By Heidi Farmer, R(S) – Often when someone is thinking about buying a condo in Maui, they want to know if they will be able to rent it out and help offset some of their costs. I often hear the question, “how much can I rent it for?”
The below statistics that are gathered are from hotels vs. privately owned condos, so there will be some differences. That is because the agencies that gather the information are from the Hotel industry.
Although some information comes from some of the larger property management companies that may represent privately owned condos, it is difficult to gather these statistics from individual owners – but there are similarities in hotels and some of the privately owned condos. It is all about location, location, location.
Often travelers do not even know that the condo they are staying in is a privately owned condo – many are managed by a familiar name who is running the front desk and providing the rental services. Some familiar names that travelers will rent from are the Aston Resorts, Outrigger Hotel, and Resorts and Castle Resorts. They all manage privately owned condos for the owners, but give you the feel of a hotel property.
The statistics I am referring to, as I said earlier, is from actual hotels and condominium hotels. Some examples of the hotels on Maui are the Wailea Marriott or the Sheraton on Kaanapali Beach. The condominium hotels could be from a variety of property management companies. Smith Travel Research and Hospitality Advisors compiles the hotel survey.
Maui Leads the State in Revenue Per Available Room for February 2013
For the month of February Maui was similar to last year at only 1.1% below last year’s occupancy, at a still very respectable 82.6%, but the room rates were up by 4.9%. This is great news. The information I am referring to is provided by Hospitality Advisors (based out of Oahu) the Maui News (4/18/13), and the Hawaii Tourism Authority.
Maui’s average room rate increased 4.9% for February of this year (compared to February 2012) which averaged $294.30 per night. The highest revenue per available room in the state was in the Wailea area, which increased 12% to $385.65 per day.
This all means that visitors are strong in Maui and not only are they giving a boost to the hotel/condo industry, but the overall daily visitor spending also has increased 7.1%. The demand for high-end hotels remained high as occupancy for the luxury resort area of Wailea rose 4.4% to 87.9%. Visitor arrivals by air also increased by 6.8%.
It seems the trend is continuing – as I talk with owners they already are booking their condos into 2014 – and, remember, it is all about location, location, location.
Some of the privately owned condos that you can rent out as short term vacation rentals in Wailea are:
- Wailea Elua
- Wailea Ekolu
- Wailea Ekahi
- Wailea Beach Villas
- Grand Champions
- Palms at Wailea
- Polo Beach Club