Hawaii Vacation Rentals Reported an Occupancy Rate of 65 Percent in August

The Hawaii Tourism Authority and the state Department of Business, Economic Development & Tourism's latest Hawaii Vacation Rental Performance Report found Hawaii vacation rentals were 64.7 percent occupied in August. This marks a nearly 10 percentage-point decline from August 2019, when vacation rentals were 74 percent occupied, and a 10 percentage-point drop from last August. Unit supply and demand are still below pre-pandemic levels, with supply slipping 26.5 percent to roughly 674,000 unit nights, and demand falling 36 percent to 435,800 unit nights; supply rose 9 percent year-over-year while demand fell by 5 percent. The average daily rate (ADR) climbed 47 percent from $204 in August 2019 to nearly $300 last month, and was up 18 percent from August 2021. All four Hawaiian counties saw drops in occupancy compared to pre-pandemic levels in 2019, with Maui County having the highest overall occupancy rate (nearly 70 percent) while Hawaii Island reported the lowest (56 percent). Vacation rentals statewide were 70 percent occupied for the first eight months of the year, a 6 percentage-point decline from 2019. Year-to-date supply decreased 14.5 percent to about 4.9 million room nights, and demand dropped 21 percent to 3.4 million room nights. Year-to-date ADR increased 42 percent to $295.

Pacific Business News (09/22/22) Christina O'Connor

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