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.