In February 2024, O‘ahu had the largest vacation rental supply at 197,900 available unit nights.
Vacation rentals across Hawaiʻi reported increases in supply, average daily rate (ADR) and demand, with a lower occupancy rate in February 2024 when compared to February 2023. In comparison to pre-pandemic February 2019, ADR and vacation rental supply were higher in February 2024, but vacation rental demand and occupancy were lower.
In February 2024, the total monthly supply of statewide vacation rentals was 665,700 unit nights and monthly demand was 404,600 unit nights. This combination resulted in an average monthly unit occupancy of 60.8 percent (-5.7 percentage points vs. 2023, -21.5 percentage points vs. 2019) for February. Occupancy for Hawai‘i’s hotels was 79.8 percent in February 2024. Please note that February 2024 had an extra leap-year day whereas 2023 and 2019 did not.
The ADR for vacation rental units statewide in February was $339 (+1.9% vs. 2023, +56.5% vs. 2019). By comparison, the ADR for hotels was $372 in February 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.
Island Highlights
In February 2024, O‘ahu had the largest vacation rental supply at 197,900 available unit nights. Unit demand was 123,300 unit nights, resulting in 62.3 percent occupancy (-3.9 percentage points vs. 2023, -18.6 percentage points vs. 2019) with ADR at $265 (+5.4% vs. 2023, +67.3% vs. 2019). In comparison, O‘ahu hotels reported ADR at $283 and occupancy of 84.0 percent for February 2024.
Maui County vacation rental supply was 185,600 available unit nights in February, and Maui vacation rental unit supply continued to be impacted by the August 8 wildfire. Unit demand was 119,200 unit nights, resulting in 64.2 percent occupancy (-6.6 percentage points vs. 2023, -22.3 percentage points vs. 2019) and ADR at $440 (-4.3% vs. 2023, +51.4% vs. 2019). For February 2024, Maui County hotels reported ADR at $543 and occupancy of 74.2 percent.
The island of Hawai‘i vacation rental supply was 170,400 available unit nights in February. Unit demand was 99,700 unit nights, resulting in 58.5 percent occupancy (-7.2 percentage points vs. 2023, -19.3 percentage points vs. 2019) with ADR at $268 (+7.7% vs. 2023, +59.5% vs. 2019). Hawai‘i Island hotels reported ADR at $450 and occupancy of 73.2 percent.
Kaua‘i had the fewest number of available vacation rental unit nights in February at 111,800. Unit demand was 62,400 unit nights, resulting in 55.8 percent occupancy (-4.1 percentage points vs. 2023, -29.5 percentage points vs. 2019) with ADR at $406 (+2.8% vs. 2023, +41.4% vs. 2019). Kaua‘i hotels reported ADR at $429 and occupancy of 78.0 percent.
Vicky is the co-founder of TravelDailyNews Media Network where she is the Editor-in Chief. She is also responsible for the daily operation and the financial policy. She holds a Bachelor's degree in Tourism Business Administration from the Technical University of Athens and a Master in Business Administration (MBA) from the University of Wales.
She has many years of both academic and industrial experience within the travel industry. She has written/edited numerous articles in various tourism magazines.
