Oahu Rental Market Overview: December 2024

Get the latest update on the Oahu rental market with rental statistics and the highest rentals from the last month. Click here to learn about our Hawaii property management services. Contact us to schedule a consultation to learn how we can increase the return on your rental portfolio. Subscribe to our YouTube channel to see Doug answer common property management questions, featured rental properties, and real estate sales content.

Oahu Rental Market Overview

The Oahu rental market saw a 5.1% decrease in rental volume in December both year-over-year and month-over-month. Median price increased year-over-year but decreased slightly from where it had been for the past few months. Properties rented a few days slower in December than both comparison time periods. There is no change in the number of available rentals from November to December.

The luxury rental market saw a very large increase in the number of rentals compared to December 2023 and a small increase from November 2024. Median price increased slightly year-over-year and month-over-month. Luxury properties rented much more slowly compared to both time periods. However, the average days on market is skewed by one rental at The Watermark that took 1,261 days to rent. As of 1/29, there are 145 luxury properties currently available for long-term rent on Oahu, up 4.3% from November.

Highest Rented Single-Family Home

Kahala, Diamond Head
4 bedrooms | 3 bathrooms | 3,785 sq ft living

Why this property is spectacular: Hawaiian Style Villa on Private Estate Hawaiian Style Villa on Private Estate Welcome to 4938 Kahala Avenue. This home has 3,785 sq. ft. of interior space and 700 sq. ft. covered lanais. Built with the finest touches. Stained glass entry, Ipe Flooring throughout the home, Marble Bathrooms and a grand lawn. Directly across the street from Kahala Park and the beach. Seconds away from The Kahala Hotel and the Waialae Country Club.

Rented for: $11,000/month after 30 days on market.

Source: State Tax Office & Bureau of Conveyances

Highest Rented Condominium

Hokua, Kaka’ako
2 bedrooms | 2 bathrooms | 1,981 sq ft living

Why this property is spectacular: Gorgeous Sweeping Views from Diamond Head to the Ewa planes. Most desirable ‘D’ floor plan with 3 parking stalls, a storage room, very spacious living areas, laundry room, wide open kitchen with unobstructed ocean views. Large soaking tub, granite counters, Wolf & SubZero appliances, a duo-zoned wine cooler, and gas range. Large primary closet with an organized closet system. Hokua is an amazing place to call home. Amenities galore, infinity pool, world class gym, BBQ cabanas, tennis and so much more.

Rented for: $9,000/month after 11 days on market.

Source: State Tax Office & Bureau of Conveyances

We manage rental properties across Oahu, from Honolulu, to Leeward Oahu, to Kailua and the North Shore. We would be happy to answer any property management or real estate sales questions you have.  Call us to schedule a private consultation at (808) 593-9826 or email concierge@caronb.com

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