DBEDT: Maui vacation rental unit supply still impacted by wildfires with ADR up and occupancy down in March 2024

The vacation rental unit supply on Maui continued to be impacted by the Aug. 8, 2023 wildfires. The information and data was part of the state Department of Business Economic Development and Tourism’s March 2024 Hawai‘i Vacation Rental Performance Report released today.

Maui County vacation rental supply was 225,900 available unit nights in March (+9.2% vs. 2023, +1.2% vs. 2019), and unit demand was 140,600 unit nights (-2.0% vs. 2023, -24.2% vs. 2019), resulting in 62.2% occupancy (-7.1 percentage points vs. 2023, -20.8 percentage points vs. 2019) and average daily rate at $424 (+1.3% vs. 2023, +54.0% vs. 2019).

For March 2024, Maui County hotels reported ADR at $581 and occupancy of 69.1%.

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

In March 2024, the total monthly supply of statewide vacation rentals was 783,200 unit nights (+13.9% vs. 2023, +1.5% vs. 2019) and monthly demand was 449,500 unit nights (+4.3% vs. 2023, -25.9% vs. 2019). This combination resulted in an average monthly unit occupancy of 57.4% (-5.3 percentage points vs. 2023, -21.2 percentage points vs. 2019) for March. Occupancy for Hawai‘i’s hotels was 74.6% in March 2024. 

The ADR for vacation rental units statewide in March was $337 (+3.5% vs. 2023, +57.8% vs. 2019). By comparison, the ADR for hotels was $384 in March 2024.

The DBEDT 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.

Other Island Highlights as detailed by DBEDT

In March 2024, O‘ahu had the largest vacation rental supply at 227,000 available unit nights (+12.2% vs. 2023, -16.7% vs. 2019). Unit demand was 131,000 unit nights (+6.4% vs. 2023, -37.0% vs. 2019), resulting in 57.7% occupancy (-3.1 percentage points vs. 2023, -18.6 percentage points vs. 2019) with ADR at $265 (+8.2% vs. 2023, +65.7% vs. 2019). In comparison, O‘ahu hotels reported ADR at $284 and occupancy of 78.7% for March 2024.

The island of Hawai‘i vacation rental supply was 201,200 available unit nights (+16.4% vs. 2023, +16.8% vs. 2019) in March. Unit demand was 106,800 unit nights (+2.5% vs. 2023, -16.0% vs. 2019), resulting in 53.1% occupancy (-7.2 percentage points vs. 2023, -20.7 percentage points vs. 2019) with ADR at $271 (+6.8% vs. 2023, +57.4% vs. 2019). Hawai‘i Island hotels reported ADR at $475 and occupancy of 67.7%.

Kaua‘i had the fewest number of available vacation rental unit nights in March at 129,100 (+22.0% vs. 2023, +24.9% vs. 2019). Unit demand was 71,200 unit nights (+18.0% vs. 2023, -17.3% vs. 2019), resulting in 55.1% occupancy (-1.9 percentage points vs. 2023, -28.2 percentage points vs. 2019) with ADR at $398 (+0.9% vs. 2023, +46.4% vs. 2019). Kaua‘i hotels reported ADR at $444 and occupancy of 73.3%.