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Hawaii's Vacation Rental Industry Struggles with Low Occupancy Rates |
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Occupancy rates for Maui, Oahu, Kauai and the Big Island were 62%, 61%, 57% and 50% respectively. |
HawaiiGaga.com, the search engine for Hawaii vacation rentals, has concluded a yearlong study of vacation rental occupancy rates. Occupancy rates for Maui, Oahu, Kauai and the Big Island were 62%, 61%, 57% and 50% respectively.
The study was based on 2,373 vacation homes and condos with both professionally managed and owner-operated rentals included.
State wide, September had the lowest occupancy rate at 40% while February was the busiest time of year for rentals with an 81% occupancy rate. From a regional perspective, Waikiki had the highest occupancy in the state at 66%, followed closely by Poipu, Kihei and East Oahu (Waimanalo and Kailua) at 65%. The two poorest performing regions were Kapalua with a rate of 46% and the Big Island's Kohala coast and Puna regions, both averaging 49%.
Data was collected from owners and agents who publish availability calendars online, including availability data from real time reservation systems. The study included 983 properties from Maui, 565 from Oahu, 396 from Kauai and 429 from the Big Island. The average rental price and number of bedrooms of rentals included in the study was $225 and 1.8.
As the first broad-based study of its kind, it's unknown how these rates compare to years past. More rental statistics can be found at www.hawaiigaga.com/hawaii-vacation-rental-statistics.aspx.
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