Short Term Rental Trends

Hawaii Airbnbs & STRs

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Current Vacation Rental Performance in Hawaii

Overview

As of May 2024, the vacation rental market in Hawaii is characterized by several key trends:

Supply and Demand

  • The total monthly supply of statewide vacation rentals was 864,400 unit nights, representing a 4.4% increase from 2023 but a 6.9% decrease from 2019.
  • Demand for vacation rentals was 439,400 unit nights, a 1.3% decrease from 2023 and a 33.5% decrease from 2019.

Occupancy Rates

  • Statewide vacation rental occupancy stood at 50.8%, down 3.0 percentage points from 2023 and 20.3 percentage points from 2019. This marks a significant decline from the 71% occupancy rate in May 2019.
  • Island-specific occupancy rates varied, with Maui County experiencing the sharpest decline to 49.5%, Hawaii Island at 44%, Oahu at 57.9%, and Kauai at 51.7%.

Average Daily Rate (ADR)

  • The statewide ADR for vacation rentals increased to $306, a 56% rise from May 2019 and a 5% increase from May 2023. However, adjusting for inflation, the real increase is less pronounced.
  • Island-specific ADRs showed Kauai with the highest at $386, followed by Maui at $360, and Hawaii Island with the lowest at $247.

Comparison with Hotels

  • Hotels in Hawaii maintained higher occupancy rates, with a statewide average of 71.2% in May 2024, compared to the 50.8% for vacation rentals. Hotel ADRs were also higher, averaging $342 statewide.

Year-to-Date Performance

  • For the first half of 2024, vacation rental supply was 4.7 million unit nights, with demand at 2.6 million unit nights. The average daily rate was $324, and occupancy was 54.8%, down 27.6 percentage points from 2019.

Overall, while the supply of vacation rentals and their average daily rates have increased, demand and occupancy rates have declined significantly compared to pre-pandemic levels.

Current Airbnb & VRBO Trends by City

No state available.

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FAQ

What does your pricing structure look like?
Our prices start at 10% of revenue. You can check out our pricing page for more information.
What types of vacation rental properties do you manage?
We manage a wide range of vacation rental properties, including single-family homes, condos, apartments, and luxury villas. Our services are tailored to meet the unique needs of each property type.
How do you handle guest support?
Our team provides 24/7 guest support, handling all inquiries, booking assistance, and any issues that may arise during a guest's stay. This ensures a seamless experience for your guests.
What is included in your damage waiver?
Our damage waiver provides $3,000 in coverage per booking, protecting you from accidental damages without the need for security deposits. This coverage is automatically included with every booking.
How does the payment process work?
We handle all aspects of the payment process, including processing payments, managing declined cards, and providing chargeback protection. Funds are deposited directly into your account, ensuring a smooth and secure transaction.
Can I still use my own booking website?
Absolutely! We offer a direct booking website service that allows you to showcase your property and accept bookings directly, bypassing the fees charged by major booking sites.
How do I get started with RedAwning?
Getting started is easy! Simply contact us for a free consultation, and our team will guide you through the onboarding process to ensure a smooth transition to our platform.
Why is RedAwning better than other property management companies?
RedAwning sets itself apart from other property management companies with a technology-driven, cost-effective approach that offers both full-service and partial management options, catering to vacation rental owners who value flexibility and control. Unlike competitors like Vacasa or AvantStay, which focus solely on full-service management with fees ranging from 25-50% of income, RedAwning provides a choice: comprehensive oversight including marketing, reservations, guest support, and maintenance, or a partial-service model emphasizing marketing and bookings across 50+ platforms like Airbnb, Vrbo, and Booking.com, potentially increasing bookings compared to narrower-channel options like Evolve. RedAwning's fees start at 10%. Having served the industry for 15 years, RedAwning combines experience with lower fees and rapid onboarding—listing properties in an afternoon—appealing to hosts who want efficiency without losing decision-making power, though it may not suit those needing extensive local support like Vacasa provides. Its scale (20,000+ properties across 10,000 destinations) and data-driven pricing give it an edge over Evolve’s simpler approach, making it a versatile choice for tech-savvy hosts seeking tailored management solutions.