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Tourists Turned Off by Rising Costs of Hawaii’s Vacation Rentals

Daniel Kim Views  

Recently, the number of visitors to Hawaii has been dwindling due to the continuous rise in accommodation costs.

Hawaii Tourism Authority

According to Travel Pulse, the vacation rental market, once a major component of its tourism economy, is currently in decline. These rentals, which include Airbnb listings and villas, offer short-term lodging options to travelers.

The occupancy rate (OCC) of vacation rentals in Hawaii has decreased by 21% compared to pre-COVID-19 levels in 2019. In March, the occupancy rate was 57.4%, significantly lower than the hotel occupancy rate of 74.6% during the same period.

Despite the drop in occupancy rates, rental prices have continued to rise, with a 45% surge just last year. The current average rental rate for vacation rentals exceeds $337 per night.

Hawaii / Photo: Hawaii Tourism Authority

This downturn in Hawaii’s vacation rental market can be attributed to recent legislative changes in the state.

Hawaii has seen a surge in real estate transactions to boost accommodation facilities, which has increased living costs and exacerbated the housing shortage. In response, state authorities have enacted legislative reforms to regulate these facilities more strictly. As a result, the availability of accommodations in Hawaii is expected to decrease, potentially driving prices even higher.

Some are concerned that the current situation will significantly impact the local economy and the tourism industry.

Daniel Kim
content@viewusglobal.com

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