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played an important role in the early years of the vacancy rates in Hawaii reached their lowest point in <br /> last period of rapidly increasing housing prices the past 25 years, indicating that rental units were in <br /> and contract rents (often referred to as a run-up). very high demand and short supply. The 2010 <br /> TVRs became involved in Hawaii's community vacancy rate for rental units in the U.S. was 102 <br /> life and local housing politics during the late percent. The rate for the State of Hawaii was 8.1 <br /> years of the run-up. TVRs have become percent. <br /> contentious again in 2011 as our slow sales and Figure 3. Rental and Homeowner Vacancy Rates, <br /> stagnant-priced market lead local homeowners U.S. and State of Hawaii,2000-2010 <br /> to seek alternatives to selling the family 12.0 <br /> homestead. Visitor rentals provide a positive —United States-Rental —Hawall-Rental <br /> —United Stater-Homeowner —Hawall-Homeowner <br /> income stream, but sometimes face opposition 10.0 <br /> from neighbors'. <br /> 8.0 <br /> The number of vacant and available units has <br /> also changed with the market and had a 60 <br /> tendency to increase as a percentage of total <br /> units over the last two decades. 40 <br /> 2.0 <br /> Vacancy Rates <br /> 0.0 <br /> In Hawaii, the vacancy rate for ownership units 2000 2001 2002 1003 2004 zoos zoos 2007 2008 1009 2010 <br /> was 0.8 percent in 1990, 0.9 percent in 2000, Source: Housing Vacancy and Homeownership Study, <br /> and 1.9 percent in 2010. Rental vacancy rates 2000-2010. <br /> for 1990, 2000, and 2010 were 6.6 percent, 5.3 <br /> percent, and 8.1 percent, respectively. Age and Condition of Units <br /> Figure 2. Rental and Homeowner Vacancy Rates, There are housing units in Hawaii that are in <br /> U.S. and State of Hawaii, 1986-2010 need of refurbishing. Compared with other <br /> States, however, the condition of Hawaii's <br /> —United States-Rental —Hawaii-Rental housing stock is not a serious problem. <br /> —United States-Homeowner —Hawaii-Homeowner <br /> a.o <br /> 10.2 Across the State, the median year built for our <br /> 10.0 housing stock in 2009 was 19788 and the median <br /> 8.0 A A 8.1 age of all housing units was 32 years. Median <br /> unit age differs little across the State: 35 years <br /> 6.0 for the City and County of Honolulu, 25 for Maui <br /> 4.0 County, 28 for Hawaii County, and about 27 for <br /> z.b Kauai County. The national figure was 34 <br /> 2.0 <br /> years. <br /> 0.0 <br /> 1986 1991 1996 2001 2006 2011 There are many large housing markets across <br /> the nation with much older housing stocks. The <br /> Source: Housing Vacancy and Homeownership Study, median age of housing units in Boston and San <br /> 1985-2010. Francisco is 70 years. It is 63 years in Chicago <br /> The vacancy rate among rental units in the State of and 62 years in Hartford, New York, and Detroit. <br /> Hawaii has been notably lower than the national <br /> average for a quarter of a century. In 2005, rental The condition of Hawai`i's housing units as <br /> measured by the Census is relatively good. <br /> "City proposal takes aim at illegal vacation rentals," <br /> Honolulu Star-Advertiser, 2 August 2011. a American Community Survey, 2009. <br /> Hawaii Housing Planning Study,2011 Page 4 <br /> 0 SMS, Inc. November,2011 <br />