Bill 9 Is Reshaping Maui’s Condo Market: What Buyers, Sellers, and Investors Need to Know in 2026

If you’ve been watching Maui condo listings and wondering why prices, inventory, and buyer behavior have changed so dramatically, Bill 9 is an important part of the story—but it isn’t the only one.

Higher insurance costs, rising HOA fees, special assessments, interest rates, and changing buyer demand have all affected Maui’s condominium market. At the same time, Bill 9 has introduced a new layer of uncertainty for thousands of apartment-zoned condos that have historically operated as vacation rentals.

For anyone buying, selling, or investing in a Maui condo in 2026, understanding a property’s zoning and future rental rights has become just as important as understanding its price, HOA fees, or rental history.

Here’s where Bill 9 stands today and what it could mean for your next move.

What Is Maui Bill 9?

Bill 9, now Maui County Ordinance 5909, phases out transient vacation rental use in certain properties located within A-1 and A-2 Apartment Districts.

Many of these properties have historically operated as legal short-term vacation rentals under exemptions commonly associated with what’s known as the Minatoya List.

Bill 9 does not ban all vacation rentals on Maui.

Properties with appropriate hotel zoning, qualifying timeshare uses, and other legally permitted visitor accommodations are treated differently.

That’s why the first question a Maui condo buyer should ask isn’t simply, “Can I vacation rent this condo today?”

It’s:

What is this property’s zoning, and what will its permitted use be in the future?

When Does Bill 9 Take Effect?

Bill 9 established two major phase-out deadlines.

For affected properties in the West Maui Community Plan area, transient vacation rental use must end after December 31, 2028. Beginning January 1, 2029, that use will no longer be permitted under the Bill 9 framework.

For affected properties elsewhere in Maui County, including South Maui, transient vacation rental use must end after December 31, 2030. Beginning January 1, 2031, that use will no longer be permitted.

That means qualifying properties may still have several years of legal vacation-rental use remaining.

But buyers should evaluate what happens after that period ends—not simply what the property earns today.

What Is the Minatoya List?

The Minatoya List is the commonly used name for a group of Maui condominium properties that historically qualified to operate as transient vacation rentals despite being located in apartment-zoned districts.

The name comes from a 2001 legal opinion by Maui County Deputy Corporation Counsel Richard Minatoya.

For decades, this framework allowed thousands of Maui condo units, particularly in West Maui and South Maui, to operate as vacation rentals without underlying hotel zoning.

Bill 9 is now phasing out that treatment.

Is There a Way for Some Minatoya Condos to Keep Vacation-Rental Use?

Potentially.

This is where Bill 88 becomes important.

In June 2026, Maui County adopted Bill 88, now Ordinance 6008, creating two new hotel zoning classifications:

H-3 Hotel District

H-4 Hotel District

These districts provide a potential pathway for some apartment-zoned condominium properties to transition into hotel zoning.

If a property ultimately receives H-3 or H-4 zoning, its future transient vacation rental rights could be very different from those of a property that remains apartment-zoned and subject to Bill 9.

However, Bill 88 did not automatically rezone Maui’s Minatoya List condos.

Properties must still move through Maui County’s rezoning process.

Does Being on an H-3 or H-4 List Mean a Condo Has Been Rezoned?

No.

This is one of the most important distinctions for Maui condo buyers to understand in 2026.

A property can be:

Included in a County recommendation.

Included in a Council resolution.

Proposed through an amendment.

Referred to a Planning Commission.

Recommended for rezoning.

Or actually rezoned.

Those are not the same thing.

Being discussed or included in a proposed H-3/H-4 resolution does not mean a property currently has hotel zoning.

Before purchasing a condo based on anticipated vacation-rental rights, buyers should verify exactly where the property stands in the County process.

Are Lawsuits Challenging Maui Bill 9?

Yes.

Legal challenges were filed following the adoption of Bill 9, including cases brought by affected property owners challenging Maui County’s ability to terminate longstanding vacation-rental use.

These cases raise significant questions involving property rights and regulatory takings.

However, buyers should be careful about basing an investment decision on a predicted court outcome.

Bill 9 remains the current law unless and until a court or subsequent government action changes it.

For that reason, I would evaluate a property based on the regulations currently in effect rather than assuming Bill 9 will eventually be overturned.

How Is Bill 9 Affecting Maui Condo Prices?

Bill 9 is one factor affecting Maui condo values, but it should not be viewed in isolation.

Maui’s condo market has also been dealing with:

• Rising master insurance premiums
• Higher HOA fees
• Special assessments
• Increased inventory
• Higher mortgage rates
• More difficult condo financing
• Changing vacation-rental regulations
• Softer investor demand in some complexes

Together, those factors have created substantially more negotiating leverage for buyers than existed during the pandemic-era market.

The impact also varies dramatically from building to building.

A hotel-zoned condo with strong reserves, manageable HOA fees, and clear vacation-rental rights may behave very differently from an apartment-zoned condo facing Bill 9, major insurance increases, or a large assessment.

That’s why island-wide median prices only tell part of the story.

Is Maui Currently a Buyer’s Condo Market?

In many segments, buyers have considerably more leverage than they did several years ago.

Inventory has increased.

Days on market have lengthened.

Price reductions have become more common.

And buyers are frequently able to negotiate on price and terms.

At the same time, sales activity has shown signs of improving in 2026, suggesting that some buyers are beginning to see value in the repriced market.

That doesn’t mean every Maui condo is a bargain.

It means buyers have more choices and more negotiating power—but also more due diligence to perform.

What Should You Know Before Buying a Maui Condo?

Before making an offer on a Maui condominium, particularly one that currently operates as a vacation rental, I would want answers to several questions.

What is the property’s current zoning?

Is it affected by Bill 9?

Is it on the Minatoya List?

Is its applicable phase-out date January 1, 2029, or January 1, 2031?

Is the building being considered for H-3 or H-4 hotel zoning?

Where does that proposal currently stand?

What are the HOA fees?

How well funded are the association’s reserves?

Are there pending special assessments?

What does the master insurance policy look like?

Will your lender finance the building?

And perhaps most importantly:

Would you still want to own this condo if short-term vacation rental use eventually ended?

If the answer is yes, possible future H-3/H-4 rezoning may represent upside rather than something the entire purchase depends upon.

What Does Bill 9 Mean for Maui Condo Sellers?

For sellers, transparency and realistic pricing are increasingly important.

Buyers researching Maui condos today are much more aware of Bill 9 than they were even a year ago.

Many are specifically asking about:

Zoning.

Minatoya List status.

H-3/H-4 proposals.

Insurance.

HOA reserves.

Special assessments.

Financing.

Future vacation-rental rights.

Pricing a property primarily around its historical short-term rental income without addressing its future permitted use can make a listing harder to sell.

A stronger approach is to clearly explain the property’s current legal use, remaining vacation-rental runway, potential future uses, and any legitimate rezoning activity affecting the building.

What Does Bill 9 Mean for Maui Condo Investors?

Investors need to evaluate Maui condominiums differently today.

Historical rental income remains useful, but it isn’t enough.

You also need to understand what the property’s income model could look like five or ten years from now.

For a Bill 9-affected property, that may mean evaluating:

Current short-term rental revenue.

Remaining years of permitted STR use.

Potential H-3/H-4 rezoning.

Long-term rental income.

Personal-use value.

HOA and insurance costs.

Financing.

Resale demand if vacation-rental use ends.

Two condos with similar prices and rental histories can represent very different investments if their zoning and regulatory outlooks differ.

Should You Buy a Bill 9-Affected Maui Condo?

There isn’t a universal answer.

For someone whose investment only works if nightly vacation rentals continue indefinitely, an apartment-zoned Bill 9 property may carry significant regulatory risk.

For someone looking for a second home, retirement property, primary residence, or long-term rental, the same regulatory uncertainty may create an attractive buying opportunity.

The key is not assuming that today’s use will necessarily be tomorrow’s use.

Price the property based on the future you can reasonably verify—not simply the future you’re hoping for.

The Bottom Line on Bill 9 and Maui Condos

Bill 9 is reshaping Maui’s condominium market, but it isn’t doing so alone.

Insurance costs, HOA fees, financing requirements, increased inventory, and changing buyer demand are all influencing condo values in 2026.

At the same time, Bill 88 and the new H-3 and H-4 Hotel Districts have created a possible alternative path for some properties affected by Bill 9.

That makes Maui’s condo market increasingly building-specific.

Some properties already have zoning that supports vacation rentals.

Some remain subject to Bill 9.

Some are being considered for H-3 or H-4 zoning.

And some may ultimately transition toward residential or long-term rental use.

If you’re considering a specific Maui condominium, I can help you determine whether it’s affected by Bill 9, whether it’s on the Minatoya List, whether it’s being considered for H-3 or H-4 zoning, where it currently stands in the County process, and how recent sales within that building compare.

Understanding those details before you write an offer—or before you list your condo—can make a significant difference.

I’m Benjamin Finnerty, REALTOR® on Maui and Director of Sales for The 808 Team. I work with buyers and sellers throughout Maui, with a particular focus on South Maui real estate, including Kīhei, Wailea, and Mākena.

Benjamin Finnerty REALTOR® RS-83812
Keller Williams Realty Maui RB-21851

This article is intended for general informational purposes only and should not be considered legal, tax, zoning, or investment advice. Maui County legislation, litigation, rezoning proposals, and individual property classifications can change. Buyers and property owners should verify current information before making real estate or investment decisions.