How Do Honolulu Rent Prices Compare to Other Major Cities?
Here’s how Honolulu rents stack up on a national scale.
A recent study of rents across the country ranked Honolulu the 11th most expensive city to rent in. It doesn’t take an economist to see that demand for housing here greatly outpaces supply. Ask anyone who has searched for a rental lately and they’ll tell you the market is two things: expensive and competitive. And it has long been so. Our year-round sunny weather and active, healthy lifestyles convince many of our visitors to pack it all up back in Minnesota and take a chance on living in Hawai‘i.
Nationally, rents are the highest they’ve been all year, with the median price for a one-bedroom rental at $1,018. Here, that would be a steal.
“When compared to the most expensive markets in the country, Honolulu ranks No. 11,” says Sam Radbil, senior communications director at Abodo. “With a one-bedroom priced at $1,817, the city trails only major cities like San Francisco, New York, Washington, D.C. and a handful of other major metro areas.”
And $1,817 for a one-bedroom puts us just behind Chicago, which came in at $1,827, and just a bit more expensive than Seattle at $1,765. However, it might not be all doom and gloom for renters. While rents are still currently rising, the experts at Abodo feel we might see a shift in upcoming years.
“We anticipate that the rent growth might begin to slow in very large cities like Honolulu, Houston, Chicago, San Francisco and New York because of the huge boom in multifamily construction and luxury developments coming to market,” says Radbil. “The development and construction of new rentals will ultimately bring more units to market for local renters, limit the demand and minimize leverage that landlords currently hold.”
We certainly hope so.
Click here to view the full report.