2011 Housing Planning Study - Technical Report

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RENTAL HOUSING REPORT In order to evaluate the condition of Hawaii's rental housing market, a comprehensive data set was constructed to identify current and historical rental availability, rental rates and other trends. For each island, information including the location, rent rate, number of bedrooms and property type was assembled from rental advertisements for each island. A three-period rolling average of rent rate was used in reporting rent data in order to reduce the volatility of the rent data series. Data reported include advertisements published through the end of 20106 The data presented in this report reflect only market rental rates; no affordable (subsidized) rents have been included except where published in classified advertisements. Database entries also exclude rentals wanted, vacation rentals, rentals to share, property management, rooms for rent, and all commercial properties. Rental area definitions were created using the standard Tax Map Key (TMK) Zones for each county and the rental databases have been categorized according to these geographic locations. Refer to Figure A-1 on the following page for maps of the TMK Zone boundaries. Not all areas depicted on the maps have corresponding rental data included in the report due to the extremely limited number of published rental advertisements for these areas. However, data for these areas is included in countywide averages. The Oahu rental database was collected from the Honolulu Advertiser's mid-month Sunday classified advertisements for rentals of houses, apartments (including both apartment building units and condominium units) and townhouses. For the purposes of this review, the Oahu rental database was filtered to include advertisements for three- and four-bedroom houses and studio, one-, two-, and three-bedroom apartments. The Neighbor Island rental database was constructed from the mid-month Sunday classified ads from the major newspapers for each island. Sources include the Maui News, West Hawaii Todav, the Hawaii Tribune Herald and The Garden Island. The database contains information from advertisements for two-, three-, and four-bedroom houses and studio, one- and two-bedroom apartments. In addition, from the Maui News, studio and one-bedroom houses were categorized together as "cottage" since they constitute a significant part of Maui's rental market. 8 Data from the first half of 2011 was not included because the need to generate moving averages requires a full year of data in order to generate appropriate comparisons. Data associated with the charts is provided as a separate Excel file. Hawari Housing Planning Study,2011: Technical Report Page 4 0 SMS, Inc. November,2011