The top rental markets in Hawaii are Honolulu, Kihei, Kailua, and Kailua Kona.
The TurboTenant Report includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, security deposit trends and livability score.
Hawaii Rental Trends:
Hawaii is made up of 137 islands, islets, and shoals. Tourism is the biggest industry in this paradise of a state, meaning property investors will have success with short-term and also long-term rental properties. Here are some highlights from the top rental markets in the Aloha State.
Days on Market:
The city with the lowest days on market is Kihei at ten – under the national average which sits at 15 days; Honolulu has the highest number of days on market at 21.
The top three towns for the largest number of leads per listing are under the national average which sits at 38. Here they are:
- Honolulu – 22 leads per listing
- Kihei – 22 leads per listing
- Kailua Kona – 16 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Kailua and Kailua Kona comes above that with the lowest average rent of $2,054 for a two-bedroom compared to the highest rent in Hawaii at $2,389 in Kihei.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,000. Hawaii’s highest median sale price almost triple that at $857,000 in Kailua with its lowest median sale price at $534,000 in Kailua Kona.
Hawaii’s median income rings in at $52,050 – above the national average at $48,500.
Security Deposit Trends:
Security deposits have both risen and fallen in Hawaii’s cities between 2018 and 2019. With the largest being an increase of 25% in Kailua at $2,500, and the largest decrease at -13.04% in Kihei with the current average at around $2,000 – above the national average for security deposits which is $1,200.
All of Hawaii’s cities have a livability score of 70 or higher with the highest being Kailua and Kailua Kona at 82!
Please visit here for our full methodology.
Whether you’ve found the best investment property in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.