RedAwning, the only complete marketing, distribution, reservations and hospitality platform for short term rentals, released an in-depth market report exploring accommodation and tourism trends in the Maui area. According to the report, Maui is leading the way as the state recovers, with the highest amount of travelers, vacation rental bookings, and tourism dollars spent. Visitor spending reached $316.3 million in April to kick off the second quarter. Visitors to the island reached 178,105 in April 2021, compared to just 647 visitors in April 2020. The first four months of 2021, visitor spending soared to $985.5 million.
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According to the report, while the overall demand for travel is down, the vacation rental occupancy rate in Maui is healthier than the hotel occupancy rate. Hotel occupancy for the first four months of 2021 has averaged 41.2% (Smith Travel Research) while the vacation rental sector has experienced 57.1% occupancy for that period. That’s nearly 40% higher occupancy for the island’s vacation rentals.
“The timing has never been better to start renting out a vacation property in the Maui area,” said RedAwning’s CEO, Tim Choate. “Our data suggests that the rest of the year may be well ahead of pre-COVID levels as visitors from around the world rush to enjoy Maui’s year-round appeal. Our hosts in Maui are already seeing reservations and revenue up more than double so far this year.”
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The report points out that, for RedAwning’s Maui hosts, monthly revenue per property and average size of reservations is up 50% over 2019. The overall Average Daily Rate (ADR) for RedAwning’s Maui hosts has jumped up 63%. The 4+ Bedroom segment, which has expanded threefold since 2019, has seen its ADR increase 42% over 2019.
“RedAwning’s unique marketing and hospitality services continue to yield industry-leading results for vacation rental homeowners across the country and we are looking forward to breaking new records as the market in Maui returns and grows,” says Barbara Kendrick, senior director of business development at RedAwning.