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Vacation Rental Condos

Posted by Harry Pritikin on Wednesday, 5 July 2017, at 10:36 p.m.
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In response to 141107: Occupancy rate in Alii Dr. vacation rentals, posted by Peter S2 on Wednesday, 5 July 2017, at 12:01 p.m.

Aloha Peter, I have a client who purchased an oceanfront Sea Village and booked it himself with Air B&B for 259 nights in 2016. This year he's already up to 264 nights out of 336 rentable nights (there were some dates the complex was closed for repairs). That's 79% occupancy rate.

There is no average occupancy rate. Some condo complexes are more popular than others, and there are between 50 and 60 in Kailua-Kona alone. Within a particular complex, units with ocean views rent better and oceanfront rents the best. Also, there are 45 property management companies in Kona alone. Some are not as good as others. If you get a bad property management company you would have a lower occupancy rate than if you had a good company. A lot also depends on how much personal effort you are willing to put into keeping the property rented. If you use one of the companies that allows unlimited owner blackout dates, and sign up with a few of the best vacation rental by owner websites, you will have a much higher occupancy rate then if you rely on property management alone. You will just need to spend 15 minutes to an hour a day managing emails from these websites and coordinating your bookings with your management company.

One thing you can do is go to one or more of the vacation rental by owner websites and look at the calendars for some of the places. Unfortunately these calendars don't go backwards, so only the first couple months really tell the story because future months aren't booked yet. However, most places should be booked for the present month and the next month. You will see huge differences on these calendars. Some will be booked solid, other practically empty. That is for the reasons I stated above. So not knowing what property you are going to end up with, it's impossible for me to predict an occupancy rate. And even if you told me which property, I couldn't possibly know how well it's going to book in the future. Once thing I can tell you is that most of the condo complexes on the ocean side of Alii Drive rent well. Also, White Sands Village, across the street from Magic Sands Beach is popular with vacation renters.

If you pay cash for a place in a complex that is a popular vacation renters it may be possible to show a little cash flow. However, that may be eaten up if you block out too many days for yourselves.

Mahalo, Harry

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