Vacation rentals across Hawai’i reported increases in supply, demand and average daily rate (ADR), with lower occupancy rate in August 2024 when compared to August 2023. In comparison to pre-pandemic August 2019, ADR was higher in August 2024 but vacation rental supply, demand and occupancy were lower.
In August 2024, the total monthly supply of statewide vacation rentals was 865,000 unit nights (+15.9% vs. 2023, -5.7% vs. 2019) and monthly demand was 431,000 unit nights (+6.2% vs. 2023, -36.8% vs. 2019). This combination resulted in an average monthly unit occupancy of 49.8 percent (-4.5 percentage points vs. 2023, -24.5 percentage points vs. 2019) for August. Occupancy for Hawai‘i’s hotels was 73.6 percent in August 2024.
The ADR for vacation rental units statewide in August was $319 (+14.1% vs. 2023, +56.2% vs. 2019). By comparison, the ADR for hotels was $362 in August 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 Hawai‘i Vacation Rental Performance Report specifically excludes units reported in DBEDT’s 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 August 2024, Maui County had the largest vacation rental supply at 278,000 available unit nights (+56.5% vs. 2023, -8.9% vs. 2019). Unit demand was 132,700 unit nights (+57.2% vs. 2023, -43.8% vs. 2019), resulting in 47.7 percent occupancy (+0.2 percentage points vs. 2023, -29.6 percentage points vs. 2019) and ADR at $370 (+18.7% vs. 2023, +58.7% vs. 2019). For August 2024, Maui County hotels reported ADR at $515 and occupancy of 55.1 percent.
O‘ahu vacation rental supply was 230,200 available unit nights (+3.5% vs. 2023, -16.3% vs. 2019). Unit demand was 137,100 unit nights (+1.3% vs. 2023, -37.2% vs. 2019), resulting in 59.6 percent occupancy (-1.3 percentage points vs. 2023, -19.9 percentage points vs. 2019) with ADR at $273 (+12.7% vs. 2023, +56.0% vs. 2019). In comparison, O‘ahu hotels reported ADR at $296 and occupancy of 83.1 percent for August 2024.
The island of Hawai‘i vacation rental supply was 216,000 available unit nights (+1.8% vs. 2023, +5.5% vs. 2019) in August. Unit demand was 94,400 unit nights (-8.5% vs. 2023, -28.4% vs. 2019), resulting in 43.7 percent occupancy (-4.9 percentage points vs. 2023, -20.7 percentage points vs. 2019) with ADR at $253 (+11.4% vs. 2023, +59.0% vs. 2019). Hawai‘i Island hotels reported ADR at $431 and occupancy of 66.8 percent.
Kaua‘i had the fewest number of available vacation rental unit nights in August at 140,900 (+4.9% vs. 2023, +6.4% vs. 2019). Unit demand was 66,800 unit nights (-19.5% vs. 2023, -29.7% vs. 2019), resulting in 47.4 percent occupancy (-14.3 percentage points vs. 2023, -24.4 percentage points vs. 2019) with ADR at $404 (+8.7% vs. 2023, +54.6% vs. 2019). Kaua‘i hotels reported ADR at $428 and occupancy of 73.7 percent.
The article Hawai‘i vacation rentals: Increases in supply, demand and ADR, lower occupancy rate in August first appeared in TravelDailyNews International.
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