Vacation rentals see high demand despite lower occupancy rates
Vacation rentals throughout the islands still saw high demand and daily rates last month despite lower occupancy rates.
There was higher supply, demand and average daily rate of rentals last month compared to the same time last year and in 2019, according to the latest report from the state Department of Business, Economic Development and Tourism.
The statewide average daily rate for vacation rentals last month was $283, a 15% increase compared to September 2021.
However, the average statewide occupancy rate was 59%, down nearly 10% compared to the same time in 2019.
While rental availability can fluctuate throughout the year, that may change going forward, particularly for properties on Oʻahu.
The city's new ordinance regulating rentals went into effect earlier this week. Despite a U.S. district judge blocking a provision of the law, Mayor Rick Blangiardi vowed to strictly enforce other aspects, such as fines on rentals outside of resort-zoned areas.
In September, Oʻahu vacation rentals saw a 61% occupancy rate, with an average daily rate of $214.