Maui vacation rental supply and unit demand up from 2022, but down from pre-pandemic : Maui Now

Lyla

PC: Wendy Osher

While gains were realized in month-over-month data, Maui’s vacation rental supply, unit demand and occupancy in February remained down double-digits from pre-pandemic levels in 2019.

Maui County data was compiled as part of the State of Hawai‘i Department of Business, Economic Development & Tourism’s monthly Hawai‘i Vacation Rental Performance Report.

Maui data for February 2023 includes the following:

  • Vacation rental supply was 151,800 available unit nights (+4.0% vs. 2022, -10.3% vs. 2019)
  • Unit demand was 107,500 unit nights (+3.9% vs. 2022, -26.5% vs. 2019)
  • Occupancy was 70.8% (-0.1 percentage points vs. 2022, -15.6 percentage points vs. 2019)
  • ADR was at $460 (+21.6% vs. 2022, +58.1% vs. 2019). 
ARTICLE CONTINUES BELOW AD
ARTICLE CONTINUES BELOW AD

Meanwhile, Maui County hotels reported ADR at $655 and occupancy of 71% for February 2023.

Statewide vacation rentals across Hawaiʻi reported increases in supply, demand, and average daily rate, with lower occupancy, in February 2023 compared to February 2022. In comparison to pre-pandemic February 2019, ADR was higher in February 2023, but vacation rental supply, demand and occupancy were lower, according to the report, which utilized data compiled by Transparent Intelligence, Inc.

Statewide data for February 2023 includes the following:

  • Total monthly supply of statewide vacation rentals was 537,600 unit nights (+16.2% vs. 2022, -13.1% vs. 2019)
  • Monthly demand was 357,300 unit nights (+5.7% vs. 2022, -29.8% vs. 2019)
  • Average monthly unit occupancy was 66.5% (-6.6 percentage points vs. 2022, -15.8 percentage points vs. 2019) 
  • Occupancy for Hawai‘i’s hotels was 76.3%
  • The ADR for vacation rental units statewide in February was $333 (+12.3% vs. 2022, +53.6% vs. 2019). By comparison the ADR for hotels was $387 in February 2023. 
ARTICLE CONTINUES BELOW AD

Department officials say 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 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 private home, or shared room/space in 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.

ARTICLE CONTINUES BELOW AD

Other county highlights include the following:

  • O‘ahu had the largest vacation rental supply of all four counties with was 168,800 available unit nights (+15.1% vs. 2022, -25.1% vs. 2019). Unit demand was 111,800 unit nights (+6.3% vs. 2022, -38.6% vs. 2019), resulting in 66.2 percent occupancy (-5.5 percentage points vs. 2022, -14.6 percentage points vs. 2019) with ADR at $251 (+13.2% vs. 2022, +58.6% vs. 2019). In comparison, O‘ahu hotels reported ADR at $266 and occupancy of 78.9 percent for February 2023.
  • Hawai‘i Island vacation rental supply was 137,200 available unit nights (+33.7% vs. 2022, -2.3% vs. 2019) in February. Unit demand was 90,200 unit nights (+14.0% vs. 2022, -17.4% vs. 2019), resulting in 65.7 percent occupancy (-11.4 percentage points vs. 2022, -12.1 percentage points vs. 2019) with ADR at $249 (+8.6% vs. 2022, +48.1% vs. 2019). Hawai‘i Island hotels reported ADR at $432 and occupancy of 76.8 percent.
  • Kaua‘i had the fewest number of available vacation rental unit nights in February at 79,700 (+17.9% vs. 2022, -5.1% vs. 2019). Unit demand was 47,800 unit nights (-5.1% vs. 2022, -33.3% vs. 2019), resulting in 60.0 percent occupancy (-14.5 percentage points vs. 2022, -25.4 percentage points vs. 2019) with ADR at $396 (+1.9% vs. 2022, +37.6% vs. 2019). Kaua‘i hotels reported ADR at $418 and occupancy of 73.9 percent.
Next Post

Colorado Springs food truck owner fueling up for bigger culinary endeavors | Food

Fernando Trancoso, owner of Tepex Food Truck, hit the streets of Colorado Springs in October of 2020. His food truck has become popular for the flavorful dishes from Central Mexico. He grew up in Aguascalientes, Mexico, which is north of Guadalajara. The third of seven children, he started learning about […]

You May Like