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Table 1: Median Contract Rent for the Counties and State of Hawaii, 2005-2011
<br /> Year Median Contract Rent
<br /> Hawaii Honolulu Maui Kauai State
<br /> 2005 $742 $940 $912 $875 $911
<br /> 2006 $804 $1,045 $1,081 $1,057 $1,010
<br /> 2007 $871 $1,129 $1,163 $1,033 $1,098
<br /> 2008 $906 $1,227 $1,131 $1,086 $1,167
<br /> 2009 $921 $1,237 $1,186 $1,223 $1,172
<br /> 2011* $1,112 $1,385 $1,201 $1,248 $1,321
<br /> Annual Percent Change
<br /> 2005-2006 8% 11% 19% 21% 11%
<br /> 2006-2007 8% 8% 8% -2% 9%
<br /> 2007-2008 4% 9% -3% 5% 6%
<br /> 2008-2009 2% 1% 5% 13% 1%
<br /> 2009-2011 21% 12% 1% 2% 13%
<br /> *data through June 30, 2011
<br /> Source: 2005-2009 median contract rent from American Community Survey based on all rental units surveyed, with
<br /> the exception of single family dwellings on ten or more acres of land; 2010-2011 median contract rent data from
<br /> HHPS Housing Demand Survey, 2010 data from the U.S. Census Bureau's Decennial Census will be incorporated as
<br /> soon as it becomes available.
<br /> In the State of Hawaii, median contract rent increased by approximately 10 percent in 2006 and
<br /> 2007. The economic recession in 2008 and 2009 led to rent increases of only 6 percent and
<br /> less than 1 percent, respectively. The first half of 2011 suggests that rents are on the way up
<br /> again, with a substantial 13 percent increase statewide.
<br /> Rents in the City and County of Honolulu have been steadily increasing from a median of $752
<br /> in 2000 to $940 in 2005 to $1,385 in 2011, a 43 percent increase over the last decade. Rents
<br /> jumped 11 percent in 2006, with slightly more moderate increases of 8 and 9 percent in the
<br /> subsequent two years. As a result of the economic recession that began in 2008, 2009 saw
<br /> rents in Honolulu climb by just 1 percent. In the first half of 2011, however, median contract rent
<br /> across the county jumped to $1,385 (12 percent increase).
<br /> On the Big Island, renters were paying 8 percent more in 2006 than in 2005, with an additional 8
<br /> percent increase the following year. In 2008, however, countywide rents increased by only 4
<br /> percent and by just 2 percent in 2009. In the first part of 2011, the increase in median rents for
<br /> Hawai'i County was 21 percent. This was the most dramatic change among all of Hawaii's
<br /> counties.
<br /> In Maui County, rents jumped nearly 20 percent from 2005 to 2006. Between 2006 and 2007,
<br /> rents increased a more modest 8 percent. 2008 brought a slight decrease in Maui rents, which
<br /> rebounded in 2009 to slightly above the 2007 median. In the first half of 2011 Maui has had a
<br /> very slight increase in median rent, only 1 percent countywide.
<br /> In the State of Hawaii, the largest increase in median rents in 2005 occurred in the County of
<br /> Kauai (21 percent). Kauai's rental market appears to have to greatest volatility among the
<br /> counties, dropping 2 percent in 2006 only to climb by 5 percent and 13 percent in 2008 and
<br /> Hawari Housing Planning Study,2011: Rental Housing Page 3
<br /> 0 SMS, Inc. October,2011
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