Honolulu rent rates show 7.9 percent rise
The companies found that the average monthly rent for single-family homes in Honolulu was $2,681, which represents a 7.9 percent year-over-year increase. This data comes from their third quarter “Rental Statistics Report.”
Since last year, home rental rates had a 5.7 percent increase on the national level; the median now exceeds $1,360. Data was derived from the rents on three-bedroom single-family homes to insure comparability across the markets.
“Given the economic factors that contribute to Honolulu’s tight housing market, we expect rental prices will continue to rise,” said Kawika Burgess, President and CEO of Real Property Management Alliance, a Honolulu franchisee of the Real Property Management franchise system.
Real Property Management offices rely on RentRange’s proprietary rental housing data to provide landlord customers up-to-date information about local rental properties and rental markets.