Vacation rentals across Hawai’i reported increases in supply, average daily rate (ADR) and demand, with a lower occupancy rate in June 2024 when compared to June 2023. In comparison to pre-pandemic June 2019, ADR 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 ADR for vacation rental units statewide in June was $320 (+5.6% vs. 2023, +57.2% vs. 2019). By comparison, the ADR 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 DBEDT’s Hawai‘i Vacation Rental Performance Report specifically excludes units reported in Hawai’i Tourism Authority’s (HTA) Hawai’i Hotel Performance Report and Hawai’i Timeshare Quarterly Survey Report. 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.
In June 2024, Maui County had the largest vacation rental supply at 256,800 available unit nights in June (+4.3% vs. 2023, -6.7% vs. 2019). Unit demand was 126,500 unit nights (-13.5% vs. 2023, -40.9% vs. 2019), resulting in 49.3 percent occupancy (-10.2 percentage points vs. 2023, -28.4 percentage points vs. 2019) and ADR at $380 (+7.0% vs. 2023, +63.8% vs. 2019). For June 2024, Maui County hotels reported ADR at $563 and occupancy of 57.5 percent.
O‘ahu vacation rental supply was 222,900 available unit nights (+5.5% vs. 2023, -26.1% vs. 2019). Unit demand was 136,500 unit nights (+14.4% vs. 2023, -39.6% vs. 2019), resulting in 61.2 percent occupancy (+4.8 percentage points vs. 2023, -13.6 percentage points vs. 2019) with ADR at $268 (+10.5% vs. 2023, +55.0% vs. 2019). In comparison, O‘ahu hotels reported ADR at $296 and occupancy of 85.2 percent for June 2024.
The island of Hawai‘i vacation rental supply was 210,100 available unit nights (+8.2% vs. 2023, +10.0% vs. 2019) in June. Unit demand was 89,300 unit nights (-1.0% vs. 2023,
-27.9% vs. 2019), resulting in 42.5 percent occupancy (-4.0 percentage points vs. 2023, -22.3 percentage points vs. 2019) with ADR at $258 (+5.3% vs. 2023, +59.2% vs. 2019). Hawai‘i Island hotels reported ADR at $424 and occupancy of 67.0 percent.
Kaua‘i had the fewest number of available vacation rental unit nights in June at 130,700 (+12.2% vs. 2023, +10.9% vs. 2019). Unit demand was 67,100 unit nights (+8.5% vs. 2023, -25.0% vs. 2019), resulting in 51.3 percent occupancy (-1.8 percentage points vs. 2023, -24.6 percentage points vs. 2019) with ADR at $393 (+3.9% vs. 2023, +46.1% vs. 2019). Kaua‘i hotels reported ADR at $459 and occupancy of 75.3 percent.
For the first half of 2024, Hawai‘i vacation rental supply was 4.7 million unit nights (+11.5% vs. 2023, -2.1% vs. 2019) and demand was 2.6 million unit nights (+4.0% vs. 2023, -29.1% vs. 2019). 2024 average daily unit rate was $324 (+3.2% vs. 2023, +55.8% vs. 2019). Statewide vacation rental occupancy for the first half of 2024 was 54.8 percent (-6.7 percentage points vs. 2023, -27.6 percentage points vs. 2019). In comparison, statewide hotel ADR for the first half of 2024 was $370 and occupancy was 74.7 percent.
The article Vacation rentals monthly demand in Hawai‘i was 419,400 unit nights in June 2024 first appeared in TravelDailyNews International.
