Honolulu rent prices outpace the nation - Hawaii News Now - KGMB and KHNL

Honolulu rent prices outpace the nation

HONOLULU (HawaiiNewsNow) -

Rent prices are going up around most of the nation, but the prices in Honolulu are outpacing all of them according to a new study by Real Property Management. Compared to last year, home rental prices went up by 14% which is more than double the national average rate. Sunrise brought in Trisha Kajimura, the social policy director for Catholic Charities Hawaii to talk about why and what could be done to fix this problem. She said that basic economic rules apply because there is a high demand for rental homes and a low supply. That's what causing the high cost of rentals. Kajimura suggested that the state and city government need to appropriate more money for affordable housing to alleviate the problem. However, even in the best case scenario, she said that it could still be years before residents see any relief. In the meantime, the high prices are having a negative impact on the quality of life.

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