Outpost Market Report 2023

M A R KE T R E P O R T 2023 JACKSON HOLE | W YOMING

OUTPOST PROPERTY MANAGEMENT

OUTPOST PROPERTY MANAGEMENT

I N D U S TRY R E C A P: 2023 In 2023, Outpost maintained its resilience and unwavering focus amidst the persistent economic instability that lingered throughout the past year.

Despite these uncertainties, Jackson Hole retained its allure as a soughtafter escape and destination. Notably, Outpost achieved an impressive 18.4% higher total occupancy compared to the broader Jackson market, signaling another year of remarkable strength and success.

The upward trend in the number of vacation rentals in Jackson Hole continued. Outpost solidified its leading position by welcoming beautiful new rental properties throughout Teton Village, Wilson and the town of Jackson, now representing over 35% of the total short-term rentals (STR) in Jackson Hole.

Our commitment to enhancing the visitor and homeowner experience continued in 2023 as we expanded marketing efforts, streamlined customer experiences, focused on maintaining sustainable operations, and fostered community engagement. Building on the positive momentum from this past year, we look forward to ongoing success as we anticipate the opportunities that await us in 2024.

OUTPOST

J A C K S1 O| NSHOOTING H O L E | W YSTAR O M I N| GTETON VILL AGE, WY SHOOTING STAR LODGE

5

SHOOTING STAR LODGE 1 TETON VILL AGE | JACKSON, WY

C A N C E L L ATI O N S —

In 2023, Outpost consistently had a lower cancellation rate (14.4%) than the Jackson market (17.6%), except in December. The cancellation rate in July 2023 decreased to 15%, compared to a spike in the same month in 2022 due to flooding in Yellowstone. The lowest cancellation rate for Outpost was 9% in October, which was half the market's rate. Both the Jackson market and Outpost experienced a slight year-over-year decrease in cancellations— from 18.2% (2022) to 17.6% (2023) for the Jackson market and from 15.75% (2022) to 14.4% (2023) for Outpost.

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 2023 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 slightly, from 5.2 nights in 2022 to 4.9 nights in 2023, just under the market at 5.7. Outpost reached a high ALOS of 6 nights during the months of April, November, and December. We attribute this drop to a change in shorter but more frequent guest stays.

7 6 5

JACKSON HOLE | WYOMING

DEC

NOV

OCT

SEP

AUG

JUL

JUN

M AY

APR

MAR

FEB

4 JAN

NUMBER OF NIGHTS

AV E R AG E L E N G T H O F S TAY I N 2023 OUTPOST MARKET

9

A V E R A G E D A I LY R A T E S — In 2023, the Jackson market saw a notable decrease in Average Daily Rates (ADRs). Outpost experienced a modest drop in ADRs from $643 (2022) to $601 (2023). Despite this, Outpost observed growth in overall rentals and occupancy throughout 2023, particularly during peak summer and holiday months.

O U T P O S T AV E R AG E DA I LY R AT E S 2023 2022

$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 consistently led with a significant overall occupancy rate, surpassing the Jackson market by 18.4% throughout the year achieving 49%, compared to the market at 36%. Peak months in August and September recorded occupancy rates 23–25% higher than the Jackson market. Year-over-year, Outpost's occupancy rate grew from 59.1% (2022) to 65.6% (2023), while the market saw a slight increase from 45.8% (2022) to 47.2% (2023). The December numbers were slightly lower than anticipated, attributed to Jackson’s insufficient snowfall and the timing of holidays, with many schools opting for a 10-day break instead of the usual 2-week break, given the timing of Christmas and New Years Day falling on Mondays.

O CC U PA N C Y R AT E S I N 2023 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 to Jackson Hole followed a more standard pattern in 2023, rebounding from the notable decline during the airport closure from April to June 2022. Average arrivals for 2023 slightly increased compared to 2020, 2021, and 2022, excluding the closure period and the post-pandemic surge in July 2021.

JAC K S O N H O L E A I R P O R T A R R I VA L S 2023 2022 202 1 2020 70,000 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 — Visitation numbers to the parks are stabilizing after the record-breaking year in 2021. In 2023, Grand Teton National Park (GTNP) saw increased visitor counts compared to 2022, notably from June to September, despite lower counts in February and March. Yellowstone National Park (YNP) experienced a substantial spike in visitation from 2022 to 2023 due to ongoing relief efforts after a major flood in June 2022. GTNP followed a similar trend, with higher year-over-year visitation records in early 2023 and lower numbers in the latter half of the year.

T O TA L M O N T H LY V I S I T O R S I N 2023 G R A N D T E T O N N AT I O N A L PA R K (G T N P ) Y E L L O W S T O N E N AT I O N A L PA R K ( Y N P )

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 — In 2023, Outpost's short-term rental (STR) guest demographics continued trends from 2021 and 2022.

The majority of visitors were from populous states like California, New York, Florida, and Texas. Notably, the percentage of visitors from Texas increased significantly from 7.0% (2022) to 10.62% (2023), now constituting the highest proportion. The shift from driving to flying was observed, with Georgia replacing Colorado on the list at 4.71% of STR bookings. These changes emphasize the dynamic nature of travel preferences and underscore the importance of flexible strategic planning CA

and targeted marketing.

TOP 5 VISITING STATES 10.62 %

T E XA S

9.8%

CA L I F ORN I A

7.17%

F LORI DA

5 .7 7%

N E W YORK

4.71%

GE ORGI A

OUTPOST

NY JACKSON, WY

GA TX FL

JACKSON HOLE | WYOMING

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FISH CREEK 3725 WESTBANK | WILSON, 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 2023, the total count of professionally managed vacation rentals in Jackson Hole decreased slightly from 760 (2022) to 750. However, Outpost expanded its market share by 1.73%, growing from 249 to 259 properties. The breakdown by area shows Outpost's notable increase in the Town of Jackson, comprising 35.47% of managed rentals, while Teton Village slightly decreased to 37.2%, and Wilson experienced a minor dip to 27.33%.

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

259 131

COMPA N Y A

114

COMPA N Y B

74

COMPA N Y C

49

COMPA N Y D

34

COMPA N Y E

28

300

200

150

0

100

61

OTHER

50

COMPA N Y F

TOTAL PROPE R TIE S : 750 O U T P O S T = 3 4 . 5 3 % 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 OUTPOST M ARKET SHARE—BREAKDOWN BY AREA: T O W N O F J A C K S O N = 3 5 . 4 7 % | T E T O N V I L L A G E = 3 7. 2 % | W I L S O N = 2 7. 3 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 — In 2023, the upward trend in vacation rentals continued, with Airbnb and Vrbo listings surpassing 2,500 in Jackson, Wilson, and Teton Village. This marks a significant increase from 1,921 (2021), 2,000 (2022), to 2,500 (2023).

From 2021 to 2023, the Town of Jackson witnessed substantial growth in vacation rental listings, escalating from 685 to 978. During the same period, Teton Village experienced a rise from 672 to 727, and Wilson saw an increase from 563 to 652.

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

+54 52 +5545 46 +48 TOWN OF JACKSON

45%

55%

Listings: 978 Occupancy: 6,400

WILSON

46%

54%

Listings: 652 Occupancy: 4,400

OUTPOST

TE TON VILL AGE

52%

48%

Listings: 727 Occupancy: 6,000

EAGLES REST 8 | TETON VILL AGE, 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 2023, two-bedroom accommodations emerged as the most prevalent vacation rental configuration in Jackson Hole, constituting 31.19% of all listings—experiencing a slight decline from 33.7% (2022). Three-bedroom homes closely followed at 25.23%, also showing a slight decrease from 28.1% (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

4+22+291132 2+29+3419952 1+6+33291993 29+32+534 31+56+76 29+49+157

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)

(OTHER: HOTEL, ALT VR, B& B + OT H ER)

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 — The data indicates a growing demand for modern amenities, particularly in 'pet-friendly' and 'hot tub' options. A/C availability in the town of Jackson surged from 28.5% (2022) to 51.99% (2023), and hot tubs were prominently featured in 26.5% of properties in Teton Village. Noteworthy growth occurred in properties offering fireplaces in Jackson (59.04%), Wilson (83.9%), and Teton Village (86.52%), with Jackson experiencing a 27.7% increase. The popularity of pet-friendly rentals is evident, especially in the town of Jackson, where 21.65% of rentals offer this amenity, compared to 8.44% in Wilson and 4.4% in Teton Village.

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

WIFI

TOWN OF JACKSON

ELEVATOR

WILSON

COMM. POOL

PET FRIENDLY

HOT TUB

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 — In 2023, Jackson Hole retained its position with the highest occupancy rates among western ski areas, as observed in 2021 and 2022. The winter-adjusted occupancy rate for Jackson Hole was 45.9%, just below Breckenridge's lead at 49.6%. While every western ski area saw a slight yearover-year increase in occupancy rates, Southwest Colorado experienced a slight decline, with Outpost registering a marginal 0.1% increase from 2022.

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 2022 T O M A R C H 2023 BRECKENRIDGE

JACKSON HOLE

PARK CITY AREA

TELLURIDE AND MOUNTAIN VILLAGE

SOUTHWEST COLORADO

50%

40%

30%

20%

OUTPOST

2 02 3

2 02 1

2 02 2

2019

2 02 0

2 02 3

2 02 1

2 02 2

2019

2 02 0

2 02 3

2 02 1

2 02 2

2019

2 02 0

2 02 3

2 02 1

2 02 2

2019

2 02 0

2 02 3

2 02 1

2 02 2

2019

2 02 0

10%

JACKSON HOLE | WYOMING

25

SNAKE RIVER RETREAT SNAKE RIVER SPORTING CLUB HOBACK JUNCTION, WY

OUTPOST

OUTPOST CREW AUTUMN 2023 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

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M A RKE T RE P O R T 2023 - RE FE RE N CE S •

Pages 8–11: Key Data Dashboard

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

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

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Pages 14–15: Key Data Dashboard

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Page 19: Outpost research

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Pages 20, 22–24: Key Data Dashboard

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Photography: Taylor Glenn and Aaron Kraft

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OUTPOST GROUP

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

SNAKE RIVER ROASTING CO. COFFEE HOUSE + ROASTERY (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