With the largest supply of vacation rental nights available in the state, Maui County’s unit demand and occupancy rates are down in double-digits since last year and 2019, before the COVID-19 pandemic struck, according to a report for June by the Department of Business, Economic Development & Tourism.
Maui County’s vacation rental supply was 256,800 available unit nights in June, a 4.3% increase since last year, but off 6.7% from 2019. However, unit demand was 126,500 unit nights, a decline of 13.5% from last year and a fall of 40.9% from 2019. Occupancy was 49.3 percent for the month, a drop of 10.2 percentage points from a year earlier and off 28.4 percentage points from 2019.
Maui County’s average daily room rate for vacation rentals was $380 in June, an increase of 7% from a year earlier and 63.8% more than in 2019. In contrast, Maui County hotels reported an average daily room rate of $563, and occupancy of 57.5% in June.
O‘ahu’s vacation rental supply was 222,900 available unit nights in June, followed by 210,100 for Hawai‘i Island and 130,700 for Kaua‘i. Vacation rentals across the state reported increases in supply, average daily rate and demand, with a lower occupancy rate in June 2024 when compared to June 2023. In comparison to pre-pandemic June 2019, the average daily room rate was higher in June 2024 but vacation rental supply, demand and occupancy were lower.
In June 2024, the total monthly supply of statewide vacation rentals was 820,500 unit nights (+6.8% vs. 2023, -7.4% vs. 2019) and monthly demand was 419,400 unit nights (+0.4% vs. 2023, -35.8% vs. 2019). This combination resulted in an average monthly unit occupancy of 51.1 percent (-3.3 percentage points vs. 2023, -22.6 percentage points vs. 2019) for June. Occupancy for Hawai‘i’s hotels was 75.5 percent in June 2024.
The average daily rate for vacation rental units statewide in June was $320 (+5.6% vs. 2023, +57.2% vs. 2019). By comparison, the the daily rate for hotels was $373 in June 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 department’s Hawai‘i Vacation Rental Performance Report excludes units reported in Hawai‘i Tourism Authority’s Hawai‘i Hotel Performance Report and Hawai‘i Timeshare Quarterly Survey Report. A vacation rental is the use of a rental house, condominium unit, private room in a private home, or shared room/space in a private home. The report does not distinguish units that are permitted or unpermitted.
