Aloha!
As we approach the end of the first quarter in the rental real estate industry on Oahu, there are several trends and factors that have shaped the market in recent months. Despite the pandemic, the demand for rental properties on the island has remained strong, driven by a variety of factors including job growth, population growth, and a shortage of affordable housing options. Additionally, landlords and property managers have had to navigate a rapidly changing regulatory environment, with new laws and regulations impacting everything from rent control to eviction procedures. As we look ahead to the second quarter, it will be important to keep a close eye on these trends and developments to stay ahead of the curve in this dynamic and competitive market.
There are still no major updates to bill 41, also known as Ordinance 22-7 which was set to take effect in late October 2022. As government officials continue to battle out the results of the lawsuit, property owners who currently operate short-term vacation rentals without a permit will not need to come into compliance with the new regulations just yet. Although there are still a lot of ongoing policy modifications, the ordinance aims to address concerns about the impact of vacation rentals on the housing market, noise levels, and the character of neighborhoods, which could lead to changes in the overall vacation rental market on Oahu.
Average Rent Prices by Region on Oahu
Average rents island wide for a 1-bedroom unit is $1,902; 2-bedroom at $2,457; and a 3-bedroom unit at $3,343. Hawaii Kai commanded the highest rent for a 1-bedroom at $2,380; and $3,176 for a 2 bedroom unit. Kailua brought in the highest rent for a 3-bedroom unit, at $4,100. Note that other factors must be considered for each neighborhood when determining a list price; such as s.f., amenities, ocean views, etc.
The rental market remains overall healthy and competitive for Oahu.
For more information on short-term rentals or other rental market updates feel free to contact us at propertymanger@choicehi.com or call 808.784.4488.
The Owner Portal is a fast, secure, and convenient way for your owners to fund funds and run reports. The portal allows for easy access to the following:
- Financials and General Ledger
- Rental Owner Ledger
- Documents
Our Website Property Search Feature
We are happy to announce that we have launched our Choice Advisors Property Management website! This site allows both Tenants and Owners 24/7 access to valuable resources and information about the Oahu rental market.
Click the link here to visit our site!
As a token of our appreciation for your loyalty, we would like to offer a special promotion for 2023. If you refer someone who uses our property management services in the new year, we would like to thank you with a gift voucher for $150 to be used toward our property management services in 2023.
This is just one way we can show our appreciation for your referrals.