Hawaii’s Rental Rates Highest In The Nation!
September 24th, 2008 categories: Buying Honolulu Real Estate, Honolulu Real Estate 101
Here is another reason to buy a Honolulu rental house or condo. According to today’s Honolulu Advertiser…
“Median monthly rent was $1,194 in Hawai’i last year, meaning half of all renters paid more and half paid less, according to the census estimate.
Only three other states had four-figure median rental rates - California at $1,078, New Jersey at $1,026 and Maryland at $1,000. Nevada ranked fifth at $980.
Hawai’i’s median rent was up $78 from $1,116 a year earlier, and reflected higher home values passed on to renters as well as new housing inventory that included upscale condominium tower projects Moana Pacific and 909 Kapi’olani in Kaka’ako on O’ahu, the state’s largest housing market.
Dorothy Rapoza, a retired typographer on the Big Island planning a move to O’ahu for work, said she was surprised at how high rents are in Honolulu.”
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The lack of supply in core Honolulu, high values and low vacancy have driven rental rates. These same factors should drive long-term (5 to 10 years) real estate values up.
