2011 Housing Planning Study - County of Hawaii

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homes played an important role in the early vacancy rates in Hawaii reached their lowest point in years of the last period of rapidly increasing the past 25 years, indicating that rental units were in housing prices and contract rents (often referred very high demand and short supply. The 2010 to as a run-up). TVRs became involved in vacancy rate for rental units in the U.S. was 102 Hawai`i's community life and local housing percent. The rate for the State of Hawaii was 8.1 politics during the late years of the run-up. TVRs percent. have become contentious again in 2011 as our Figure 3. Rental and Homeowner Vacancy Rates, slow sales and stagnant-priced market lead local U.S. and State of Hawaii,2000-2010 homeowners to seek alternatives to selling the 12.0 family homestead. Visitor rentals provide a —United States-Rental —Hawall-Rental —United Stater-Homeowner —Hawall-Homeowner positive income stream, but sometimes face 10.0 opposition from neighbors". s.o The number of vacant and available units has also changed with the market and had a 60 tendency to increase as a percentage of total units over the last two decades. 60 2.0 Vacancy Rates o.o In Hawaii, the vacancy rate for ownership units 2000 2001 2002 2003 2004 Zoos 2006 2007 2008 2009 2010 was 0.8 percent in 1990, 0.9 percent in 2000, Source: Housing Vacancy and Homeownership Study, and 1.9 percent in 2010. Rental vacancy rates 2000-2010. for 1990, 2000, and 2010 were 6.6 percent, 5.3 percent, and 8.1 percent, respectively. Age and Condition of Units Figure 2. Rental and Homeowner Vacancy Rates, There are housing units in Hawaii that are in U.S. and State of Hawaii, 1986-2010 need of refurbishing. Compared with other States, however, the condition of Hawaii's —United States-Rental —Hawaii-Rental housing stock is not a serious problem. —United States-Homeowner —Hawaii-Homeowner a.o 10.2 Across the State, the median year built for our 10.0 housing stock in 2009 was 197812 and the 8.0 A A 8.1 median age of all housing units was 32 years. Median unit age differs little across the State: 35 6.0 years for the City and County of Honolulu, 25 for 4.0 Maui County, 28 for Hawaii County, and about z.b 27 for Kauai County. The national figure was 34 2.0 years. 0.0 1986 1991 1996 2001 2006 2011 There are many large housing markets across the nation with much older housing stocks. The Source: Housing Vacancy and Homeownership Study, median age of housing units in Boston and San 1985-2010. Francisco is 70 years. It is 63 years in Chicago The vacancy rate among rental units in the State of and 62 years in Hartford, New York, and Detroit. Hawaii has been notably lower than the national average for a quarter of a century. In 2005, rental The condition of Hawai`i's housing units as measured by the Census is relatively good. tt "City proposal takes aim at illegal vacation rentals," Honolulu Star-Advertiser, 2 August 2011. 12 American Community Survey, 2009. Hawaii Housing Planning Study,2011 Page 4 0 SMS, Inc. November,2011