January 2017 Honolulu Rent Report

From ApartmentList.com, January, 2018

Welcome to the January 2017 Honolulu Rent Report. Honolulu rents declined over the past month. In this report, we'll evaluate trends in the Honolulu rental market, including comparisons to similar cities nationwide.

Honolulu rents have declined 1.5% over the past month, and are down significantly by 2.2% in comparison to the same time last year. Currently, median rents in Honolulu stand at $1,550 for a one-bedroom apartment and $2,060 for a two-bedroom. This is the fourth straight month that the city has seen rent decreases after an increase in August. Honolulu's year-over-year rent growth lags the state average of -1.2%, as well as the national average of 2.7%.

As rents have fallen significantly in Honolulu, many large cities nationwide have seen prices increase, in some cases substantially. Compared to most large cities across the country, Honolulu is less affordable for renters.

• Honolulu's median two-bedroom rent of $2,060 is above the national average of $1,160. Nationwide, rents have grown by 2.7% over the past year compared to the 2.2% decline in Honolulu.
• While rents in Honolulu fell significantly over the past year, many cities nationwide saw increases, including Phoenix (+3.9%), Seattle (+3.0%), and Dallas (+2.2%).
• Renters will generally find more expensive prices in Honolulu than most large cities. For example, Detroit has a median 2BR rent of $890, where Honolulu is more than twice that price.

For more information check out our national report. You can also access our full data for cities and counties across the U.S. at this link.