According to vacation rental performance data, Maui County’s vacation rental supply experienced gains this January compared to January 2023, despite a recorded decrease in supply from last month.
Vacation rental performance data was collected amid last month’s announcement of the Maui Interim Housing Plan, which included a commitment to convert vacation rentals into long-term rentals, in response to the displaced households from last year’s wildfires.
The Maui County data was compiled by Department of Business, Economic Development & Tourism’s monthly Vacation Rental Performance Report.
The data for Maui County vacation rentals includes the following:
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.
The data for Maui County hotels includes the following:
Hotels in Maui County reported the highest ADR of anywhere in the state last month, with occupancy tied for second with Kaua‘i and behind O‘ahu (79%).
While ADR was still highest for Maui County’s vacation rental units, for the first time since October 2023, Maui County had fewer vacation rental units nights available than O‘ahu.
Compared to last month, vacation rental supply in Wailea/Kīhei and Lahaina/Kāʻanapali was down 14,311 and 7,838 nights, respectfully.
From year-to-date January 2023 to January 2024, both Wailea/Kīhei and Lahaina/Kāʻanapali experienced supply increases. Unit occupancy for Lahaina/Kāʻanapali was down a significant -8.2 percentage points compared to January 2023, with Wailea/Kīhei hovering close to its occupancy levels YTD.
Compared to pre-pandemic supply in January of 2019, Lahaina/Kāʻanapali reported 8% more vacation rental unit nights this January, while its unit occupancy was down -24.4 percentage points from January 2019.
Statewide, vacation rentals reported increases in supply, ADR and demand, with a lower occupancy rate in January 2024 when compared to January 2023. In comparison to pre-pandemic January 2019, ADR was higher in January 2024, but vacation rental supply, demand and occupancy were lower.
In January 2024, the total monthly supply of statewide vacation rentals was 728,300 unit nights (+14.9% vs. 2023, -0.7% vs. 2019) and monthly demand was 430,300 unit nights (+9.4% vs. 2023, -25.0% vs. 2019). This combination resulted in an average monthly unit occupancy of 59.1% (-3.0% vs. 2023, -19.1% vs. 2019) for January. Occupancy for Hawai‘i’s hotels was 75.4% in January 2024.
The ADR for vacation rental units statewide in January was $333 (+1.0% vs. 2023, +52.5% vs. 2019). By comparison, the ADR for hotels was $378 in January 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.
In January 2024, O‘ahu had the largest vacation rental supply at 209,200 available unit nights (+11.6% vs. 2023, -19.5% vs. 2019). Unit demand was 126,000 unit nights (+9.2% vs. 2023, -35.0% vs. 2019), resulting in 60.3% occupancy (-1.3 percentage points vs. 2023, -14.5 percentage points vs. 2019) with ADR at $263 (+2.8% vs. 2023, +64.7% vs. 2019). In comparison, O‘ahu hotels reported ADR at $284 and occupancy of 79.0% for January 2024.
The island of Hawai‘i vacation rental supply was 185,900 available unit nights (+17.9% vs. 2023, +12.2% vs. 2019) in January. Unit demand was 109,100 unit nights (+10.4% vs. 2023, -9.8% vs. 2019), resulting in 58.7% occupancy (-4.0 percentage points vs. 2023, -14.4 percentage points vs. 2019) with ADR at $264 (+2.6% vs. 2023, +53.2% vs. 2019). Hawai‘i Island hotels reported ADR at $455 and occupancy of 69.9%.
Kaua‘i had the fewest number of available vacation rental unit nights in January at 124,400 (+21.4% vs. 2023, +28.3% vs. 2019). Unit demand was 66,000 unit nights (+23.2% vs. 2023, -17.7% vs. 2019), resulting in 53.1% occupancy (+0.8 percentage points vs. 2023, -29.7 percentage points vs. 2019) with ADR at $400 (+1.0% vs. 2023, +42.1% vs. 2019). Kaua‘i hotels reported ADR at $426 and occupancy of 71.4%.
The full report can be viewed online.
