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Oahu Rental Market Overview
The number of Oahu property rentals decreased in June compared to last year but increased slightly from last month. Median price increased compared to both time periods but properties took a couple days longer to rent. There has not been much change in the number of available rentals over the past few months.
In the luxury rental market, there was a significant increase in the number of properties rented compared to last month. As with the overall market, median price increased compared to both time periods but properties took longer to rent. There are 140 luxury properties currently available for long-term rent on Oahu.
Long-Term Rentals Year-Over-Year: June 2024 vs. June 2023
- 550 Rented, down 11.1%
- $2,700 Median Rental Price, up 3.8%
- 28 Average Days on Market, 2 days slower
- Received 100% of Asking Price vs. 99.8%
Long-Term Rentals Month-Over-Month: June 2024 vs. May 2024
- 550 Rented, up 8%
- $2,700 Median Rental Price, up 3.8%
- 28 Average Days on Market, 2 days slower
- Received 100% of Asking Price vs. 99.8%
Luxury Long-Term Rentals ($4,000+/mo) Year-Over-Year: June 2024 vs.June 2024
- 84 Rented, up 5%
- $4,700 Median Rental Price, up 3.3%
- 39 Average Days on Market, 9 days slower
- Received 100% of Asking Price vs 99.6%
Luxury Long-Term Rentals ($4,000+/mo) Month-Over-Month: June 2024 vs.May 2024
- 84 Rented, up 21.7%
- $4,700 Median Rental Price, up 4.4%
- 39 Average Days on Market, 8 days slower
- Received 100% of Asking Price vs 99.8%
Highest Rented Single-Family Home
Kawailoa-Kailua
3 bedrooms | 3 bathrooms | 2,000 sq ft living
Why this property is spectacular: An opportunity for beach living in this fully renovated, furnished & updated home with central AC, across the street from the 35-acre Kailua Beach Park & only steps away from Kailua Beach, Buzz’s Restaurant & Kalapawai Market. Enjoy captivating views of Kailua Beach & Kailua Beach Park. Fine craftsmanship abounds with attention to detail throughout the home. Living & bathroom spaces are highlighted with mahogany wood cabinetry & travertine flooring throughout. The elegant kitchen features Thermador appliances with an extra-large granite island.
Rented for: $15,000/month after 363 days on market.
Source: State Tax Office & Bureau of Conveyances
Picture from Honolulu Board of Realtors
Highest Rented Condo
Park Lane, Ala Moana
2 bedrooms | 2.5 bathrooms | 2,024 sq ft living
Why this property is spectacular: Fully furnished, this dreamy home has soaring 10′ ceilings, sleek modern cabinetry with quartz counter tops, appointed with Subzero/Wolf appliances, gas range, integrated wine storage up to 102 bottles, luxurious baths, custom closet systems and motorized window coverings throughout. Park Lane is the epitome of luxury resort-living, simplified yet redefined. The incomparable amenities include a state-of-the-art fitness center, private training rooms, his and her spas, residential lounge, private dining room, cinema screening room and much more.
Rented for: $17,500/month after 4 days on market.
Source: State Tax Office & Bureau of Conveyances
Picture from Honolulu Board of Realtors
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
