Via Maui Now:
“Maui County vacation rental occupancy at 53% as demand remains lower than 2023
Despite having the most vacation rental units in the state, Maui County’s demand and occupancy were down double-digits compared to last year and 2019, before the COVID-19 pandemic, according to a report for July by the Department of Business, Economic Development & Tourism.
The county had 266,400 available unit nights in July—7.1% fewer than pre-pandemic levels but 6.6% more than in 2023. Demand, however, was just 141,400 nights, down 39% from 2019 and 11% from last year, leading to a 53.1% occupancy rate—a 28.4-point drop from 2019 and 10.5 points lower than 2023.
The average daily rate for vacation rentals was $388, up 8.2% from 2023 and 64.8% from 2019. For comparison, Maui County hotels reported a $573 average rate and 60.5% occupancy for July 2024.
O‘ahu vacation rental supply was 219,400 available unit nights, followed by Hawai‘i Island’s 214,500 and Kaua‘i’s 135,800 unit nights. Vacation rentals across the state reported increases in supply and demand, with lower occupancy rates in July 2024 compared to July 2023.
In July 2024, the total monthly supply of statewide vacation rentals was 836,100 unit nights (+5.5% vs. 2023, -7.6% vs. 2019) and monthly demand was 459,900 unit nights (+1.1% vs. 2023, -34.7% vs. 2019). This combination resulted in an average monthly unit occupancy of 55% (-2.3 percentage points vs. 2023, -22.8 percentage points vs. 2019) for July. Occupancy for Hawai‘i’s hotels was 78.4% in July 2024.
Average daily rates (ADR) for vacation rentals were up across all counties when compared to July 2023 and 2019. Statewide, the ADR was $334 (+9.8% vs. 2023, +61.0% vs. 2019). By comparison, the ADR for hotels was $573 in July 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.
