2019 Hawaii Housing Planning Study

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prepared to do so. Residents of Kauai County percent of prospective multi-family renters, the were better equipped than residents of Hawaii current median rent payment would require less and Honolulu Counties to make the median than 30 percent of their household monthly monthly rent payment for a single-family home. income. Among those planning to rent their next unit, close Among those who wanted a multi-family dwelling to half (46%) plan to rent an apartment or other as their next unit, those on Maui were the most multi-family unit. Among those households, about financially prepared to do so. About 21 percent 29 percent were currently making monthly rent currently pay rent equal to or higher than the payments equal to or higher than the median rent median rent amount for the county. amount. Another 15 percent indicated they could afford the median monthly rent payment. For 23 Table 21. Financial Qualification to Rent a Single-Family Unit, Counties and State of Hawaii, 2019 County Honolulu Maui Hawaii Kauai State Median Monthly Rent Amount $2,593 $2,498 $1,713 $2,076 $2,220 Security Deposit + 1st Mo. Rent $5,186 $4,996 $3,426 $4,152 $4,440 Total Effecti',e Demand SFD Renters 10,598 3,368 3,585 1,318 18,868 Current Payment-Same or Higher 25.3% 44.3% 23.2% 30.9% 28.7% Affordable Rent*-Same or Higher 14.0% 12.7% 13.5% 31.9% 14.9% Income-Based Qualification 20.3% 26.1% 29.6% 22.5% 23.3% Source: Median rents from RentRange®(April 2019)for all unit sizes. Qualified renters from the HHPS 2019. Base is households that plan to rent their next SFD unit in the State of Hawai'i in the next 5 years. *Self-reported affordable rent amount. Table 22. Financial Qualification to Rent a Multi-Family Unit, Counties and State of Hawaii, 2019 County Honolulu Maui Hawaii Kaua`i State Median Monthly Rent Amount $2,256 $2,248 $1,563 $1,926 $1,998 Security Deposit + 1st Mo. Rent $4,512 $4,496 $3,126 $3,852 $3,996 Total Effecti'e Demand MFD Renters 19,997 1,890 2,230 384 24,502 Current Payment-Same or Higher 19.7% 21.0% 12.9% 0.0% 18.9% Affordable Rent*-Same or Higher 11.9% 18.7% 18.1% 5.8% 12.9% Income-Based Qualification 26.3% 37.6% 18.9% 19.9% 26.4% Source: Median rents from RentRange®(April 2019)for all unit sizes. Qualified renters from HHPS 2019. Base is households that plan to rent their next MFD unit in the State of Hawai'i in the next 5 years. *Self-reported affordable rent amount. Hawaii Housing Planning Study,2019 Page 23 ©SMS December,2019