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HAWAf I RENTS, 2000 TO 2011 <br /> In prior Hawai'i Housing Policy Studies, rents have been measured in terms of asking rents and <br /> contract rents. Asking rent is the stated base rent the landlord requests when advertising an <br /> available rental unit. When asking rents are counted (based on the number of published <br /> advertisements), it provides an indication of the level of activity in the rental market in much the <br /> same way as the number of home sales reflects the activity of the ownership market. <br /> Contract rent is the base rent as specified in the lease agreement. This provides a measure of <br /> how much renters are actually paying for their residence each month. Depending on market <br /> conditions, contracts rents may be higher or lower than asking rents. Contact rents change as a <br /> function of changes in asking rents. These changes occur as units change hands and landlords <br /> negotiate new lease terms, or as different rent amounts are imposed by landlords on the <br /> residents of occupied units. <br /> CONTRACT RENTS <br /> Data from the 2003 and 2006 Housing Policy Studies, the current HHPS, as well as information <br /> contained in the American Community Surveys between 2005 and 2009, indicates that contract <br /> rents have continued to climb, but at a decreasing rate, during the past five years. While rent <br /> increases across all counties were minimal in 2008 and 2009 due to the global economic <br /> recession, the most recent data regarding contract rents indicates that monthly rental rates are <br /> on the upswing. <br /> Figure 1: Median Contract Rent, Counties and State of Hawai i, 2005-2011 <br /> $1,500 <br /> Hawaii - Honolulu --- Maui •••••• Kauai — State <br /> $1,400 <br /> $1,300 <br /> $1,200 <br /> $1100 —�—T''�'•_---- <br /> ��.a...... ............ <br /> $1,000 / <br /> $900 <br /> $800 <br /> $700 <br /> $600 <br /> 2005 2006 2007 2008 2009 2011* <br /> Source: 2005-2009 median contract rent from American Community Survey based on all rental <br /> units surveyed, with the exception of single family dwellings on ten or more acres of land, 2010-2011 <br /> median contract rent data from HHPS Housing Demand Survey <br /> Hawaii Housing Planning Study,2011: Rental Housing Page 2 <br /> 0 SMS, Inc. October,2011 <br />