World Famous Waikiki Beach! Legal Short term Vacation Rental_Or live 6 months & rent out 6 months_loads of options here. There is nothing in the world like Waikiki, and those who love it really love it. There are an incredible number of different condo properties here, even though it's only a couple square miles in size. Waikiki is a very densely packed area. There are more than a 100 high rises. Waikiki condos are a market of their own. With probably the highest non-owner occupancy rate in all of Hawaii, condos in Waikiki trade like a commodity. The draw of Waikiki condos is that they offer residents a combo of island life and the convenience of big city living. Within a 2-minute walk of a person's home in Waikiki, there may be world class surfing and three or four Starbucks.