Rents for single-family homes in Hawaii on the decline

Rents for single-family homes in Hawaii on the decline
When it comes to rents, there's no state that's pricier than Hawaii. (Image: Hawaii News Now/File)

HAWAII (HawaiiNewsNow) - Families looking for a long-term rental may be in luck.

Rental prices for Hawaii's single families continue to go down, according to property management and rental intelligence companies.

Analysis from Real Property Management Alliance along with RentRange show that rents for single-family homes in the state have declined by 4 percent.

The numbers were collected by comparing rent of three-bedroom single-family homes in Hawaii over the last two years. Data collected in the first quarter of 2018 revealed the average to be $2,529, with 2017's average to be $2,642.

"The amount that landlords can charge for long-term rentals in Hawaii has declined," said Michael Arashiro, General Manager of Real Property Management Alliance. "Landlords need to ensure that the rent they are charging is competitive."

The report also revealed that 33.67 percent of single-family homes in Hawaii are being rented.

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