As the debate over vacation rentals in Hawaii continues to rage, we came upon interesting data confirming it’s not only the state and the hotel industry that are less inclined towards Hawaii vacation rentals. It’s visitors as well. This comes as the landscape of Hawaii accommodation options is on the brink of big change. Recent legislative proposals and statements from Hawaii’s governor reflect an effort to address the proliferation of short-term rentals, particularly those owned by non-residents.
In last month’s State of the State Address, Hawaii’s governor underscored an urgency for transitioning short-term rentals into the local housing market. Citing data that showed a significant portion of such rentals are owned by non-residents, Governor Green emphasized the need to prioritize local families’ access to housing over lucrative short-term rental profits. This sentiment reflects the perceived impact of short-term rentals on Hawaii’s housing affordability and availability. The state’s research arm, however, isn’t exactly of the same opinion.
Hawaii vacation rental interest by visitors has been in decline for years.
The above graph reflects visitors interest in Maui vacation rentals (blue) and Kauai vacation rentals (red). That is based on historical Google search data over the past twenty years.
Hawaii vacation rental performance has been under-performing, reflecting a complex scenario. In 2023, Hawaii reported a decline in both demand and occupancy.
For those visitors considering these accommodations rather than Hawaii hotels, increased vacation rental pricing adds yet another complexity. While vacation rentals continue to offer benefits such as cost-sharing and kitchen-based savings, Hawaii visitors should be aware of unexpected costs (which you should also check for hotels), and potential inconsistent quality and service issues. Careful vetting of vacation rental accommodations is essential to ensure legality, affordability and value for travelers, especially considering the high degree of variability in fees and amenities offered.
How did Hawaii vacation rentals fare in 2023?
Last year, the Hawaii’s vacation rental market underwent notable shifts. The short-term rental supply reflected a 14.5% decline compared to pre-pandemic 2019. However, despite this relatively small decline in supply, demand for Hawaii vacation rentals experienced a more substantial decline of 35.5% compared with pre-Covid.
Another interesting aspect is that the average daily unit rate before taxes and fees went to $301 in 2023. That was a surge of 45.1% compared with pre-Covid. The ongoing increases in pricing are influenced by various factors including increased operating costs, lower occupancy, and other market dynamics.
In terms of the short-term rental occupancy rate for 2023, statewide it was at just 55.9%, which represented a considerable 24.6% decline compared with 2019.
Legislature seeks to eliminate Hawaii vacation rentals.
Hawaii’s Legislature is exploring various measures to further regulate vacation rentals. House Bill 84, introduced in the previous session and carried forward into 2024, aims to grant counties greater authority to begin phasing out short-term rentals.
HB84 “Makes explicit the counties’ authority to enact ordinances to amortize or phase out permitted, nonconforming, or otherwise allowed short-term rentals in any zoning classification. Includes swapping, bartering, or exchange of a residential dwelling, or portion thereof, in definition of “short-term rental” for this purpose.”
The Hawaii Hotel industry wants to curb vacation rentals for its benefit.
The Hawaii Lodging and Tourism Association (HLTA) has emerged as a strong advocate for stricter regulations on vacation rentals. Led by President Mufi Hannemann, HLTA represents a significant portion of Hawaii’s hotel industry and has long sought to limit competition posed by Hawaii vacation rentals. HLTA says its membership “includes 169 properties representing 50,000 rooms.” With Hannemann now also chairing the Hawaii Tourism Authority (HTA), there is concern among some that his influence may further tilt the scales in favor of hotel interests.
Visitor and resident sentiment on the Hawaii vacation rental issue vary widely.
Some express frustration at the perceived targeting of vacation rentals by policymakers and industry lobbyists. Concerns about rising hotel prices and the potential impact on local residents’ livelihoods are particularly prevalent among those who rely on small-scale vacation rental income to make ends meet. Others, however, point to the imposition of vacation rentals into otherwise residential communities and the negative impact on Hawaii’s long-term resident housing.
The state’s research arm, UHERO, says that about 5% of Hawaii’s total housing is short-term rentals, although it varies greatly by island. It also concludes that short-term vacation rentals on Oahu, for example, may result in an increase in overall housing cost by 5%.
As the debate over vacation rentals in Hawaii continues, the future of short-term accommodations remains uncertain. As efforts to address housing affordability and regulate tourism continue, policymakers are faced with complex legal, economic and social dynamics.
Please let us know where you stand on Hawaii’s intentions for vacation rentals.
december-2023-hawaii-vacation-rental-performance-finalGet Breaking Hawaii Travel News
Why would the legislature almost unanimously vote to turn full control of STVRs over to the Mayors? The legislators & Governor know what the mayors want to do. They can see the extremely negative financial implications on the whole state of the Mayors’ goals since there is little revenue generated now besides the Military and tourism. Makes no sense except for one reason.
I can only speak for our property, south of Hilo. In 2016-7 We built, landscaped and furnished a 3-bed 2-bath 1400 ft2 home with a 40X12 lap pool on 1 acre for just under $500,000. We began renting it as STVR in 2018. Our goal was to break even, with rental ncome. We average about 200 rental days annually, and we we visit for maintenance and our own use twice a year. We have nearly all 5-star reviews. I surveyed our guests asking how many would have considered Hawaii for a vacation if they could only stay in a hotel or resort. 100% responded ‘No’. We do not serve the same market. We have not made local housing inventory more expensive. We have put 10s of thousands of dollars annually into the local economy and the tax coffers.
So much talk about money going out to off island owners when Ten times more money than STRs is going out to massive off island hotel corporations. These same corporations are the ones trying to push out the little guys STRs who are offering less expensive accommodations. More expensive accommodations at hotels means less money spent on the local economy
There are so many unlicensed illegal STRs. Close those and problem solved. Don’t change the rules and go after those whole followed the rules
Totally agree! Why punish law/ policy abiding citizens?
I prefer to use a short term rental over a hotel for longer stays for many reasons. I find it interesting that one of the main reasons to push hotels over STR is ownership is likely out state residents. However how many hotels are owned by local residents or companies. Most are owned bt out of state and country cooperations are they not.
Unfortunately this change will further decrease visitors, people who can afford will purchase their own place.
There should be a middle ground in here .
Touché
Having only big hotels that take money out of Hawai’i is not a good answer. The small amount of vacation rentals support the community and allow for families to travel. We need the government to support Hawaii, instead of taking the money to big business and out of the state.
Why not shut down just one or two municipal golf courses and and build hundreds of affordable homes? The tax base should remain the same. Oh, wait, that would be shutting down instead of personal resources.
I believe this is unconstitutional that the government tries to tell the people what they can and cannot do with their property.
Ty to open a brothel or a bar in your home. See how it goes.
Seems to me these efforts to limit or eliminate short term rentals are just another step in reducing attractiveness of Hawaii for visitors.
Of course the hotel industry wants the short term rentals out, less competition for them. Everyone has a right to compete! The majority of short term rentals are condos and are perfect for short term rentals. There is No way a homeless person could afford a nice condo, lol! Let people try to make a decent living -let them rent!!
Tourism is already down. Like it or not this is a money maker for Hawaii and for locals and all who live here and depend upon the tourists to survive. Not thrive; just survive. Then you consider taking away the only reasonable accommodations in the form of stvrs, airbnbs and take away our right to choose with only hotels / motels as our only options? This is a dagger to the heart for all of Hawaii if this becomes a reality.
Over the years all the owners whose apartments I have rented depend on the income. And with no hotels on the Windward coast there is no alternative. Does the governor really think these owners whose apartments are part of their home are really going to rent to the homeless? Those who are homeless couldn’t afford to rent these apartments. I spent my entire career helping people like HI’s homeless and empathize with them but this isn’t the solution.
Yet somehow the economy survived for decades before the introduction of Airbnb STRs etc. How in the world did they do it.
The economy survived by the presence of vacation rental companies, which have been renting out thousands of short-term rentals since the 1950s. Airbnb, etc. just makes it easier to reach a larger audience, and for owners to rent out their vacation homes themselves, as long as they have an on-island manager.
Short-term rentals have been a massive part of the Hawaiian economy and tax revenues for 70 years.
It appears the Hawaiin Govener, wants to pick on the little people.
Short term rental only equal 5%.
How about this governing party of Hawaii look at this.
The celebrities who own thousands of acres and visit rarely not be allowed to own so much acreage.
Oprah for example owns 870 acres. That is pure greed. That would leave 860 acres for housing for Hawaiin residents.
That is whole heck of a lot of houses for families.
At quarter acre each for a house that is 3,440 houses that could be built.
And that is just one example on one celebrity that grossly owns land in Hawaii.
Leave the measly 5%
people alone that have short term housing rentals.
Getting land on which to build is not the problem.
Getting approvals and the government’s refusal to subsidize the building of affordable housing is the problem.
Mayor Bissen and Governor Green just announced last week for those Lahaina and Kula residents who have land that has been cleared and utilities re-established, there will be an expedited approval process, bypassing the layers you mentioned. For those unable to build right away, Maui is constructing a Kau Hale type series of structures with utilities for temporary use. When life eventually returns to somewhat normal, these Olowalu-located structures will be Kau Hale (homeless) for the west side.
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Write this to the governor and your state legislators!
Speaking in hypotheticals. If Oprah were to allow the building of 3440 houses on her property… who is to stop those houses being sold to out of state investors who in turn convert them to STR’s? Hmmmm. Could it be regulations?
You would conclude that the state laws that are being proposed are about curbing “Short Term Rentals”. The authors do this, because they know that using the dreaded word ‘STR’ riles up the locals.
The proposal to change the county’s authority is Not about STRs, it is about making 30+ day rentals that have been legal for decades, illegal. The county of Honolulu wants to make residential units only available for rent for greater than 180 days. STRs are defined for the State of Hawaii as rentals for less than 30 days.
Another point: if the rental rate for 30+ day rentals has fallen, then one wonders if non-vacation long term rentals have magically increased? Has it worked to increase rentals?
I had decided I would not be able to buy a condo and retire on the beach in Maui, but if Governor Green keeps at it, the bottom will drop out of the condo market enough for me to afford a really nice oceanfront unit. The question then would be, “how long is this going to stay really nice when it isn’t supported by short-term rental income?” The hotels might want to think about that as well before they destroy the condo rental market. Who is going to pay $1000/night at the Westin when there are run down residential towers on both sides of it?
I have commented on this before. I’m a 77 year-old woman with multiple disabilities. I have 2 young grandchildren living on Oahu in Kailua 1 is age 4 the other is age 7. I am currently in a rental in Kailua at the cost of a 30 day stay. Given the cost of this trip to see my grandchildren, over $10,000 I doubt I will ever in my lifetime be able to return to see them. Hawaii as a state, Honolulu, as a city & county, & the city of Kailua continue to restrict short term rentals.I am angry and frustrated and wonder if I will ever see these children again! Legislators should take this into consideration! I am sure I am not alone in this position
I found out the hard way there is no “Aloha Law”.
We’ve been doing the condo thing since we retired and can stay longer period and I wouldn’t want to stay in hotel now that costs more, has resort fees and doesn’t even have a microwave.
I think one thing your chart isn’t showing is how the taxes and fees have increased and charges have gone up. We are literally paying twice as much now as we did for a condo in January 2020 before COVID. And that was a two bedroom at this complex and now we are in a one bedroom on Maui. Also people may have fear now of booking and getting canceled on when Governor forces host to go to long term rentals leaving them with other reservation costs they can’t recoup. It almost happened to us this year
Truth be told hotel lobbyists are targeting to kill short term vacation rentals for their gain. With the downturn in Hawaii’s tourism post pandemic, these STVRs are also suffering. But it’s even worse for hotels with all their thousands of empty units. Who would pay for those horrendous hotel prices? Even with increased price after the pandemic to cope with economic challenges and exhorbitant taxes, STVRs are still affordable and the best option for tourists. The STVRs are a bone in the neck for hotel lobbyists/owners. It all boils down to annihilating the competitor, the STVRs, in the name of affordable housing and thus have a monopoly of tourist accommodations and revenues.
Yep! To quote an oft-used phrase, “Follow The Money !”
Nobody can force condo owners to go long term and rent to people they don’t want to rent to. All of that was just posturing by the governor and the mayor, shamelessly using the fires to look like they cared about the people who vote for them.
Of course they can?
I have a condo in Las Vegas and the county has a minimum 31 day stay for rentals. I guess you could only stay a week, but that means I can rent it again until your 31 day lease is over.
It’s a little different in Hawaii.
The owners of most short-term rentals would not rent them out long-term if their ability to rent them out short-term was removed. They would simply keep them as vacation homes, or if they couldn’t afford to do that, they would simply sell them to someone who *could* afford to keep them as vacation homes.
I repeat – Nobody can force condo owners to go long term and rent to people they don’t want to rent to. Removing their short-term renting ability will not solve their long-term housing problem. Only building new, affordable housing will do that.
I was born and raised in Hawaii, in the old Ewa plantation town, in 1956. I served 20 years in the military and served an extra 24 years as a civil servant for the Department of the Air Force. I live in Nebraska now but it has been my dream to return, buy my own home, and live out the rest of my days in the islands of my birth. The plan is to go the short term rental route until i can realize my dream. But now Hawaii is trying to stiffle my plans to do this, to own my own home so someone else can have their home? Come on Hawaii. Please don’t kill the dream of your own home boy for another. Such double standards!
As a local, I don’t want to be forced to stay in a hotel when I travel outer island. Many times, I’m not on vacation and I don’t want all those extra amenities. I just need a no frills place to stay away from the touristy areas. Luckily, I live on Oahu so I don’t have to be forced to stay in a cheap hotel in Waikiki, however, I feel bad for a local family coming from outer Island who needs to be in close proximity to town but want to avoid Waikiki but can’t because all the vacation rentals in outside of Waikiki have been eliminated. I think foreign owned vacation rentals should be disallowed and I think that locals that rent a portion of their own home that they reside in should also be allowed.
I love hotels. But I like saving money through STVR’s better. We were loyal Kaanapali hotel guests, but for the last two decades we would stay at a vacation rental and then hang out at the hotels. You should see my bar bills over the years. We love hotel people, we love hotel food options, we love hotel amenities, but when they are asking 700 to 800 dollars a night there is a disconnect. Happy to spend money on the campus, but not that price for a few hours sleep every night. First world problem, I know. Don’t judge me.
I have a short term Vacation Rental, which I charged 249 per night I checked the hotels on the big island, Monika, Marriot Hapuna, prince and the orchid at Mililani. They range from 749 a night to 1202 a night, so you tell me who the greedy people are. I’m a hosted Vacation Rental and the money I just live and subsist in Hawaii I do not make a huge amount of money compared to the hotels, HTA President is in the back pocket of the hotel owners along with Governor Green. It’s pathetic., so how many people do you think think it’ll Florida hotel on a family vacation with a minimum 729 a night
The last time I went to the Big Island (Fall 2019), I rented several Airbnbs rooms for about $79 total in the Kona area. We were there because I hadn’t been to the BI since I was a kid and I wanted to visit family that I hadn’t seen in a long time. Since then, the Airbnbs have shot up in price, and as a local, no longer can afford to travel outer island. $249/night is still insane. Locals who barely earn a living wage to live in Hawaii can’t even afford to travel to another Island these days and it’s sad.
Agreed! Well put.
Sure enjoy staying at a vacation rental! I feel it’s so much nicer than a big hotel stay! At least I can cook on my own if I want and save money that way. Also nice not to be surrounded by lots of other people ,all trying to maneuver at some of the same times..
Messaging and news stories make me feel unwelcome to visit Hawaii again. What do those opposed to tourism propose? Wholesale coconuts fetch 92 cents a piece, pineapples can go for a dollar, sugar cane perhaps 52 cents a pound.
Hawaii condos cost a huge amount to buy and monthly maintenance fees are astronomical. Most are too small for family living. Those in vacation rental status allow a longer term, more affordable, and needed alternative to hotel rooms. They fill a niche for folks that stay longer and prefer to cook many of their own meals. These folks, like this writer, will not stay in a resort hotel. Vacation rentals are heavilly taxed. Condos pay property taxes. Attempting to turn an ocean front condo complex into a residential apartment complex will bankrupt many of them while destroying the property value. It could be argued that it would be an unlawful taking unless the complex was condemed via eminent domain and owners paid fair market value.
You hit the nail on the head 🤙
The monthly assessments and property taxes are already suffering from the Lahaina tragedy and subsequent Governor Order for every guest to get off Island 🏝️ in two days caused massive cancellations!
Aloha,
My hotel tolerance is 3 nights. Any longer and it’s a condo. Period. You guys seem to be doing a bit of back-pedalling on the condo issue in paragraph 4. I can assure you, a condo is usually 40 to 50 percent cheaper for the same quality of accommodation, plus, it’s a condo, Not a room. Full kitchen, BBQ, pool, in-suite laundry, and parking is included, not 50-75 dollars per night. The reviews tell all. When we travel our first choice is a condo, unless it’s a convention, then we stay with the crowd, and that is usually really expensive and not worth it.
“Legislature Seeks To Eliminate Hawaii Vacation Rentals”???…That is the dumbest thing I’ve heard today. I would never stay in a hotel on vacation. Good luck Hawaii.
Mahalo
We generally do one week in our timeshare and one week in a vacation rental property that will provide a kitchen. So much more economical than a hotel room. With one exception, these vacation rental properties were in no way properties that locals would rent, i.e. they were not reducing the housing for locals. It would be interesting to know what % of vacation rental properties are in residential areas and truly reducing local housing. Not having vacation rental properties in HI would be terrible! Thanks for your reporting, BOH!
Prices for hotels and vacation rentals are nearing the breaking point for most folks outside of the top 5%. Add in rental car costs, parking, fees both private and public, and airline tickets. Not to mention food and entertainment costs and you’re looking at a minimum of $12K for a family of 4 for a bare bones vacation.
I’m at the point I just flat out budget 8K from start to finish for all costs for 2 weeks… What did Lyndon Johnson’s top economic adviser once note? “That which cannot continue will stop”.
Best Regards
We have had a share in a condo since 1978, and own a family condo full time.
Our condo share does not rent, and my sister stays in our unit 6 to 7 months.
We bought our cars in Hawaii, insure our condo and cars locally, shop locally as well as have friends that visit and do tourist things.
The increase in taxes having a rentable condo is making us consider renting or selling. As a homeowner we can not afford $22,000 a year taxes. We just purchased a home in Arizona with taxes of $3200 a year. We are very sad to leave Maui.
True Christine,
You end up having to rent it at least 10 weeks net just to pay for the increased tax. You are working for the county. Fortunately the counties don’t need this tax money because the state wants to close you down. Who am I kidding, they will just raise everyone’s rate ro make it up
Seems that properties within a few blocks of the beach should be exempt from legislative controls. Sure its important to aide resident housing, but not in optimal rental properties.
A definite sign that government don’t know what they are talking about, but the usual efforts of trying to control the owners in favor of the hotel/motel industry!! Leave the owners alone and stop trying to control them further!
Our home on Kauai is a legal vacation rental when we are off-island (about half the year). It is nearly always occupied. No noticeable decrease in demand through the years. Between increasing our property taxes 50%, the annual license renewal fee, and even the $1K extra it costs for trash service a year, Kauai county makes a lot of money off of it. I guess they won’t miss that money if they succeed at killing it. Nor will it become “local” housing. All that will happen is the house will be empty when we or family or friends are not here.
“Includes swapping, bartering, or exchange of a residential dwelling, in definition of “short-term rental””
Setting aside the unconstitutionality of such proposal, how the heck could it be enforced? I want want to allow friends or family to stay in my house when I am not there, it’s none of the state’s business. If they invite me to stay at their place in some other state, again, not anyone’s business.
And they cannot treat resident owners any differently than non-resident owners, despite their anti-outsider emotional tantrum. Possibly they can treat owner-occupied rental (e.g., an Ohana or spare bedroom), but that is rarely what people (especially with families) want to rent.
From reading the text of the bill, you would not be subject to family/friends use if you do not charge, barter or exchange. The only issue I see that disturbs local residents are the un-permitted residential areas where parking and noise disrupts the neighborhoods. I agree that “resort zone” units are the same as most hotel locations and should be treated as alternatives.
As for regulating short-term rentals, there is no need to stigmatize non-residents, though 70% of illegal vacation rentals are operated by out-of-state owners. Local VR managers and following the VR process for legally operating a rental would satisfy the need to make sure visitors have the best VR experience.
So we stay at their house by coincidence when they stay at our house. It’s not an exchange. Just worked out that way.
What source and data do you have for 70% of illegal rentals are out of state owners? And what difference does it make. If illegal, shut it down. Does not matter where the owner has a driver’s license
So, you should have no complaints. The stat. is from the Governor’s office and Maui Mayor Bissen confirmed that a few absentee landlords on Maui own 75 or more short term rentals.
Though not a topic of this thread, the issue of mainland ownership is compounding the problem of finding longer term housing for Lahaina residents. Even though a combination of homeowners insurance and state and federal disaster subsidies brings the compensation for a 2/br TO ~$10k/month (yikes!) to those mainlanders who agree to switch from short to long term leases, they can’t find enough good-hearted people to agree, even at that compensation. Now some long-term landlords are kicking existing renters out so they can reap more.
A’we! Greed wins.
1) 48% of short-term rentals are owned by residents of Hawaii. If the government shuts those down, they are hurting their own people.
2) Enough “good-hearted people” have offered housing. The problem is that the displaced don’t want the housing offered for various reasons (e.g. not close enough to Lahaina, no disability accommodations, not enough bedrooms, etc.).
Since the illegal rentals are known (they are spouting percentages, so they must know who the owners are), why isn’t time/energy being spent shutting them down? Seems that would be the most direct way to free up housing, since they seem to think that shutting down short-term rentals will accomplish this (although they are dead wrong about that).
I lived in Wahiawa, Oahu, Hawaii in July 1965 until August 1967. I attended 6th & 7th grade then at Wahiawa Elem., & then, Wahiawa Intermediate School. I am a Retired Early Childhood/ Special Educator that loves learning & teaching. My favorite tree was the “Rainbow Tree” in the gardens.
How does this “lack of visitor interest” jibe with the thousands and thousands of people I’ve read about here on BOH that have stated that they would not be able to visit Hawaii if it weren’t for short-term rentals? These “lack of visitor interest” numbers don’t compute.
Exactly Pat! We don’t stay at resorts; family of 45 we want room. A home is the best way for us. Resorts are noisy, cramped, impersonal and hella expensive. Our grown daughters come with us and we shop locally. Been coming since 1969 when I was 18. My uncle was Hawaiian, born and raised in Paia. We are always respectful and courteous in our daily life. I hope we get the feeling of Aloha from our “happy place” when we come to Kauai in May!
In the Governor’s previous statements he referred to an overwhelming proportion of illegal short-term rental properties. If the government acted to stop these illegal short-term rental properties, the remaining legal short term rental properties would pose virtually no threat to the hotel industry.
One wonders how many of these illegal properties are locally owned, and if that is a reason for government inaction.
In any case, it should be a priority to eliminate illegal accommodations in order to protect those who play by the rules.
~70% of VR’s are illegally operated and owned by out-of-state owners.
Hmmm…can you cite the source of this statistic? Not trying to be facetious, just want to read the source.
Already cited the sources as the Governor and Mayor Bissen. Feel free to fact check.
Are you speaking of your statement “The stat. is from the Governor’s office and Maui Mayor Bissen confirmed that a few absentee landlords on Maui own 75 or more short term rentals?”
I am asking for the source about your statement “~70% of VR’s are “Illegally Operated” and owned by out-of-state owners.”
Again – I am Not trying to fact check or be facetious, so no need to be defensive. I am just trying to find the specific source to read it in entirety.
Thanks JamesB. Where is that information available? If 70% of illegal short term rentals are out of state owners, why doesn’t the government shut them down? What is the point of obtaining a license if the government won’t enforce the rules?
Sorry. This has been all over the local news for more than a week, so the story is repeated by multiple sources. To answer your enforcement question, please note: Of the state’s roughly 565,000 total housing units, 30,000 are listed as short-term vacation rentals, meaning about 5% of local housing units operate as tourist accommodations (likely a low %). It would take a small army of auditors to track down, then another army of lawyers to prosecute.
The HTA was the original source of the 70% number. The new director, Mufi Hanneman, was applying that number to Maui in particular. Overall, out-of-state ownership is 52%, with 27% of owners owning 20 or more units.
Correct. As I said elsewhere in the comments to this post, 48% of short-term rentals are owned by Hawaii residents.
Thanks. It may well be a number that somebody stated without a careful review of facts. It might be possible that the “70% of illegal owners live out of state” quote is a line that keeps getting repeated without proper verification. If everyone has to post their license # on airbnb and vrbo it would not be hard to check.
Jeffrey H., they do have to have a registration number on Airbnb, at least on Maui. They removed over 1200 STRs from the platform after registration numbers were made mandatory.
Knowing how many legal STRs there are doesn’t help with knowing how many illegal STRs there are, though. That’s why, to me, throwing out a percentage for illegal STRs is suspect.