State releases performance report: Maui has largest vacation rental supply; average daily rate is up

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 Aug. 8 wildfire. The data was included in the state Department of Business Economic Development and Tourism’s Hawaiʻi Vacation Rental Performance Report.

Unit demand on Maui was 132,400 unit nights (-11.8% vs. 2023, -34.5% vs. 2019), resulting in 53.7% occupancy (-10 percentage points vs. 2023, -24.7 percentage points vs. 2019) and ADR at $377 (+1.1% vs. 2023, +52.3% vs. 2019), according to the DBEDT.

For April 2024, Maui County hotels reported ADR at $555 and occupancy of 66.3%.

Statewide supply is up along with ADR and demand; but lower occupancy

Vacation rentals across Hawaiʻi 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 report.

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 Hawai‘i’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.

The data in DBEDT’s Hawai‘i Vacation Rental Performance Report specifically excludes units reported in Hawai‘i Tourism Authority’s Hawai‘i Hotel Performance Report and Hawai‘i Timeshare Quarterly Survey Report. DBEDT notes that 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.

Other Island Highlights as outlined by DBEDT:

O‘ahu 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% 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, O‘ahu hotels reported ADR at $275 and occupancy of 76.5% for April 2024.

The island of Hawai‘i 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% 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% 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). Kaua‘i hotels reported ADR at $432 and occupancy of 72%.

Tables of vacation rental performance statistics, including data presented in the report are available for viewing online at: http://dbedt.hawaii.gov/visitor/vacation-rental-performance/

The Hawai‘i Vacation Rental Performance Report is produced using data compiled by Lighthouse Intelligence, Ltd. (formerly known as Transparent Intelligence, Inc.), which was selected by DBEDT as the provider for these data services.