Hawaii’s vacation rentals demand reaches 419,400 unit nights in June 2024

Rates high despite low occupancy
2024-07-28
/
/ New Delhi
/ Hotels
Hawaii’s vacation rentals demand reaches 419,400 unit nights in June 2024
Hawaii’s vacation rentals demand reaches 419,400 unit nights in June 2024

In June 2024, the total monthly supply of statewide vacation rentals was 820,500 unit nights, which is up 6.8 pc versus 2023

Hawaii, the popular vacation island, off the coast of United States, saw an increase in supply of vacation rentals units and average daily rates but lower occupancy in June this year compared to both June 2023 and pre-pandemic levels.
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Vacation rentals across Hawaii have registered rising supply, average daily rate (ADR) and demand, but a lower occupancy rate in June 2024 when compared to June 2023. 

According to a press statement by Hawaii Tourism Authority’s (HTA), while the availability, demand, and occupancy of vacation rentals were lower in June 2024 compared to pre-pandemic June 2019, the ADR was higher.

In June 2024, the total monthly supply of statewide vacation rentals was 820,500 unit nights, which is up 6.8 pc versus 2023, yet down 7.4 pc versus pre-pandemic 2019. 

Monthly demand was 419,400 unit nights, up 0.4 pc in comparison to year ago period but down 35.8 pc versus 2019. 

This combination resulted in an average monthly unit occupancy of 51.1 pc, down 3.3 percentage points versus 2023, and 22.6 percentage points than 2019 for June. Occupancy for Hawaiian hotels was 75.5 pc in June 2024.

The ADR for vacation rental units statewide in June was USD 320, up 5.6 pc versus 2023, up 57.2 pc versus 2019. In comparison, the ADR for hotels was USD 373 in June 2024. 

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.

In June 2024, Maui County had the largest vacation rental supply at 256,800 available unit nights in June, which is up 4.3 pc versus 2023, and down 6.7 pc than 2019. 

Unit demand was 126,500 unit nights with 13.5 pc decline than 2023, and 40.9 pc than 2019, resulting in 49.3 pc occupancy, which is down 10.2 percentage points versus 2023, and 28.4 percentage points lower than 2019 and ADR at USD 380 at 7 pc up versus 2023, 63.8 pc higher than 2019. For June 2024, Maui County hotels reported ADR at USD 563 and occupancy of 57.5 pc.

The island of Hawaii vacation rental supply was 210,100 available unit nights, an increase of 8.2 pc than the year-ago period and 10 pc uptick than pre-pandemic June. 

For the first half of 2024, Hawaii vacation rental supply was 4.7 million unit nights, a surge of 11.5 pc than year ago period while still remaining  2.1 pc below 2019 levels. 

Demand was 2.6 million unit nights, increasing 4 pc than 2023, while still down 29.1 pc than 2019). 2024 average daily unit rate was USD 324, up 3.2 pc versus 2023, and up 55.8 pc than 2019. 

Statewide vacation rental occupancy for the first half of 2024 was 54.8 pc. In comparison, statewide hotel ADR for the first half of 2024 was USD 370 and occupancy was 74.7 pc.

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