Hawaii vs San Diego: which is better for Airbnb investment? (2026)

Bottom line

San Diego edges ahead of Hawaii on higher occupancy (48% vs 30%), stronger RevPAR (£80 vs £47).

Head-to-head metrics

	Hawaii	San Diego
Median occupancy	30%	48%
Median daily rate	£286	£275
Median RevPAR	£47	£80
Active listings	23,973	9,600
YoY occupancy	+2 pts	+0 pts
YoY daily rate	+63.8%	+65%
Regulation risk	—	—
Annual night cap	None	None
License required	No	No

Full analysis: Hawaii vs San Diego

On the money side of this comparison — what a listing actually earns against the nights it has available — San Diego finishes decisively ahead of Hawaii. Revenue per available night — rate and occupancy combined, the figure that actually reaches an owner — is 71% higher in San Diego: £80 against £47. San Diego sells 18 more points of its calendar — 48% median occupancy against 30% in Hawaii. That is not a rounding difference, and it compounds over a hold period.

The two markets reach their revenue by different routes, which is what makes this pairing worth reading rather than just tabulating. Hawaii is the rate market: £286 a night against £275, some 4% more, but it converts fewer of those nights at 30% occupancy. San Diego is the volume market, filling 48% of its calendar at a lower headline price. Revenue per available night settles it: £80 in San Diego against £47. Rate is what you advertise; RevPAR is what you bank.

That verdict needs a caveat, because Hawaii is not simply the weaker market of the two. Hawaii's calendar is the flatter of the two — 23.7 points between its best and worst month against 36.7 in San Diego — which makes debt service easier to underwrite. Hawaii is the deeper market at 23,973 active listings against 9,600, which usually means better comparables going in and a wider buyer pool coming out. If your model leans on that dimension, the ordering above can reasonably flip.

Neither Hawaii nor San Diego currently has a verified short-term rental regulation record in our register, so the comparison above is a yield comparison only. Regulation is the single largest source of downside in this asset class — an unverified market is an unpriced risk, not an absent one.

The two calendars also behave differently. Hawaii peaks in July at 54% and bottoms in May at 30.3%; San Diego runs from 68.1% in July down to 31.4% in December. Hawaii is the steadier of the two at 23.7 points peak-to-trough against 36.7 — easier to underwrite against a mortgage — while San Diego concentrates its return into a shorter window and rewards operators who price the peak aggressively instead of holding a flat rate all year.

Who each suits, then. Hawaii suits buyers who want a conventional, lightly regulated entry. It is also the momentum side of this pair. San Diego answers to the same regulatory profile, so the split between them is operational rather than legal. Every figure above comes from the same Inside Airbnb snapshot pipeline on both sides, dated 2026-06, filtered to listings with at least one booking in the last twelve months. Occupancy medians are drawn from 16,032 active Hawaii listings and 4,235 in San Diego.

Frequently asked questions

Is Hawaii or San Diego better for Airbnb investment?

San Diego, on the data we track. It leads on stronger RevPAR (£80 vs £47), higher occupancy (48% vs 30%), and higher median annual revenue (£29,253 vs £17,091). Hawaii is not the weak side of this pair, though — it wins on a flatter season (23.7-point swing vs 36.7).

Which has higher occupancy, Hawaii or San Diego?

San Diego, at 48% median occupancy against 30% in Hawaii — a gap of 18 points. That is a wide spread by short-term rental standards and usually reflects a structural demand difference rather than better hosting. Over the last twelve months Hawaii gained 2 points and San Diego was flat, so the gap is closing.

Which has higher nightly rates, Hawaii or San Diego?

Hawaii, at £286 a night against £275 in San Diego — roughly 4% more. The nightly rate is not the whole story, though. On revenue per available night — rate multiplied by how often the room actually sells — San Diego comes out ahead at £80 against £47, so San Diego's cheaper nights are more than repaid by how often they fill.

Which has stronger year-over-year growth, Hawaii or San Diego?

Hawaii, on occupancy: +2 points over the last twelve months against +0 points in San Diego. Nightly rates rose 63.8% in Hawaii and rose 65% in San Diego over the same window. One year of movement is a direction, not a trend — weigh it against the regulation picture before treating it as momentum.

Which is the bigger Airbnb market, Hawaii or San Diego?

Hawaii, with 23,973 active listings against 9,600 in San Diego. Size cuts both ways: a deep market gives you comparables, contractors and an exit, while a thinner one means fewer near-identical rivals competing for the same search results.

How much can you earn from an Airbnb in Hawaii vs San Diego?

San Diego earns more: roughly £29,253 a year for a median listing against £17,091 in Hawaii. Those are gross booking revenues before cleaning, management, platform fees, furnishing amortisation and tax — budget for a meaningful share of them, and note that a median listing is a median operator, not a good one.

Go deeper on each city

Market guide

Airbnb in Hawaii →

Occupancy, ADR, neighborhoods, regulation

Market guide

Airbnb in San Diego →

Occupancy, ADR, neighborhoods, regulation

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