Honolulu Rent Prices: We’re Lucky No. 13
It’s no surprise Honolulu’s one of the most expensive cities in the nation. But it’s not all bad news.
PHOTOS: COURTESY OF KAT WADE
Apartment rental experts at Abodo recently put out their latest report on the most expensive major cities in which to rent. No surprise, we’re up there at No. 13 out of more than 100. The median price for a one-bedroom apartment was $1,609 per month in August 2018. While that’s hardly a price one would deem “affordable,” it sure beats San Francisco, which continues to top the list, at $3,796 per month. You read that right: $3,796 per month for a one-bedroom rental in San Francisco.
The good news for us? Our rents have been declining. We’re down 2 percent for the median one-bedroom price from last month, and 2.7 percent on the median two-bedroom price ($2,118 per month). We asked Abodo why.
“Concessions tend to be concentrated in newer properties that are just starting the leasing process, much like many new starts in Honolulu,” says Sam Radbil, senior communications manager at Abodo. “Discounting generally stops after about six to eight weeks and at that point, prices may come back to more normal levels.”
We have seen an influx of new homes, especially in Kaka‘ako, as newer buildings open their doors and some buyers decide they’d rather rent those residences out.
Want to see how other cities stack up? Check out Abodo’s September 2018 National Apartment Report.