Rental prices in Hawaii are cooling off, but are still well abov - Hawaii News Now - KGMB and KHNL

Rental prices in Hawaii are cooling off, but are still well above national average

(Image: Hawaii News Now) (Image: Hawaii News Now)
HONOLULU (HawaiiNewsNow) -

Good news, renters: In Hawaii, monthly rent for a single-family home is cheaper than last year, according to the Real Property Management and Rental Alliance.

A quarterly report showed a seven percent rental decrease, costing owners of single-family homes just under $2,400 a month.

"Wage growth has not kept up with the increases in the rental market and now we are seeing a slight correction,” said Michael Arashiro, general manager of Real Property Management Alliance. “Although we have seen an easing in the average rent for a three-bedroom home, we continue to experience a strong rental market."

Although prices decreased, Hawaii’s rental average sits well above the national average of $1,400 per month.

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