The Hawaii Tourism Authority and state Department of Business, Economic Development & Tourism's latest monthly Hawaii Vacation Rental Performance Report found vacation rentals were 59 percent occupied in September. This marks a 9 percentage-point dip from September 2019, and is also down from nearly 65 percent occupancy in August and 72 percent occupancy in July. Unit supply and demand both fell compared to September 2019, with supply slipping 27 percent to about 664,500 unit nights and demand falling 37 percent to 392,300 unit nights. Compared to last September, supply and demand were down 9.5 percent and 9 percent, respectively. Average daily rate rose 46 percent from $194 in September 2019 to nearly $283 in September 2022, and also climbed nearly 16 percent year-over-year from $245. All four Hawaii counties saw declines in occupancy compared to 2019, with Oahu seeing a nearly 12 percentage-point shrinkage to 61 percent. Lowest overall occupancy, 50 percent, was reported by Hawaii Island, which saw an 8 percentage-point drop compared to 2019. In terms of year-to-date figures compared to last year, occupancy was up 6 percentage points for the first nine months of 2022, with supply and demand rising 3 percent and 10 percent.
Pacific Business News (10/25/22) Christina O'Connor
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