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<br /> Table 24. Average Rent by Unit Type and Size, State of Hawaii, 2009-2016
<br /> ..r
<br /> Single-Family Unit Multi-Family Units
<br /> All SF All MF
<br /> 1BR 2BR 3BR 4BR 5BR Units 1BR 2BR 3BR 4BR Units
<br /> 2009 1,064 1,359 1,981 2,325 2,848 1,915 1,121 1,467 1,909 1,970 1,783
<br /> 2010 1,073 1,425 1,815 2,246 2,227 1,757 1,032 1,386 1,777 1,866 1,650
<br /> 2011 1,165 1,481 1,830 2,345 2,153 1,795 1,090 1,387 1,807 1,703 1,662
<br /> 2012 1,086 1,476 1,803 2,134 2,456 1,791 1,101 1,420 1,792 2,083 1,706
<br /> 2013 1,137 1,491 1,922 2,213 2,503 1,853 1,141 1,494 1,911 2,221 1,781
<br /> 2014 1,093 1,490 1,864 2,223 2,610 1,856 1,218 1,605 2,057 2,415 1,841
<br /> 2015 1,182 1,590 2,032 2,600 2,693 2,020 1,250 1,645 2,126 2,559 1,964
<br /> 2016 1,212 1,537 2,085 2,719 2,784 2,067 1,275 1,719 2,174 2,672 2,019
<br /> %chg
<br /> (2011- 4.0% 3.8% 13.9% 15 9% 29.3% 15.2% 17.0% 23.9% 20.3% 56.9% 21.5%
<br /> 2016)
<br /> Source. Rent Range, 2009-2016 Figures are current U.S. dollars. Further details are shown in Table E-10 through E-13 in
<br /> the Appendix. 3
<br /> The average rent for a two-bedroom single- must be a sufficient number of units to
<br /> family unit increased by 4 percent from 2011 to accommodate all households and an appropriate J
<br /> 2016, and monthly rent for the same size multi- mix of unit types and sizes in the appropriate
<br /> family unit increased by 24 percent during the locations. Perhaps the most significant challenge
<br /> same period. Similarly, the average amount paid in housing Hawaii's people is the high cost of J
<br /> to rent a four-bedroom single-family unit went up housing across the state. While the multi-million
<br /> by $373 (16%) between 2011 and 2016. In that dollar homes sought by wealthy international
<br /> same time, the average rent for four-bedroom buyers will nearly always be supplied by the
<br /> multi-family units jumped by $970 (57%). market, the number of homes that are affordable
<br /> to lower income households is limited
<br /> This trend is not unique to Hawaii; rents were up
<br /> for all major metropolitan areas. Honolulu is a. Employment and Affordable Prices
<br /> consistently ranked near the top of the list of
<br /> America's high-rent cities and, in 2016, our There are numerous definitions of affordable
<br /> average rent was second only to San Francisco. housing and many approaches to describing theJ
<br /> With the recent improvement in the overall impact of affordability on the population. We
<br /> have already discussed the shelter-to-income
<br /> economy, rentership has increased as more kids
<br /> ratio and its role in estimating affordability.
<br /> move out of their parents' basements and into
<br /> rental apartments. This leads to falling rental Households with very high STI ratios are said to
<br /> vacancies and increasing rents. With many of be living in unaffordable units. Areas with high
<br /> the would-be first-time buyers unable to afford average STI ratios are less affordable than those
<br /> current housing prices, homeownership has with lower ratios.
<br /> dipped in exchange for increases in rentership. In recent years, the measure of the wage and j
<br /> salary income needed to rent a median-priced 2-
<br /> 3. Affordable Housing bedroom apartment has attracted the attention of
<br /> many. The measurement was developed by the j
<br /> Simply having one housing unit per household National Low-Income Housing Coalition (NLHC)
<br /> with additional vacant units to ensure a and is available in the Out Of Reach Report
<br /> reasonable vacancy rate does not ensure that all annually. A summary of findings for 2016 are
<br /> households will be adequately housed. There presented in Table 25. Details appear in Table
<br /> E-6 in the appendix.
<br /> 3
<br /> Hawaii Housing Planning Study,2016 Page 28
<br /> ©SMS,Inc. December,2016
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