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Oahu Rental Market Overview
The number of Oahu property rentals decreased in May compared to last year but up slightly over last month. Median price remained at $2,6o0, up 4% compared to May 2023. Properties rented several days faster compared to both time periods. The number of available rentals has barely increased since last month. There was very little change in the luxury rental market, though the number of properties rented increased over 20% month-over-month.
Long-Term Rentals Year-Over-Year: May 2024 vs. May 2023
- 509 Rented, down 13.4%
- $2,600 Median Rental Price, up 4%
- 26 Average Days on Market, 5 days faster
- Received 99.8% of Asking Price, no change
Long-Term Rentals Month-Over-Month: May 2024 vs. April 2024
- 509 Rented, up 4.7%
- $2,600 Median Rental Price, no change
- 26 Average Days on Market, 3 days faster
- Received 99.8% of Asking Price vs 99.3%
Luxury Long-Term Rentals ($4,000+/mo) Year-Over-Year: May 2024 vs. May 2023
- 69 Rented, no change
- $4,500 Median Rental Price, no change
- 31 Average Days on Market, 7 days faster
- Received 99.8% of Asking Price vs. 100%
Luxury Long-Term Rentals ($4,000+/mo) Month-Over-Month: May 2024 vs .April 2024
- 69 Rented, up 21.6%
- $4,500 Median Rental Price, no change
- 31 Average Days on Market, no change
- Received 99.8% of Asking Price, no change
Highest Rented Single-Family Home
Kahala, Diamond Head
4 bedrooms | 4.5 bathrooms | 4,438 sq ft living | 6,506 sq ft land
Why this property is spectacular: The first floor includes a large bedroom with queen bed. Spacious kitchen has everything you need including storage, Bosch gas stove, full size oven, microwave range, wine coolers, granite counters, and marble floors. A large dining area seats 8 comfortably or dine al-fresco on the lanai with the gas BBQ. The living room offers a large internet ready TV with a DVD player and a spacious layout overlooking the pool area. The second level includes 3 additional large bedrooms, all ensuite
Rented for: $10,000/month before listing.
Source: State Tax Office & Bureau of Conveyances
Picture from Honolulu Board of Realtors
Highest Rented Condo
Park Lane, Ala Moana
2 bedrooms | 2 bathrooms | 1,981 sq ft living
Why this property is spectacular: This luxury condo features high-end finishes, electronic window coverings, central air, Wolf cooking appliances and a Sub Zero refrigerator. Living room opens seamlessly to the covered lanai for an extended living area large enough for dining, lounging and entertainment. You will fall in love with the large master bathroom with an enclosed tiled wet room featuring a soaking tub and wall shower. Amenities include The Great Lawn, Concierge services, pool & hot tub & more!
Rented for: $15,000/month after 16 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
