Hawaii is the country’s biggest and most affordable rental market, but the market is also one of the most expensive, according to a new report from real estate research firm HiringSuit.
The median monthly rental price in the island state was $1,300 in the fourth quarter of 2019, according an Hiringsuit report.
The highest price, $3,400, was reported in the third quarter of 2018, when the median monthly rent was $3.75.
The report, which uses median rents in cities and towns across Hawaii and the U.S. as the baseline, also found that median rental prices across the country have been trending down over the last decade.
While the average rent in Hawaii has declined in recent years, the report found that the median rental price was also on the rise, and that many of those gains were occurring in cities.
Hawaii’s median rent increased from $1.054 per month in 2019 to $1.,095 in 2018, and in 2019 the median rent was up $2.14 per month from $937 to $2,874, the Hiring Suit report found.
The number of people renting in Hawaii decreased by nearly 25 percent from the previous year.
The share of the population renting has declined from about 27 percent to 18 percent.
But the number of rental units per capita increased from 2.9 people per capita in 2019, to 3.6 people per person in 2020.
The average rental unit size increased from 1,300 square feet in 2019 and now stands at 1,750 square feet.
The majority of rental housing is rented by people aged 50 and over, with about 85 percent of renters in these groups.
In addition to the affordability factor, Honolulu’s affordability is also being driven by the city’s vibrant entertainment and culture scene, according the Hiresuit report.
People in the city are moving back to the city, and people who are staying longer can also benefit from the availability of affordable housing, according.
In the next two years, Hiringsuits report predicts that median rents will rise from $2 per month to $3 per month.