Honolulu, Hawaii Short-Term Rental Market
Honolulu STRs averaged $289/night at 72.4% occupancy in April 2026 across roughly 11,054 active listings.
Quick Answer: Honolulu, Hawaii is an active short-term rental market. average occupancy is 77%. average monthly revenue is $6,424. average daily rate is $315. the top operator is Gather Vacations with 271 listings. market score is 92/100 (grade A).
Market data reflects the Oahu regional market, which includes Honolulu. Regulations, taxes, and permit details below are specific to Honolulu.
Market Score Breakdown
Five dimensions Apivex evaluates per market.
Market Overview
Honolulu, on the island of Oahu, is Hawaii’s largest and most-visited market, drawing 5.81 million visitors in 2024. The short-term rental supply totals approximately 11,054 active listings. In April 2026, the market recorded an average daily rate of $289 and occupancy of 72.4%, producing RevPAR of $209. Year-over-year performance was nearly flat: occupancy slipped 1.0%, ADR dipped 0.4%, and total revenue declined 1.3% versus April 2025, suggesting the market has reached a stabilization plateau after the post-pandemic surge that carried 2022 and 2023 to peak levels.
Entire-place listings dominate, accounting for 10,674 of the 11,054 total, or roughly 97%. Private rooms add 458 listings. On channel distribution, 5,066 listings appear exclusively on Airbnb, 1,134 on VRBO only, and 4,938 on both platforms. The bedroom mix skews sharply toward smaller units: 1-bedroom properties account for 7,279 listings (66% of supply), 2-bedroom units total 2,048, 3-bedroom units 977, 4-bedroom units 443, and 5-bedroom-plus units 307. This concentration in studio and 1-bedroom inventory reflects the large condo stock in resort districts such as Waikiki.
Seasonal Patterns
| Month | Occupancy | ADR | Revenue |
|---|---|---|---|
| Jan | 73% | $256 | $4,905 |
| Feb | 78% | $261 | $5,065 |
| Mar | 73% | $264 | $5,287 |
| Apr | 68% | $252 | $4,722 |
| May | 72% | $249 | $4,848 |
| Jun | 76% | $282 | $5,457 |
| Jul | 76% | $272 | $5,464 |
| Aug | 72% | $265 | $5,269 |
| Sep | 66% | $223 | $4,036 |
| Oct | 68% | $231 | $4,284 |
| Nov | 68% | $234 | $4,193 |
| Dec | 74% | $275 | $5,199 |
Top Short-Term Rental Operators in Honolulu
Ranked by total active listings. Useful for understanding the competitive landscape.
| # | Operator | Listings | Reviews | Rating |
|---|---|---|---|---|
| 1 | Gather Vacations | 271 | 3,131 | ★ 4.84 |
| 2 | Captain Cook Resorts | 225 | 17,467 | ★ 4.72 |
| 3 | Hawaii American Realty | 221 | 13,445 | ★ 4.58 |
| 4 | Midway Vacations | 188 | 11,562 | ★ 4.73 |
| 5 | Hawaii Home Properties LLC | 181 | 10,178 | ★ 4.77 |
What Kind of STR Should I Buy in Honolulu?
Revenue and pricing by property type, tier, and bedroom count.
Revenue by Bedroom Count
| 1 bed | 7,279 |
| 2 bed | 2,048 |
| 3 bed | 977 |
| 4 bed | 443 |
| 5 bed | 307 |
ADR by Property Tier
| Entire Home | $322 |
| Luxury | $663 |
| Professionally Managed | $355 |
Revenue by Dwelling Type
| Apartment | $5,518 |
| Entire Place | $6,556 |
| House | $10,800 |
Booking Channel Mix
Distribution of bookings across major STR platforms.
| Channel | Share |
|---|---|
| airbnb | 45.5% |
| vrbo | 10.2% |
| both | 44.3% |
Investment Analysis
Honolulu is a high-price, high-revenue market where the investment calculus turns on navigating strict regulatory constraints. The typical home value is approximately $760,000 (Zillow April 2026), while average monthly STR revenue across all listings reached $5,832 in April 2026. Annualized, that projects to roughly $69,980 per year, implying a gross yield of approximately 9.2% on a median-priced property before expenses. For properties in legal STR zones, this yield compares favorably to other coastal high-cost markets.
Tier differentiation is striking. Houses average $9,100 per month versus apartments at $5,195, a $3,905 spread. Entire-place listings average $5,950. On ADR, the luxury tier averages $592 per night versus $289 for all listings combined, and professionally managed properties average $314 per night, a $25 premium over the market average. The luxury-versus-average spread of $303 per night is the widest of any tier comparison and reflects Oahu’s premium oceanfront and resort inventory.
The revenue growth score of 70.4 and the track record show a market that grew steadily from $3,129 average monthly revenue in 2017 to $6,085 in 2025, though momentum slowed in 2026 with the 1.3% YoY decline. The investability score of 67.7 is moderate, dragged down by the regulation score of 68.5, which reflects the city’s strict permitting environment. Buyers should confirm legal STR status before acquisition, as non-resort-zoned properties generally cannot operate as nightly rentals.
Revenue Trend (5 yr)
ADR & Occupancy Trends (5 yr)
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Booking Insights
The average booking lead time in Honolulu is 62 days as of April 2026, meaning guests typically book about nine weeks in advance. This is the longest lead time among the areas in this batch, consistent with Honolulu’s status as a major destination requiring significant airfare planning and itinerary coordination. Operators should expect peak-season winter dates to fill in October and November and summer dates to fill in March through April.
Average length of stay is 6.2 nights, reflecting the multi-day nature of Hawaii vacations where travel costs incentivize longer visits. Longer stays reduce turnover costs and cleaning frequency, which is particularly valuable in a market where cleaning and logistics are more expensive than mainland alternatives.
The combination of a 62-day lead time and 6.2-night average stay means Honolulu operators can forecast revenue with considerable confidence. Pricing should be set well in advance for peak periods, and last-minute discounts are rarely necessary given the market’s 66%-plus occupancy floor even in slow months.
Short-Term Rental Regulations
Honolulu has some of the most restrictive STR regulations in the United States. Under Ordinance 22-7 (signed 2022) and Bill 62 (CO-25-02, signed January 2025 with a September 2025 effective date), the City and County of Honolulu has attempted to impose a 90-day minimum rental period for properties outside resort-zoned districts. Federal courts have enjoined the 90-day minimum, so the city currently enforces a 30-day minimum for nonconforming properties while litigation continues.
True nightly and weekly vacation rentals are legally permitted only in resort-zoned areas such as Waikiki, Ko Olina, and Turtle Bay, or at properties holding a grandfathered Nonconforming Use Certificate (NUC). The City stopped issuing new NUCs in 1990. Operators in eligible properties must register with the Department of Planning and Permitting at an initial cost of approximately $1,000, with annual renewal fees of approximately $500.
On taxes, Honolulu applies a combined Transient Accommodations Tax of 13.25% as of April 2026 (10.25% state TAT plus the 3% Oahu TAT), plus Hawaii’s General Excise Tax of approximately 4.712% on Oahu. The state TAT is scheduled to rise, making the combined Oahu lodging tax rate approximately 14% from January 1, 2026 forward. Enforcement is rated strict, with the city actively pursuing unpermitted operators and penalties reaching up to $10,000 per day under Bill 62 provisions.
Buyers considering Honolulu investment properties must verify legal STR status before purchase. Properties outside resort zones without an NUC cannot be operated as short-term rentals under the current enforcement posture.
Market Comparison
Nationally, the short-term rental market averages roughly 55% occupancy and approximately $220 in ADR. Honolulu’s April 2026 occupancy of 72.4% exceeds the national average by more than 17 percentage points, and its $289 ADR is roughly 31% above the national median. The total market score of 92.4 out of 100 places Honolulu among the highest-performing STR destinations in the country. The seasonality score of 98.1 is near-perfect, indicating year-round demand with minimal off-season risk.
The primary constraint on investability is regulation, scored at 68.5, reflecting the city’s aggressive push to limit STR supply in residential neighborhoods. Properties that do carry legal STR status command a scarcity premium in both resale value and income potential.
Among the top operators, Gather Vacations leads with 271 listings and a 4.84 average rating from 3,131 reviews. Captain Cook Resorts holds 225 listings with 17,467 reviews at a 4.72 rating, the highest review volume among the top five. Hawaii American Realty manages 221 listings at a 4.58 rating, Midway Vacations holds 188 listings at 4.73, and Hawaii Home Properties LLC manages 181 listings at a 4.77 rating. The top five operators collectively manage 1,086 listings, roughly 9.8% of total supply, indicating that independent operators hold the majority of market share.
Frequently Asked Questions About Honolulu, Hawaii
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Are Airbnb rentals legal in Honolulu?
What permits and taxes are required for Honolulu short-term rentals?
When is peak season for Honolulu vacation rentals?
How competitive is the Honolulu STR market?
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