Although Maui County has the most vacation rentals in the state, demand and occupancy rates have declined by double-digit percentages compared to last year and 2019, before the COVID-19 pandemic, according to a July report from the Department of Business, Economic Development and Tourism.
In July, there were 266,400 available room nights in the county – 7.1% fewer than before the pandemic, but 6.6% more than in 2023. However, demand was only 141,400 room nights, 39% fewer than in 2019 and 11% fewer than last year. This resulted in an occupancy rate of 53.1% – a decrease of 28.4 points from 2019 and 10.5 points less than in 2023.
The average daily price for vacation rentals was $388, up 8.2% from 2023 and 64.8% from 2019. For comparison, hotels in Maui County reported an average price of $573 and an occupancy rate of 60.5% for July 2024.
Vacation rental supply on O’ahu was 219,400 available nights, followed by 214,500 on Hawaii and 135,800 on Kaua’i. Vacation rentals across the state saw an increase in supply and demand, with occupancy rates lower in July 2024 compared to July 2023.
In July 2024, the total monthly vacation rental supply statewide was 836,100 room nights (+5.5% from 2023, -7.6% from 2019) and the monthly demand was 459,900 room nights (+1.1% from 2023, -34.7% from 2019). This combination resulted in an average monthly accommodation occupancy rate of 55% (-2.3 percentage points from 2023, -22.8 percentage points from 2019) for July. Hawaii hotel occupancy was 78.4% in July 2024.
Average daily rates (ADR) for vacation rentals increased in all counties compared to July 2023 and 2019. Nationwide, the ADR was $334 (+9.8% from 2023, +61.0% from 2019). For comparison, the ADR for hotels was $573 in July 2024. It is important to note that unlike hotels, vacation rental units are not necessarily available year-round or every day of the month and often accommodate a larger number of guests than traditional hotel rooms.
The data in DBEDT’s Hawaii Vacation Rental Performance Report specifically excludes units listed in DBEDT’s Hawaii Hotel Performance Report and Hawaii Timeshare Quarterly Survey Report. A vacation rental is defined as the use of a rental home, condominium, private room in a private home, or shared room/space in a private home. This report does not determine or distinguish between units that are or are not allowed. The legality of a specific vacation rental unit is determined at the county level.
