Hawaii Vacation Rental Market Update ~ 2013
The first quarter of 2013 has been very promising for the tourism industry in Hawaii. With almost all aspects of the industry growing from 2012 it appears 2013 will be an excellent year for the vacation rental industry in Hawaii.
Each island specifically enjoyed growth. Of the more popular islands, Oahu enjoyed the largest growth in visitors with an increase in visitors of 7%. The Maui had the smallest growth of 6%. All the islands seem to fair pretty. Within 1% of each other, all the islands fared relatively the same.
As the vacation rental industry continues to grow in popularity nationally, vacation rentals were once again the sector that experienced the largest growth of all the accommodation types. With a 7.2% growth, it fared over 1% better than the hotels did for the first quarter of 2013.
With spending up and the popularity of vacation rentals increasing, luxury vacation rental complexes such as Kolea at Waikoloa Beach Resort on the Big Island of Hawaii are seeing significant increases in demand and rates. Looking into the second quarter of 2013 better increases are expected for the vacation rental industry in Hawaii.