The median rent for a two-bedroom unit in Honolulu in June rose to $2,120 a month, nearly $1,000 more than the national average, a new report shows.
Year-over-year rents climbed slightly by 0.9 percent compared to the 2.9 percent average growth nationwide over the past year to $1,150, according to ApartmentList.com, a San Francisco-based rental listing company that analyzes housing market trends.
However, Honolulu has the fifth-highest rental market among the 100 largest U.S. cities, the company said.
The median rent for a one-bedroom apartment in Honolulu is $1,600.
“Honolulu is one of the most expensive markets in the country,” said Chris Salviati, a data analyst at ApartmentList.com. “Honolulu has a super high cost of living and obviously the geographic layout makes everything more expensive. Even though rental growth is lagging the national average, it is still trending upward so there’s no clear sign Honolulu will be getting more affordable.”
Rental rates increased for the third consecutive month following a decline in March, the report noted.
Mike Hamasu, director of consulting and research at Colliers International, said: “The apartment rental market remains short in supply (as there are not many new units being built), which should typically result in healthy monthly rental rate gains.”
The only other more expensive rental markets are San Francisco at $3,037 for a two-bedroom unit; San Jose, Calif., at $2,567; New York at $2,477; and Oakland, Calif., at $2,154.
By comparison, the cities with the cheapest rents are Wichita, Kan., at $750; Fort Wayne, Ind., at $753; Fayetteville, N.C., at $754; Toledo, Ohio, at $759; and Columbus, Ga., at $760.
