As an island dependent upon tourism, the local economy took a major hit these past few years as the ongoing Covid-19 pandemic brought closures, lockdowns, and barriers to tourism across the Valley Isle. Concurrently, the real estate sector saw many historic gains as a seller’s market exploded over the past year-plus, with historic figures in median sales price and total sales coming in, sometimes month-after-month.
As 2022 rolls on, reports from the hospitality sector show that the figures for visitor accommodations are steadily rising as well, here on Maui and across the state—and that’s great news for us all! But how much will a premium hotel run you during this new phase of growth here on Maui?
Luxury Comes with a Price
Hotel rooms in Wailea, one of South Maui’s most-exclusive enclaves, averaged a daily rate of just over $1,000 this past March, according to a recent report released by the Hawaii Tourism Authority. A 25% increase from March of last year, the most recent figures definitely suggest that Maui Nui’s momentum continues to gather from 2020’s lows.
(Also, to put things into perspective, the second-highest daily rate in all of Hawaii was $660, over on the Big Island’s Kohala Coast!)
Meanwhile, short-term rentals are also continuing to climb, checking in at a daily rate of $366 in March, a nearly-30% increase from March of 2021.
Overall, demand for both hotels and vacation rentals across the state continues to rebound, with increases in demand, occupancy, and average daily rates reported this past March as compared to 2021.
It’s definitely good to see Maui and the Hawaiian Islands bouncing back like this. We expect the numbers to continue trending upward as 2022 progresses, drawing closer to pre-pandemic levels before year’s end. Will we ultimately see them eclipse 2019’s totals? Stay tuned to find out, and don’t forget to give Maui’s #1 group of professional realtors a call if you’re looking to get in on a new investment property for short-term rentals as well!