Hawaii Residential Real Estate Rent Rates Are Rising

Hawaii Residential Real Estate Rent Rates Are Rising

  • Tomoya Tsuruhara
  • 06/1/22

Using data from the U.S. Department of Housing and Urban Development's 50% rent estimate and the U.S. Census Bureau's American Community Survey, a new report from Stessa, an online rental property management software solution for landlords, shows that Hawaii Median rent increased by $283 (12.6%).

Statewide median rent is $2,243 in 2019 and $2,526 in 2022.

In Maui's Kahului, Wailuku, and Lahaina metropolitan areas, median rents rose 15.5% from $1,984 in 2019 to $2,292 and $308 higher. In Hilo, Hawaii, meanwhile, median rents rose 15.1% over the same period, a difference of $243 from $1,611 to $1,854.

Median rent in downtown Honolulu rose 11.1% to $2,699 from $2,429 in 2019, a change of $270.

Local property managers say they are feeling the rise in prices. Cheryl Kunimoto, president of Honolulu property management firm Marie Hansen Properties, told Pacific Business News that although rents began to rise in 2020, the second half of 2021 could be dramatic in a "very tough market." said to have risen to "The third quarter of 2021 is 'when we see the big jump,' because the demand is so high that all of a sudden, you get a flood of [calls] when you put out an ad," she said, adding that the influx will be around that time. He added that what he did was escalate prices. "The last quarter was very outstanding," said Kunimoto.

Rents have continued to rise so far this year, but the pace has now slowed. According to Kunimoto, properties in some areas, such as Waikiki, are renting at higher than normal prices. Also, in West Oahu, rents increased in the first half of the year as the Red Hill situation continues. “Overall, rents have been pretty easy this past year.” What else is driving rents up? ``There has been a flood of people wanting to live on the island because they can work remotely as the coronavirus pandemic continues,'' he said. “I even lent it to people who had just moved to Hawaii.”

For property owners, while rents are rising, so are maintenance costs, Kunimoto said. Utility bills and material costs for maintenance and renovations are also rising. “Rents are going up, but everything is going up, including the impact of the coronavirus, transportation conditions, and fuel costs.”

“Everything is going up in price, so owners are paying a lot to keep their properties up.”


Source:Pacific Buisiness News

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