’s listings increased from 685 properties in 2021 to 758 in 2022. Teton Village’s listings rose from 672 to 717, and Wilson saw an increase from 563 to 613.

All three areas saw an increase in total occupancy year over year. It remained the highest in Teton Village at 5.7K — up from 5.1K in 2021 — and the lowest in Wilson at 3.6K — up from 3.3K in 2021. Jackson was in the middle at 4.8K — up from 4.2K in 2021.

Q UA N T I T Y O F R E N TA L S

+51 55 +45 +5248 49 TOWN OF JACKSON

48%

52%

Listings: 758 Occupancy: 4.8K Occ. per unit: 7.14

WILSON

49%

51%

Listings: 613 Occupancy: 3.6K Occ. per unit: 5.87

OUTPOST

TE TON VILL AGE

55%

45%

Listings: 717 Occupancy: 5.7K Occ. per unit: 7.95

WOODL ANDS C5 | ASPENS CONDO | WILSON, WY

CO N F I G U R ATI O N O F VAC AT I O N R E N TA L S — In 2022, two-bedroom dwellings represented the most common configuration of vacation rentals in Jackson Hole, accounting for 33.7% of all listings. This configuration overtook three-bedroom dwellings — the most common configuration of the previous year — which accounted for 28.1% of all listings in 2022.

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

WILSON

TE TON VILL AG E

3+17+30321332 2+30+3517952 1+6+32292093 10+45+2916 7+60+285 15+51+286

0 BEDROOMS

1 BEDROOM

TH 9.8% | C 45.1% H 29.3% | O 15.8%

TOWNHOUSE (TH)

2 BEDROOMS

3 BEDROOMS

4 BEDROOMS

TH 6.9% | C 59.7% H 27.9% | O 5.5%

CONDO (C)

HOUSE (H)

OUTPOST

5 BEDROOMS

6+ BEDROOMS

TH 15.2% | C 51.2% H 28.3% | O 5.3%

OTHER (O)

VAC AT I O N R E N TA L AMENITIES — Vacation rentals in Jackson Hole that offer a variety of modern amenities were highly sought after in 2022, especially by guests from big cities.

While the demand was certainly there during the summer months, air conditioning continued to be a rarer amenity offered in the Teton area, found only in 43.7% of rentals in the town of Jackson, 28.5% in Teton Village, and 8.2% in Wilson. Fireplaces were more popular in Teton Village and Wilson, available in 48.0% and 41.3% of rentals in those areas respectively. Rentals in the town of Jackson were less likely to have a fireplace, with only 31.3% offering the amenity.

A M E N I T I E S O F F E R E D 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 P E R A R E A 100%

75%

50%

25%

0 A/C

FIREPLACE

INTERNET

TOWN OF JACKSON

WILSON

ELEVATOR

GAME ROOM

COMMUNITY POOL

TETON VILLAGE

JACKSON HOLE | WYOMING

23

S K I D E S TI N ATI O N S : W I N T E R -A DJ U S T E D O CC U PA N C Y R AT E S — As was the case in 2021, Jackson Hole once again saw the highest occupancy rates compared to any other resort area in the West by a comfortable margin.

Jackson Hole’s 2022 winter-adjusted occupancy rate was 45.8%, while the next highest was in Breckenridge at 40.2%. Year over year, Outpost's winteradjusted occupancy rate was also higher than it was in 2021 at 37.8%.

W I N T E R -A DJ U S T E D O CC U PA N C Y R AT E S F R O M N OV E M B E R T O M A R C H 2022 BRECKENRIDGE

JACKSON HOLE

PARK CITY AREA

SOUTHWEST COLORADO

TELLURIDE AND MOUNTAIN VILLAGE

50%

40%

30%

20%

OUTPOST

2 02 1

2 02 1

2 02 0

2019

2 02 2

2 02 1

2 02 0

2019

2 02 2

2 02 1

2 02 0

2019

2 02 1

2 02 2

2 02 0

2019

2 02 1

2 02 2

2019

2 02 0

10%

JACKSON HOLE | WYOMING

25

SHOOTING STAR FOUR PINES 9 SHOOTING STAR | TETON VILL AGE, WY

OUTPOST

OUTPOST CREW AUTUMN 2022 JACKSON HOLE, WY

OUTPOST

WELCOME TO OUR HOME .

This simple statement embodies our love and respect for our home in the Tetons, the planet, and every one of the properties we care for on behalf of our homeowner partners.

Outpost is part of the larger Outpost Group, which includes O2 Cleaning, Terrain Landscaping + Snow Removal, Snake River Roasting Co., and Provisions Catering. Outpost offers vacation rental, property management and luxury caretaking services throughout the Jackson Hole area.

We work toward a singular vision: To share our love and appreciation for the Tetons with every guest we host and every homeowner with whom we partner.

Each day is a new opportunity to welcome people from around the world to enjoy and respect the beautiful community we all call home.

At Outpost, we believe fostering an encouraging, collaborative environment drives new ideas and the highest standard of vacation rentals and property management. We are honored to have the opportunity to share the Tetons with our visitors, and every experience we create is built on respect, appreciation, connection, and service. We seek ways to give back to our community; donating to causes that help the local community as well as educating visitors about respecting wildlife, trails, and the environment.

In the words of Edward Abbey, “Wilderness is not a luxury but a necessity of the human spirit.”

With gratitude, Mekki Jaidi (Owner & Broker) and Annie Jackson (Managing Director)

JACKSON HOLE | WYOMING

29

M A RKE T RE P O R T 2022 - RE FE RE N CE S

•

Pages 8-11: Key Data Dashboard

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Page 12: Jackson Hole Airport jacksonholeairport.com/airport-board/activity-reports/

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Page 13: National Parks Service Visitors Use irma.nps.gov/STATS/Reports/Park

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Pages 14-15: Key Data Dashboard

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Pages 19-20: Google Search + Key Data Dashboard

•

Pages 22-24: Key Data Dashboard

•

Photography: Taylor Glenn and Aaron Kraft

31

THE OUTPOST GROUP

OUTPOST OUTPOSTJH.COM | (307) 690-4790 ext. 3 MANAGEMENT@OUTPOSTJH.COM

SNAKE RIVER ROASTING CO. (307) 312-2382 SNAKERIVERROASTINGCO.COM HELLO@SNAKERIVERROASTINGCO.COM

TERRAIN TERRAINJH.COM | (307) 218-6153 INQUIRY@TERRAINJH.COM

O2 CLEANING O2CLEANINGJH.COM | (307) 227-3480 INFO@O2CLEANINGJH.COM

PROVISIONS PROVISIONSJH.COM | (307) 306-4667 INFO@PROVISIONSJH.COM

OUTPOST