Hawaii News

Kaua‘i had fewest number of available vacation rentals in March

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1 Hotel Hanalei Bay in Princeville. Photo Credit: Scott Yunker/Kaua‘i Now

Vacation rentals across Hawaiʻi reported increases in supply and average daily rate, with lower demand and occupancy, in March 2023 compared to March 2022, according to the State of Hawai‘i Department of Business, Economic Development & Tourism.

In comparison to pre-pandemic March 2019, the average daily rate was higher in March 2023, but vacation rental supply, demand and occupancy were lower.

Kaua‘i had the fewest number of available vacation rental unit nights in March at 105,800 (+24.0% vs. 2022, +2.3% vs. 2019). Unit demand was 60,300 unit nights (-6.8% vs. 2022, -30.0% vs. 2019), resulting in 57.0 percent occupancy (-18.8 percentage points vs. 2022, -26.3 percentage points vs. 2019) with average daily rate at $395 (+1.2% vs. 2022, +45.1% vs. 2019). Kaua‘i hotels reported average daily rate at $404 and occupancy of 75.8 percent.

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In March 2023, the total monthly supply of statewide vacation rentals was 687,900 unit nights (+17.2% vs. 2022, -10.8% vs. 2019) and monthly demand was 431,100 unit nights (-1.0% vs. 2022, -28.9% vs. 2019) (Figures 1 and 2). This combination resulted in an average monthly unit occupancy of 62.7 percent (-11.5 percentage points vs. 2022, -16.0 percentage points vs. 2019) for March. Occupancy for Hawai‘i’s hotels was 76.5 percent in March 2023.

The average daily rate for vacation rental units statewide in March was $326 (+8.6% vs. 2022, +52.5% vs. 2019). By comparison the average daily rate for hotels was $387 in March 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 the Department of Business, Economic Development & Tourism’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.

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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.

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