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Maga_Chaos_Monkey
2024 Mar 23, 1:56pm
Maga_Chaos_Monkey
2024 Mar 23, 1:56pm
mell says
I don't use airBNB but VRBO instead and everything is up-front and reasonable. That is if you accept paying >17% in taxes to the state and maui county. I push that down to guests and actually have to pay taxes on the taxes I collect.
Things are really slowing down in Maui. More so than during covid and by that I mean when I was allowed to operate it was no problem getting people in there at a high dollar.
I haven't seen it like this in the 7 years I've been doing it. Perfectly fine up until the end of next month, it's turning into a ghost town and not just my unit. The cleaning company told me almost nobody has reservations.
I wonder if it's the threats of a moratorium by governor murder.
Also yes the hotel lobby are snakes there too. The governor wants to get rid of vacation rentals and rental cars and force tourists to take buses to much more expensive hotels and stay on hotel grounds only. Where STRs make up >40% of the income the state gets in Maui. (not to mention tourist $ spent by people who rent cars all over the island and handy-men etc., doing repairs for us etc.,.)
They won't come close to getting enough people into the hotels there to make up the difference. STRs on the water are a waaay better deal. Also being able to rent a car to see things all over the island is a nice perk too.
Yup. Hotels do some of that, too, but not to such extent
I don't use airBNB but VRBO instead and everything is up-front and reasonable. That is if you accept paying >17% in taxes to the state and maui county. I push that down to guests and actually have to pay taxes on the taxes I collect.
Things are really slowing down in Maui. More so than during covid and by that I mean when I was allowed to operate it was no problem getting people in there at a high dollar.
I haven't seen it like this in the 7 years I've been doing it. Perfectly fine up until the end of next month, it's turning into a ghost town and not just my unit. The cleaning company told me almost nobody has reservations.
I wonder if it's the threats of a moratorium by governor murder.
Also yes the hotel lobby are snakes there too. The governor wants to get rid of vacation rentals and rental cars and force tourists to take buses to much more expensive hotels and stay on hotel grounds only. Where STRs make up >40% of the income the state gets in Maui. (not to mention tourist $ spent by people who rent cars all over the island and handy-men etc., doing repairs for us etc.,.)
They won't come close to getting enough people into the hotels there to make up the difference. STRs on the water are a waaay better deal. Also being able to rent a car to see things all over the island is a nice perk too.
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I'm thinking of doing this in the Shenandoah region in VA, which has very low inventory and lots of short term rentals on the market. I assume that as more and more people do this, the market will saturate. I'm not sure how long that will take, and exactly how that will play out - plenty of thoughts though. In particular, I think if people insist on working from home, the far flung mountain retreat type areas outside of cities will do very well. I'm thinking that people wouldn't commute long distance every day, but might be willing to commute further once or twice a week. So, the high property values in/close to cities will continue to spread outward.