Vacation Rental Market Size Determined by HTA Study
The Hawaii Tourism Authority (HTA) has released a study of the vacation rental market in Hawaii.
The study was conducted by SMS Research in phases at year-end 2013 and between August and September of 2014 to determine the estimated number of vacation rental units state-wide that are advertised on the Internet.
Vacation rentals identified by this study included condo units, vacation rental houses and properties identifying themselves as bed and breakfasts. The HTA study estimates that more than 22,000 lodging units are listed on the internet distribution channels Vacation Rentals by Owner (VRBO); Clearstay.com; TripAdvisor and AirBnB.
While hotels continue to be the accommodation of choice, the popularity and demand for alternative accommodations has grown rapidly over the years, said the HTA. The study helps the industry further understand the reach of this specific market segment, and provides information for making policy decisions in the future, it said.
If all of the identified units were available for visitor use at the same time, these units would account for up to 25% of Hawaii’s total lodging inventory. In comparison, hotels units make up about 50% of visitor accommodations mix, condo-hotels represent 12% and timeshares at 12.1%.
