Airbnb market analysis and investment insights
$343
Mammoth Lakes, CA — Market Intelligence Report
Researched by Chalet's Senior STR Analysts · Verified with local Mammoth Lakes market partners
Mammoth Lakes, California, sits at the intersection of high-altitude recreation and constrained supply, with a regulatory regime that sharply defines the investable landscape. The single defining feature for investors: active full-time operators average $62,086 in annual Airbnb revenue (Chalet data, 1,654 listings), a figure that holds up against the broader whole-market median of $63,611—diluted by roughly 671 part-time or casual listings. Median occupancy is 40%, with an ADR of $343 and a median gross yield of 7.92% on a median home value of $803,079. Nationally, Mammoth Lakes ranks #256 for STR performance, but the market is highly seasonal: January peaks at $8,858 in revenue (59% occupancy, $657 ADR), while June troughs at $3,262 (38% occupancy), underscoring the importance of cashflow management across cycles.
Product segmentation is pronounced. Two-bedroom units (39% of supply) are the workhorse, averaging $58,351 in annual revenue at $340 ADR and 45% occupancy—an efficient entry point for yield-focused buyers. Three-bedroom properties (23% of supply) edge higher at $63,866 revenue and $454 ADR, but with lower occupancy (39%), reflecting a premium for larger groups and family bookings. At the upper end, four-bedroom homes (9% of supply) command $82,210 annually at $646 ADR, though occupancy drops to 35%. Investors seeking to calibrate their entry or reposition an asset within these clusters should consult a Chalet agent for granular, building-level guidance.
Geographically, the 93546 zip code is the core STR engine, with 2,100 listings generating a median $63,620 in annual revenue at a 7.9% yield and $343 ADR—closely tracking the market-wide averages. This cluster benefits from proximity to ski lifts, trailheads, and the town’s limited legal STR zones. With zoning and HOA overlays sharply limiting legal inventory, investors must navigate not just price and product, but also the micro-geography of compliance. For those targeting the most liquid and defensible assets, 93546 is the reference point for underwriting and acquisition, and a Chalet agent can surface the most resilient buildings within these boundaries.
At scale, the winning investor profile is a professional operator with local compliance expertise and the ability to optimize for peak seasonality. Demand is overwhelmingly drive-to, with 18.9% of reviews from Los Angeles, 9.6% from San Diego, and a negligible international share (1.3%). Booking lead times average 32 days (median 17), and average stays are 4.1 nights, favoring operators who can flex minimums and pricing to capture both weekenders and longer bookings. The market’s top quartile averages $108,236 in annual revenue, underscoring the upside for those who can outperform on guest experience and operational efficiency. Investors can model their own scenarios using the Chalet ROI calculator.
Risks are concentrated and non-trivial. The past year saw a 29.4% increase in revenue per listing and a 25.9% jump in ADR, but occupancy fell 6.7% even as listing supply rose 8.8% and home values climbed 2.3%—a signal that pricing power is strong, but demand elasticity and new supply are live concerns. The June trough (38% occupancy, $3,262 revenue) is a reminder that cashflow is lumpy and highly dependent on winter and summer peaks. Regulation is the gating factor: STRs are legal only in specific zones, with a 15% TOT, annual fees, and strict enforcement. Zoning and HOA restrictions sharply limit where STRs are legal, and any expansion requires a public vote; see Mammoth Lakes STR regulations for the latest compliance map.
Mammoth Lakes is a yield-driven, tightly regulated STR market where professional operators with regulatory fluency and seasonal pricing discipline can capture outsized returns—if they can secure legal inventory.
Get matched with top Mammoth Lakes, CA lenders who specialize in short-term rental financing — they understand STR underwriting and offer competitive rates for investment properties.
