The State of Hawaii Department of Business, Economic Development & Tourism (DBEDT) issued the Hawaii Vacation Rental Performance Report.
This vacation rental report was for the month of April utilizing data compiled by Transparent Intelligence, Inc. Vacation rentals across Hawaii reported increases in supply and average daily rate (ADR), with lower demand and occupancy, in April 2023 compared to April 2022. In comparison to pre-pandemic April 2019, ADR was higher in April 2023, but vacation rental supply, demand and occupancy were lower.
In April 2023, the total monthly supply of statewide vacation rentals was 739,400 unit nights (+17.2% vs. 2022, -12.6% vs. 2019) and monthly demand was 418,300 unit nights (-8.3% vs. 2022, -32.4% vs. 2019) (Figures 1 and 2). This combination resulted in an average monthly unit occupancy of 56.6 percent (-15.8 percentage points vs. 2022, -16.5 percentage points vs. 2019) for April. Occupancy for Hawaii’s hotels was 73.9 percent in April 2023.
The ADR for vacation rental units statewide in April was $307 (+5.6% vs. 2022, +50.1% vs. 2019). By comparison, the ADR for hotels was $376 in April 2023. 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 Hawaii Vacation Rental Performance Report specifically excludes units reported in Hawaii Tourism Authority’s Hawaii Hotel Performance Report and Hawaii 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.
Island Highlights
In April 2023, Maui County had the largest vacation rental supply at 235,400 available unit nights (+7.4% vs. 2022, -8.6% vs. 2019). Unit demand was 150,100 unit nights (-10.6% vs. 2022,-25.8% vs. 2019), resulting in 63.7 percent occupancy (-12.9 percentage points vs. 2022, -14.7 percentage points vs. 2019) and ADR at $373 (+8.2% vs. 2022, +50.6% vs. 2019). For April 2023, Maui County hotels reported ADR at $609 and occupancy of 65.4 percent.
Oahu had 208,400 available unit nights in April (+15.9% vs. 2022, -28.6% vs. 2019). Unit demand was 118,200 unit nights (-4.3% vs. 2022, -43.4% vs. 2019), resulting in 56.7 percent occupancy (-11.9 percentage points vs. 2022, -14.8 percentage points vs. 2019) with ADR at $235 (+12.0% vs. 2022, +43.8% vs. 2019). In comparison, Oahu hotels reported ADR at $272 and occupancy of 78.5 percent for April 2023.
The island of Hawaii vacation rental supply was 185,500 available unit nights (+24.1% vs. 2022, -0.1% vs. 2019) in April. Unit demand was 91,300 unit nights (-11.0% vs. 2022, -24.2% vs. 2019), resulting in 49.2 percent occupancy (-19.4 percentage points vs. 2022, -15.7 percentage points vs. 2019) with ADR at $242 (+0.0% vs. 2022, +48.6% vs. 2019). Hawaii Island hotels reported ADR at $430 and occupancy of 69.6 percent.
Kauai had the fewest number of available vacation rental unit nights in April at 110,100 (+33.8% vs. 2022, -0.9% vs. 2019). Unit demand was 58,800 unit nights (-5.9% vs. 2022, -32.5% vs. 2019), resulting in 53.4 percent occupancy (-22.5 percentage points vs. 2022, -25.0 percentage points vs. 2019) with ADR at $385 (-0.2% vs. 2022, +47.3% vs. 2019). Kauai hotels reported ADR at $408 and occupancy of 75.3 percent.
