Jun 14, 2024 • 9 min read
The Availability And Price Of Vacation Rentals In Hawaiʻi Is About To Change
27.05.2024 - 11:15 / forbes.com / Josh Green / Richard Bissen
Hawaiʻi Governor Josh Green signed a bill earlier this month that gives individual counties across the Hawaiian Islands the lawful ability to convert short-term vacation rentals into long-term housing.
The decision came as Hawaiian officials look to combat the on-going affordable housing crisis throughout the islands, which has been thrust into the spotlight in the aftermath of the Lāhainā wildfires in August of last year.
The impact on the availability and price of vacation rentals could be quite significant if counties decide to reduce them, either by holding back on permitting or forcing them to be converted into long-term housing arrangements.
We’ve already seen that big changes are coming on Maui. In early May, Mayor Richard Bissen announced that he wants to phase out 7,000 vacation rentals by next summer.
Now, other areas in the islands could be next as local communities struggle with the lack of affordable housing. If so, we can expect to see a large reduction in the number of vacation rental units available, and thus, it would stand to reason, an increase in the nightly rates.
The nightly rates at hotels could also be impacted, depending upon how significant the reduction of vacation units turns out to be.
The Governor said he believes that this action will change Hawaiʻi for the better, providing more housing for local residents. Local news has reported that many people are fleeing the islands due to the lack of affordable housing.
Opponents of the decision feel its an overstep of government and will negatively impact many homeowners. But local officials are not convinced.
“Consistently, the argument [from opponents is] about protecting their investment properties,” said Maui County Councilmember Keani Rawlins-Fernandez. “Their second, third, fourth, fifth home — when our residents have lost their only home.” The Councilmember was referring to residents who lost their home in the August fires.
While the transition on Maui has already kicked off, similar showdowns are expected on other islands as soon as this year, with potential impacts for tourism industry. How drastic the impacts will be remains to be seen.
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