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Unlike comparable markets across the nation, Hawaii's rental market has not exhibited a
<br /> significant decline in the average asking rent since the economic recession began in 2008.
<br /> Rather than accept lower rent amounts, landlords are opting to allow their units to remain empty
<br /> (pushing the vacancy rate up) while they wait for the market to recover. Because increasing
<br /> rent amounts have only become apparent in the past several months, it is nearly impossible to
<br /> predict the amount they will increase and over what period of time.
<br /> Table 4. Average Asking Rent for Single Family Homes and Apartments, Counties and State of
<br /> Hawaii, 2003-2011
<br /> Count State of Hawaii
<br /> Year Honolulu Hawaii Maui Kauai
<br /> A ts. Houses Apt Houses Apts. Houses A ts. Houses A ts. Houses
<br /> 2003 $1,183 $1,893 $992 $1,263 $1,229 $1,515 $1,021 $1,449 $1,160 $1,553
<br /> 2004 $1,298 $2,020 $1,113 $1,332 $1,270 $1,502 $1,168 $1,563 $1,274 $1,685
<br /> 2005 $1,622 $2,420 $1,206 $1,406 $1,419 $1,630 $1,270 $1,738 $1,466 $1,712
<br /> 2006 $1,607 $2,314 $1,253 $1,416 $1,468 $1,705 $1,353 $1,803 $1,564 $1,956
<br /> 2007 $1,539 $2,186 $1,303 $1,504 $1,627 $1,782 $1,422 $1,879 $1,513 $1,901
<br /> 2007 $1,559 $2,179 $1,210 $1,606 $1,482 $1,688 $1,347 $1,813 $1,497 $1,879
<br /> 2009 $1,414 $2,035 $1,075 $1,472 $1,234 $1,452 $1,122 $1,578 $1,354 $1,708
<br /> 2010 $1,447 $2,155 $939 $1,349 $1,108 $1,538 $1,130 $1,625 $1,346 $1,774
<br /> 2011 $1,582 $2,508 $861 $1,218 $1,122 $1,742 $1,147 $1,657 $1,431 $1,935
<br /> Source. Hawaii Information Service, data through June 30, 2011
<br /> Figure 4: Average Asking Rent for Apartments by County, 2003-2011
<br /> $3,000
<br /> Honolulu
<br /> $2,500
<br /> -Hawaii
<br /> $2,000 -Maui
<br /> -Kauai
<br /> $1,500 State
<br /> $1,000
<br /> $500
<br /> $0
<br /> 2003 2004 2005 2006 2007 2007 2009 2010 2011
<br /> Source: Hawaii Information Service, data through June 30,2011
<br /> Hawaii Housing Planning Study,2011: Rental Housing Page 7
<br /> ©SMS, Inc. October,2011
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