Boy, it sure has been a wild couple of years here on the Big Island of Hawai’i!
Karen Bail—the Big Island’s premier expert on all things real estate-related—has kept you up-to-date on the market’s ongoing normalization from the Covid-19-fueled buying frenzy, the luxury market’s ongoing strength, and the Aloha State’s still-sunny economic outlook for 2023. Things are indeed looking up as the islands recover from the economic struggles brought on by the pandemic, and another important metric demonstrates that the Big Island remains poised to continue bouncing back like never before.
A recent report released by the state’s Department of Business, Economic Development & Tourism (DBEDT) shows that the Big Island’s total supply of vacation rentals stood at 157,000 total available night units in January, a 38.6% increase from January of 2022 and less than 5% down from January 2019, the last year of pre-pandemic stats available. Unit demand, meanwhile, was up to over 98,000 unit nights to start 2023, a nearly-21% increase year-over-year.
And that’s not all! Hawai’i island hotels saw an increase in the average daily rate to $427 and an overall occupancy rate of 76%, which makes sense as our friends from Japan have now been able to return as visitors since last fall.
Onward and upward, Hawai’i! It’s great to have more good news around our ongoing economic upturn, especially as uncertainty shrouds much of the rest of the country. It’s truly the perfect time for all our mainland friends to book themselves a room and check out the Big Island for themselves—especially with a few of our old favorites getting ready to reopen. And no matter if you’re curious about laying down roots, selling your current home, or investing in a new property or vacation rental, Karen Bail has you covered. Give her a call today and let’s get started!