Report: Half of Maui vacation rental units were vacant in May 2024

In May 2024, Maui County continued to have the largest supply of available vacation rental (TVR) units in the state, but occupancy rates for them were below half, at 49.5%, according to a report by the state Department of Business, Economic Development, and Tourism (DBEDT).

The data, included in the DBEDT’s Hawaiʻi Vacation Rental Performance Report, shows that Maui County last month experienced its lowest vacation rental occupancy rate since September 2023, the month after wildfires tore through Lahaina and Kula.

For May 2024, Maui County’s vacation rental supply continued rising since February and recorded 262,600 available unit nights (-2.1% vs. 2023, -8.5% vs. 2019). Unit demand was 130,100 unit nights (-19.4% vs. 2023, -40.3% vs. 2019), resulting in 49.5 percent occupancy. The occupancy rate recorded was down -10.6 percentage points versus May 2023 and -26.4 percentage points from pre-pandemic levels in 2019. Maui’s vacation rentals reported an Average Daily Rate (ADR) of $360 (+4.6% vs. 2023, +56.3% vs. 2019) last month.

For May 2024, Maui County hotels reported ADR at $517 and occupancy of 58.3%, having simultaneously the highest ADR and lowest occupancy rate for hotels across the Hawaiian Islands.

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

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

In May 2024, the total monthly supply of statewide vacation rentals was 864,400 unit nights (+4.4% vs. 2023, -6.9% vs. 2019) and monthly demand was 439,400 unit nights (-1.3% vs. 2023, -33.5% vs. 2019). This combination resulted in an average monthly unit occupancy of 50.8 percent (-3.0 percentage points vs. 2023, -20.3 percentage points vs. 2019) for May. Occupancy for Hawai‘i’s hotels was 71.2 percent in May 2024. 

The ADR for vacation rental units statewide in May was $306 (+4.7% vs. 2023, +56.1% vs. 2019). By comparison, the ADR for hotels was $342 in May 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 report includes data for properties that are listed on Airbnb, Booking.com and HomeAway. Data for units included in HTA’s Hawai‘i Hotel Performance Report and DBEDT’s Hawai‘i Timeshare Quarterly Report have been excluded from the Hawai‘i Vacation Rental Performance Report. This report also 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 240,400 available unit nights (+5.7% vs. 2023, -24.3% vs. 2019). Unit demand was 139,200 unit nights (+7.7% vs. 2023, -39.0% vs. 2019), resulting in 57.9 percent occupancy (+1.1 percentage points vs. 2023, -13.9 percentage points vs. 2019) with ADR at $254 (+10.1% vs. 2023, +55.8% vs. 2019). In comparison, O‘ahu hotels reported ADR at $272 and occupancy of 78.4 percent for May 2024.

The island of Hawai‘i vacation rental supply was 220,000 available unit nights (+6.2% vs. 2023, +8.4% vs. 2019) in May. Unit demand was 97,100 unit nights (+7.8% vs. 2023, -22.2% vs. 2019), resulting in 44.2 percent occupancy (+0.6 percentage points vs. 2023, -17.3 percentage points vs. 2019) with ADR at $247 (+8.6% vs. 2023, +61.4% vs. 2019). Hawai‘i Island hotels reported ADR at $362 and occupancy of 63.7 percent.

Kaua‘i had the fewest number of available vacation rental unit nights in May at 141,400 (+13.1% vs. 2023, +17.1% vs. 2019). Unit demand was 73,100 unit nights (+13.0% vs. 2023, -18.9% vs. 2019), resulting in 51.7 percent occupancy (0.0 percentage points vs. 2023, -23.0 percentage points vs. 2019) with ADR at $386 (+2.9% vs. 2023, +51.4% vs. 2019). Kaua‘i hotels reported ADR at $412 and occupancy of 70.9 percent.

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.