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Oahu Rental Market Overview
The long-term rental market remained steady in May, with pricing continuing to show modest growth despite a slight slowdown in overall activity. Compared to May 2025, the number of rented properties declined by 4.8%. However, median rental prices increased 3.5% to $2,900, suggesting that demand for well-positioned rental properties remains strong, even as leasing volume has softened. Month-over-month, the market showed some positive movement. The number of rented properties increased 1.8% from April to May, while the median rental price rose 1.7%.
One shift is the increase in average days on market. Rentals took an average of 28 days to lease in May 2026, four days slower than the same time last year and two days slower than April 2026. This is not a significant change, but property owners looking to quickly fill vacancies, this reinforces the importance of strategic pricing, strong presentation, and proactive marketing to minimize vacancy time.
Properties also continued to lease very close to asking price, receiving 99.8% of the listed rent in May compared to 99.9% in both prior comparison periods. Accurately pricing a rental from the start remains key to attracting qualified tenants and avoiding extended vacancy. As of June 22nd, there are 593 available long-term rentals on O’ahu, up 14% from last month.
Overall, May’s rental market reflects a balanced but slightly more deliberate environment. Rents are still rising, and landlords are achieving nearly full asking price, but tenants appear to be moving with more caution. For owners, the opportunity remains strong, but success will depend on thoughtful pricing, polished marketing, and responsiveness to current market conditions.
Long-Term Rentals Year-Over-Year: May 2026 vs. May 2025
- 455 Rented, down 4.8%
- $2,900 Median Rental Price, up 3.5%
- 28 Average Days on Market, 4 days slower
- Received 99.8% of Asking Price vs. 99.9%
Long-Term Rentals Month-Over-Month: May 2026 vs. April 2026
- 455 Rented, up 1.8%
- $2,900 Median Rental Price, up 1.7%
- 28 Average Days on Market, 2 days slower
- Received 99.8% of Asking Price vs. 99.9%
Oahu Luxury Rental Market Overview
The luxury rental segment ($4,000+/month) showed strong momentum in May, with notable growth in both activity and pricing on a year-over-year basis despite signs of a more measured pace in leasing timelines. Compared to May 2025, luxury rental activity increased 21.7%. This indicates a clear uptick in demand at the higher end of the market. At the same time, the median rental price climbed 6.6% to $4,800, reinforcing that well-positioned luxury properties continue to command premium pricing and attract qualified tenants.
Month-over-month, the data reflects a surge in leasing activity, with rentals up 38.2% from April to May. However, properties are taking longer to lease. Average days on market increased to 37 days. This is six days slower than last year and ten days slower than April. This trend suggests that while demand is strong, luxury renters are moving more deliberately, likely weighing options more carefully given the higher price point. As of June 22nd, there are 178 available luxury long-term rentals on O’ahu, up 11.9% from last month.
Overall, the luxury rental market remains healthy and active, with strong year-over-year gains in both volume and pricing. At the same time, longer leasing timelines suggest a shift toward a more selective tenant pool. For property owners, success in this market will come from thoughtful pricing strategies, elevated marketing, and a focus on showcasing the unique lifestyle and value each property offers.
Luxury Long-Term Rentals ($4,000+/mo) Year-Over-Year: May 2026 vs. May 2025
- 112 Rented, up 21.7%
- $4,800 Median Rental Price, up 6.6%
- 37 Average Days on Market, 6 days slower
- Received 99.8% of Asking Price vs. 100%
Luxury Long-Term Rentals ($4,000+/mo) Month-Over-Month: May 2026 vs. April 2026
- 112 Rented, up 38.2%
- $4,800 Median Rental Price, down 1.0%
- 37 Average Days on Market, 9 days slower
- Received 99.8% of Asking Price, no change
Highest Rented Single-Family Home
Lanikai, Kailua
4 bedrooms | 4 bathrooms | 2,782 sq ft living
Why this property is spectacular: This stunning single-family residence spans over 10,000 square feet of land, offering direct access to the pristine beach. The home features 4 spacious bedrooms, 4 luxurious bathrooms, a gourmet kitchen, and expansive open living spaces with vaulted ceilings. Step onto the large lanai to take in breathtaking ocean views, including the iconic Mokulua Islands. The primary suite is a true sanctuary, complete with its own private lanai, celestial skylights, and intricate architectural touches, such as stained glass, custom stonework, and exquisite finishes throughout.
Rented for: $17,000/month after 219 days on market (521 CDOM).
Source: State Tax Office & Bureau of Conveyances
Highest Rented Condo
Park Lane, Ala Moana
2 bedrooms | 2.5 bathrooms | 1,648 sq ft living
Why this property is spectacular: Experience luxury island living at Park Lane Ala Moana. Enjoy resort-style amenities including a pool and spa, sauna and steam rooms, fitness and yoga studios, BBQ cabanas, private dining rooms, wine bar access, theater room, guest suites, concierge services, 24-hour security, and convenient storage options. Located with private access to Ala Moana Center and just steps from Ala Moana Beach Park and Magic Island, this home offers unmatched convenience near world-class shopping, dining, beaches, and outdoor recreation-all in one of Honolulu’s most prestigious communities.
Rented for: $12,000/month after 21 days on market (142 CDOM).
Source: State Tax Office & Bureau of Conveyances
Your Hawaii Property Management Experts
Doug T. Davis is an Oahu-based Broker-in-Charge with 45+ years of experience, over 2,000 closed transactions, and more than $1 billion in career sales. He specializes in complex real estate transactions, as well as property management and estate management. Known for navigating high-stakes and challenging deals across all property types, Doug is a trusted resource for clients who need experience-driven results.
Caron B Realty International provides luxury property management and estate management services across Oahu, with a specialized focus on long-term luxury rentals. With more than 10 years of property management experience, the firm has leased over 70 properties and currently manages over 40 residential units. Our team focuses on high-end homes, second residences, and investment properties, working closely with mainland and international owners seeking consistent, long-term rental performance. Our company’s management strategy is built around securing stable, high-quality tenants and maximizing long-term returns. 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
