HONOLULU, Hawaii (HawaiiNewsNow) - The average rent for a one-bedroom in Honolulu dropped 10% in November compared to a year ago, according to a new analysis from real estate site Zumper.
The site said the average rent for a one-bedroom in Honolulu last month was $1,600.
The average rent for a two-bedroom was $2,100, down about 4.5% from a year ago.
Zumper said the 10% decline is the fourth largest in the nation. Honolulu also dropped in the rankings of most expensive cities for rent, from no. 11 to no. 13.
The decline in rents come as the city continues a crackdown on illegal vacation rentals following the passage of strict new rules for the accommodations.
Analysts have said some of those vacation rentals are likely adding to the available inventory of long-term rentals, though it’s unclear whether the uptick in supply is leading to lower rents.