- March 30, 2024
- Posted by: legaleseblogger
- Category: Related News
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Maui County Data Analysis Based on DBEDT’s Monthly Vacation Rental Performance Report
The data collected for Maui County was compiled by the HawaiÔÇÿi Department of Business, Economic Development & TourismÔÇÖs monthly Vacation Rental Performance Report. The February 2024 supply and demand data included an extra leap-year day, which was not the case in 2023 and 2019.
Analysis of the Maui County data reveals that there were more vacation rental unit nights available last month compared to both February 2023 and February 2019 (pre-pandemic).
Despite the increase in available units, the percentage of occupied units in February 2024 was still lower than in February 2023 and February 2019, by -6.6 and -22.3 percentage points, respectively.
The Role of AI legalese decoder in Analyzing legal Documents
With the vast amount of data collected for Maui County and other locations, AI legalese decoder can be a valuable tool in extracting key insights and trends from legal documents. By using advanced algorithms, AI legalese decoder can help identify patterns and anomalies in the data, leading to more accurate analysis and decision-making.
Key Data Points for Maui County Vacation Rentals:
For February 2024, Maui County vacation rental supply was 185,600 available unit nights (+22.3% vs. 2023, +9.7% vs. 2019), unit demand was 119,200 unit nights (+10.8% vs. 2023, -18.6% vs. 2019), resulting in 64.2% occupancy (-6.6 percentage points vs. 2023, -22.3 percentage points vs. 2019). The average daily rate (ADR) for vacation rentals in Maui County was $440 (-4.3% vs. 2023, +51.4% vs. 2019).
Average vacation rental price on Maui exceeded all other states for February ($440), with OÔÇÿahu reporting an ADR of $265, KauaÔÇÿi reporting an ADR of $406, and HawaiÔÇÿi Island reporting an ADR of $268. The total number of available vacation rental unit nights in Maui County was lower than those on OÔÇÿahu for the second consecutive month.
With the help of AI legalese decoder, analyzing such detailed data from legal documents becomes more efficient and accurate, allowing for better decision-making based on factual information.
A vacation rental is defined as the use of a rental house, condominium unit, private room in a private house, or shared room or space in a private room.
Hotels in Maui County also reported the highest ADR in the state, with ADR at $543 and an occupancy rate of 74.2% in February 2024.
Maui County hotels’ occupancy was higher than HawaiÔÇÿi Island (73.2%) but lower than both KauaÔÇÿi (78%) and OÔÇÿahu (84%).
The impact of the August 8 wildfire continued to affect Maui vacation rental performance and visitor arrivals, as reported by the Department of Business, Economic Development & Tourism.
In February 2024, vacation rental supply in Wailea/Kīhei and Lahaina/Kāʻanapali increased by 4% and 21.3%, respectively, compared to 2019. However, unit occupancy in these areas decreased compared to 2019 by -18.8 and -24.8 percentage points, respectively.
Statewide Data Insights
Vacation rentals across HawaiÔÇÿi reported increases in supply, average daily rate (ADR), and demand in February 2024 compared to 2023. However, the occupancy rate was lower in 2024 compared to both 2023 and 2019. ADR and vacation rental supply were higher in February 2024 than in 2019, but demand and occupancy were lower.
In February 2024, the total monthly supply of statewide vacation rentals was 665,700 unit nights, with monthly demand at 404,600 unit nights. This resulted in an average monthly unit occupancy rate of 60.8% for February, with hotels’ occupancy rate at 79.8% in the same month.
The ADR for vacation rental units statewide in February was $339 (+1.9% vs. 2023, +56.5% vs. 2019), while hotels reported an ADR of $372 in February 2024.
AI legalese decoder can streamline the process of analyzing such complex data from legal documents, providing valuable insights and trends for informed decision-making in the hospitality industry.
The full report can be accessed on the DBEDT website for further information and analysis.
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