The Maui News

KAHULUI – Vacation rentals across Hawaii reported increases in supply, average daily rate (ADR) and demand, with a lower occupancy rate in April 2024 when compared to April 2023. In comparison to pre-pandemic April 2019, ADR was higher in April 2024 but vacation rental supply, demand and occupancy were lower, according to the Hawaii Tourism Authority.

In April 2024, the total monthly supply of statewide vacation rentals was 823,200 unit nights (+11.3% vs. 2023, -2.7% vs. 2019) and monthly demand was 423,300 unit nights (+1.2% vs. 2023, -31.6% vs. 2019). This combination resulted in an average monthly unit occupancy of 51.4% (-5.1 percentage points vs. 2023, -21.7 percentage points vs. 2019) for April. Occupancy for Hawaii’s hotels was 72.3% in April 2024.

The ADR for vacation rental units statewide in April was $312 (+1.7% vs. 2023, +52.6% vs. 2019). By comparison, the ADR for hotels was $368 in April 2024. It is important to note that unlike hotels, units in vacation rentals are not necessarily available year-round or each day of the month and often accommodate a larger number of guests than traditional hotel rooms.

The data in DBEDT’s Hawaii Vacation Rental Performance Report specifically excludes units reported in Hawaii Tourism Authority’s (HTA) Hawai’i Hotel Performance Report and Hawai’i Timeshare Quarterly Survey Report. A vacation rental is defined as the use of a rental house, condominium unit, private room in a private home, or shared room/space in a private home. This report does not determine or differentiate between units that are permitted or unpermitted. The legality of any given vacation rental unit is determined on a county basis.

ISLAND HIGHLIGHTS

In April 2024, Maui County had the largest vacation rental supply at 246,500 available unit nights (+4.7% vs. 2023, -4.4% vs. 2019), and Maui vacation rental unit supply continued to be impacted by the August 8 wildfire. Unit demand was 132,400 unit nights (-11.8% vs. 2023, -34.5% vs. 2019), resulting in 53.7% occupancy (-10.0 percentage points vs. 2023, -24.7 percentage points vs. 2019) and ADR at $377 (+1.1% vs. 2023, +52.3% vs. 2019). For April 2024, Maui County hotels reported ADR at $555 and occupancy of 66.3%.

Oahu vacation rental supply was 233,500 available unit nights (+12.0% vs. 2023, -20.0% vs. 2019). Unit demand was 128,700 unit nights (+8.9% vs. 2023, -38.4% vs. 2019), resulting in 55.1 percent occupancy (-1.6 percentage points vs. 2023, -16.4 percentage points vs. 2019) with ADR at $250 (+6.5% vs. 2023, +53.1% vs. 2019). In comparison, Oahu hotels reported ADR at $275 and occupancy of 76.5% for April 2024.

The island of Hawaii vacation rental supply was 208,500 available unit nights (+12.5% vs. 2023, +12.3% vs. 2019) in April. Unit demand was 92,800 unit nights (+1.7% vs. 2023, -23.0% vs. 2019), resulting in 44.5 percent occupancy (-4.7 percentage points vs. 2023, -20.4 percentage points vs. 2019) with ADR at $253 (+4.8% vs. 2023, +55.6% vs. 2019). Hawai’i Island hotels reported ADR at $442 and occupancy of 65.3%.

Kaua’i had the fewest number of available vacation rental unit nights in April at 134,600 (+22.3% vs. 2023, +21.2% vs. 2019). Unit demand was 69,500 unit nights (+18.0% vs. 2023, -20.3% vs. 2019), resulting in 51.6 percent occupancy (-1.8 percentage points vs. 2023, -26.9 percentage points vs. 2019) with ADR at $382 (-0.7% vs. 2023, +46.2% vs. 2019). Kauai hotels reported ADR at $432 and occupancy of 72.0%.