2006 Housing Policy Study by SMS Research & Marketing Services, Inc.

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Table 6. Average and Advertised Rents, 2003 and 2006 Source: Rent Study, review of rental advertisements on all islands, monthly from January 2003 through November 2006. Across all categories, rents rose by about 40 percent between 2003 and 2006. Advertised rents rose by about 20 percent during the same period. Major increases in advertised rents began in 2001 and began to slow in 2005. As the percentage of renters paying the higher rents increased, the average rent for all renters rose more sharply between 2003 and 2005. That is, overall rents lag advertised rents. In all four counties, advertised rents showed the same pattern between 1985 and 200610. Rents rose through the last half of the eighties, fell sharply in the early nineties and remained at relatively low levels until 1999. In the present decade rents have risen at a faster rate than in the past culminating in historic highs by 2005. 10 Rents for Maui and Kauai Counties show an uncharacteristic rise for the period between 2000 and 2002. This may be the result of slightly different data collection methods used for that period. Sample sizes were much lower than in other years, allowing for greater error variance in the estimates. Hawaii Housing Policy Study, 2006 © SMS, Inc. Page 14 February, 2007 Average Monthly rents Apartments Single Family Units County Studio 2- Bedroom 2- Bedroom 3 &4 Bedroom All Ad All Ad All Ad All Ad Households Rents Households Rents Households Rents Households Rents Honolulu 2003 $680 $728 $866 $1,446 $1,002 $1,013 $1,136 $1,559 2006 $807 $960 $1,362 $1,798 $1,374 $1,603 $1,819 $2,467 Maui 2003 $584 $1,032 $825 $1,338 $1,016 $1,347 $1,136 $1,926 2006 $809 $984 $1,123 $1,498 $1,227 $1,508 $1,661 $2,254 Hawaii 2003 $615 $693 $745 $1,072 $754 $1,318 $930 $1,560 2006 $588 $855 $1,028 $1,408 $1,097 $1,303 $1,424 $1,504 Kauai 2003 $509 $747 $1,023 $1,249 $796 $1,367 $1,055 $1,712 2006 $925 $929 $1,061 $1,469 $1,344 $1,600 $1,516 $2,017 STATE 2003 $631 $872 $858 $1,373 $969 $1,287 $1,096 $1,841 2006 $794 $929 $1,310 $1,693 $1,312 $1,597 $1,690 $2,287 Source: Rent Study, review of rental advertisements on all islands, monthly from January 2003 through November 2006. Across all categories, rents rose by about 40 percent between 2003 and 2006. Advertised rents rose by about 20 percent during the same period. Major increases in advertised rents began in 2001 and began to slow in 2005. As the percentage of renters paying the higher rents increased, the average rent for all renters rose more sharply between 2003 and 2005. That is, overall rents lag advertised rents. In all four counties, advertised rents showed the same pattern between 1985 and 200610. Rents rose through the last half of the eighties, fell sharply in the early nineties and remained at relatively low levels until 1999. In the present decade rents have risen at a faster rate than in the past culminating in historic highs by 2005. 10 Rents for Maui and Kauai Counties show an uncharacteristic rise for the period between 2000 and 2002. This may be the result of slightly different data collection methods used for that period. Sample sizes were much lower than in other years, allowing for greater error variance in the estimates. Hawaii Housing Policy Study, 2006 © SMS, Inc. Page 14 February, 2007