Maui County vacation rentals achieve 64.2% occupancy in February

The Maui County data was compiled by the Hawai‘i Department of Business, Economic Development & Tourism’s monthly Vacation Rental Performance Report. February 2024 supply and demand data included an extra leap-year day, whereas 2023 and 2019 did not.

Data from Maui County shows that there were more vacation rental unit nights available last month than in both February 2023 and February 2019 (before the pandemic).

Despite an increase in available units, the percentage of those units being occupied in February 2024 was still lower than in both February 2023 and February 2019, by -6.6 and -22.3 percentage points, respectfully.

The data for Maui County vacation rentals includes the following:

For February 2024, Maui County vacation rental supply was 185,600 available unit nights (+22.3% vs. 2023, +9.7% vs. 2019), unit demand was 119,200 unit nights (+10.8% vs. 2023, -18.6% vs. 2019), resulting in 64.2% occupancy (-6.6 percentage points vs. 2023, -22.3 percentage points vs. 2019). Vacation rentals in Maui County had an average daily rate (ADR) of $440 (-4.3% vs. 2023, +51.4% vs. 2019).

Average vacation rental price on Maui exceeded all other states for the month of February ($440), with O‘ahu reporting an ADR of $265, Kaua‘i reporting an ADR of $406 and Hawai‘i Island reporting an ADR of $268. For the second consecutive month, the total number of available vacation rental unit nights in Maui County was lower than those on O‘ahu.

A vacation rental is defined as the use of a rental house, condominium unit, private room in private house, or shared room or space in a private room.

Hotels in Maui County also reported the highest ADR of anywhere in the state. For February 2024, Maui County hotels reported ADR at $543 and occupancy of 74.2%.

Maui County hotels occupancy was less than both Kaua‘i (78%) and O‘ahu (84%) but greater than Hawai‘i Island (73.2%).

Maui vacation rental performance as well as visitor arrivals continued to be impacted by the August 8 wildfire, according to the Department of Business, Economic Development & Tourism.

In February 2024, vacation rental supply in Wailea/Kīhei and Lahaina/Kāʻanapali experienced gains of 4% and 21.3%, respectfully, compared to 2019. However, unit occupancy in Wailea/Kīhei and Lahaina/Kāʻanapali was down that month compared to 2019 by -18.8 percentage points and -24.8 percentage points, respectfully.

Statewide data

Vacation rentals across Hawaiʻi reported increases in supply, average daily rate (ADR) and demand, with a lower occupancy rate in February 2024 when compared to February 2023. In comparison to pre-pandemic February 2019, ADR and vacation rental supply were higher in February 2024, but vacation rental demand and occupancy were lower.

In February 2024, the total monthly supply of statewide vacation rentals was 665,700 unit nights and monthly demand was 404,600 unit nights. This combination resulted in an average monthly unit occupancy of 60.8% (-5.7 percentage points vs. 2023, -21.5 percentage points vs. 2019) for February. Occupancy for Hawai‘i’s hotels was 79.8% in February 2024.

The ADR for vacation rental units statewide in February was $339 (+1.9% vs. 2023, +56.5% vs. 2019). By comparison, the ADR for hotels was $372 in February 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 full report can be viewed on the DBEDT website.