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L
<br /> 1 These figures are supported by a recent report Figure 7. Average Rents, Counties and State of
<br /> on residential home sales in Hawai`i29 that put Hawaii, 2009-2015
<br /> the average sale price of a single-family house $2,600 -Honolulu -Maui -Hawaii -Kauai -State
<br /> I between 2008 and 2015 at $528,300 for the
<br /> State. The average sale price for condominiums r, $2,400
<br /> in the same period was $328,000. $2,200 •
<br /> Ic $2,000 �..
<br /> 2. Rents t ::
<br /> re $1,800
<br /> I 'wA�
<br /> The Rental Housing Study 2016 shows that p1,600
<br /> Hawaiiaverage contract rents were on the rise
<br /> a $1,400 •
<br /> from 2009 through the first quarter of 2016. The """'
<br /> I data indicate that rents continue to rise for the 51,200
<br /> State and each of the four Counties. $1,000
<br /> 2009 2010 2011 2012 2013 2014 2015 2016
<br /> I Table 22. Average Rent for All Units, Counties and
<br /> State of Hawaii, 2009-2016 Source: RentRange®, 2009-2016. Dotted lines are linear
<br /> trends fitted to each rent series.
<br /> County
<br /> I
<br /> Hawaii Honolulu Kauai Maui State Although the U.S. Department of Housing and
<br /> 2009 1,261 1,999 1,645 1,632 1,783 Urban Development's Fair Market Rents for each
<br /> 2010 1,375 1,953 1,733 1,764 1,650 of the counties are lower than the average
<br /> I 2011 1,353 2,076 1,673 1,860 1,662 contract rents, the percentage increases over the
<br /> 2012 1,377 2,109 1,694 1,840 1,706 past year are very similar. The increases for
<br /> 2013 1,427 2,106 1,668 1,804 1,781 Maui, Hawaii, and Kauai Counties ranged from
<br /> I 2014 1,387 2,214 1,736 1,728 1,841 one to four percent, while the increase for
<br /> 2015 1,331 2,417 1,675 2,093 1,964 Honolulu was ten percent.
<br /> 2016 1,474 2,468 1,704 2,106 2,019 Analyses of the rents by unit type and size
<br /> I Source: Rent Range, 2009-2016. Figures shown in current revealed that these increases were common
<br /> U.S. dollars
<br /> across all types and sizes of units. Between
<br /> I
<br /> The contract rent data suggest that, across all 2011 and 2016, increases in rent amounts were
<br /> types (single-family and multi-family) and sizes larger for multi-family (21.5%) than for single-
<br /> (one-bedroom through five-bedroom) of rental family (15.2%) rental units.
<br /> I
<br /> units, renters in Hawaii are paying more for their
<br /> accommodations now than they were previously. Table 23. Average Fair Market Rent for All Units,
<br /> Counties of Hawaii, 2009-2016
<br /> Figure 7 shows rent growth changes since 2009. County
<br /> I For the State, the current average rent is 2.8 Hawaii Honolulu Kauai Maui
<br /> percent higher than in 2015. Increases in nearly 2009 1,160 1,825 1,332 1,584
<br /> all of the counties were one to two percent over 2010 1,232 1,906 1,414 1,682
<br /> I last year. Only one of the counties, Hawaii, had 2011 1,280 1,904 1,470 1,749
<br /> a notable increase over the past year. Al[E.raae 2012 1,295 1,977 1,428 1,625
<br /> rents__for I-lawall COUntV�climbe 11 percent 2013 1,150 2,060 1,835 1,374
<br /> I between2015 and 2016.
<br /> 2014 1,047 2,046 1,739 1,318
<br /> 2015 1,268 2,034 1,330 1,321
<br /> II
<br /> 2016 1,311 2,172 1,310 1,429
<br /> 29 http://files.hawaii gov/dbedt/economic/datareports/ Source: Dept. of Housing and Urban Development, 2009-
<br /> 2016. Current U.S. dollars.
<br /> homesale/Residential_Home_Sales_in_Hawaii_May
<br /> I2016.pdf
<br /> Hawaii Housing Planning Study,2016 Page 27
<br /> I ©SMS, Inc. December,2016
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