2011 Hawaii Vacation Rental Market Analysis
2011 offered another positive year for the vacation rental industry in Hawaii. WIth increases in both the overall tourism and the use of vacation rentals, the vacation rental industry saw the most growth of any of the accommodation types in Hawaii.
The Hawaii Tourism Authority reported a 3.5% growth in visitors to Hawaii from 2010 to 2011. Of all the Hawaiian Islands, the Big Island and Kauai had the largest increases, but Maui and Oahu still remain the two most popular islands to visit in Hawaii.
For accommodation types, vacation rentals had the largest growth. This is two years in a row the vacation rental industry has had substantial growth in Hawaii. Marketing as well as economic factors have played a large role. The only accommodations that saw a dip in use were timeshares.
Along with visitors bring up, their average spending and length of stay grew. December 2011 was the best month on record for visitor spending in Hawaii.
Waikoloa Vacation Rentals’ statistics were consistent with the overall statistics for Hawaii. We saw growth in occupancy, length of stay, and average nightly rate. This is the second consecutive year we have had significant changes in those categories.
With preliminary reports showing January 2012 being significantly better than January 2011, it appears that the tourism industry in Hawaii is still on the rise.