A group of hospitality executives is buying up contracts to rent vacation homes in ski enclaves across the country, including 60 in Jackson Hole.
First Chair Destinations took over operations of dozens of Teton County homes last winter as other resort towns struggled with less snow.
“Jackson was a good story last winter for us,” said New York City-based CEO Rishi Nigam.
Now, he’s looking to expand the number of homes and locations as skiers and snowboarders can visit more hills with multi-resort passes.
First Chair lets renters sort listings by Epic and Ikon passes, as well as ski-in/ski-out locations.
Other property managers say the new player won’t be much of a shakeup in Jackson Hole.
Growing a portfolio here will be difficult, said Mekki Jaidi, who runs local property management company Outpost Jackson Hole.
Existing rental stock is already managed or rented out directly and owners here tend to be loyal, he said. New residential construction is selling for north of $6 million, he said, which doesn’t pencil for rentals because strict local regulations ban short-term rentals in most of Teton County.
Nigam supports “clear rules of the road,” but is also not shy about catering to luxury.
In early October, his site had only one listing for less than $3,000 for six nights at Christmas. The most expensive option for that time, a 3-bed downtown townhouse, rents for $2,760 per night.
The listings at FirstChair.com were previously part of the portfolio owned by Portland, Oregon-based rental company Vacasa, which a spokesperson said no longer manages homes.
They will still be under the care of longtime property manager Courtney Sands, who lives in Victor, Idaho.
Sands said she was forced to commute due to rising prices but doesn’t think her new employer will worsen Jackson’s housing crisis.
“I have a mixed view on that because, of course, I can feel for our local community and yet my living is managing vacation rentals,” she said. “I definitely empathize more with the locals, as far as like, we’re the ones who run the community and keep the town going, so it makes me sad to see that we get pushed out.”
It’s not yet clear if the branding will drive up nightly rates among Teton County’s approximately 3,000 seasonal, recreational, or occasional-use homes, about a fifth of the region’s homes.
“It sounds like it’s just an exercise in capitalism,” Teton County Commission Chair Mark Newcomb said. “And as long as [First Chair] is focusing on the legal short-term, then I am probably not too concerned.”
One homeowner who rents through First Chair and declined to be named, citing privacy, was hopeful the new management and promotional approach would fetch higher nightly prices.
Jackson Mayor Arne Jorgensen said he’s proud of how the town regulates short-term rentals but wants stronger enforcement. The rules limit investments in second homes while allowing locals like teachers to rent out their homes for part of the year, he said.
“I am quite concerned, though, that we’re seeing more rental activity in town not being properly licensed,” Jorgensen said, adding that lodging should be prioritized as the town and county review the region’s comprehensive plan.
