Rising rental rates hit Waikiki seniors hard - Hawaii News Now - KGMB and KHNL

Rising rental rates hit Waikiki seniors hard

HONOLULU (AP) - Climbing real estate values in Waikiki are creating problems for seniors living on fixed incomes.

Disabled senior Claudy Pierce and Franklin Fishler tell the Honolulu Star-Advertiser that the sale of their apartment building has left them in limbo.

They now spend about 63 percent of their combined incomes on housing and say they could be left homeless if the new owner raises their rental rate.

Waikiki Community Center director Caroline Hayashi says their situation is not unique.

She says more Waikiki elderly residents are seeking assistance as property values increase.

Real estate analyst and longtime Waikiki resident Stephany Sofos says rents have increased 5 to 20 percent and could go higher as long-term owners raise rents or sell property.

Copyright 2013 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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