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Oahu property rentals increased in March compared to February but were down notably compared to March 2023. Properties rented a few days quicker in March compared to both time periods. Median rental price decreased year-over-year but increased slightly from February. The number of available rentals is up 6% from last month.
In the luxury market, the number of sales increased compared to both last month and March 2023. Properties rented a few days quicker in March compared to both time periods. There was no change in median price compared to February but a slight decreased from March 2023.
Long-Term Rentals Year-Over-Year: March 2024 vs. March 2023
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- 429 Rented, up 6.1%
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- $2,500 Median Rental Price, down 3.8%
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- 25 Average Days on Market, 4 days faster
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- Received 99.8% of Asking Price vs 99.7%
Long-Term Rentals Month-Over-Month: March 2024 vs. February 2024
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- 429 Rented, down 18.9%
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- $2,500 Median Rental Price, up 2.0%
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- 25 Average Days on Market, 3 days faster
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- Received 99.8% of Asking Price vs 99.8%
Luxury Long-Term Rentals ($4,000+/mo) Year-Over-Year: March 2024 vs. March 2023
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- 60 Rented, up 7.1%
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- $4,500 Median Rental Price, down 4.2%
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- 30 Average Days on Market, 4 days faster
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- Received 99.5% of Asking Price vs. 99.3%
Luxury Long-Term Rentals ($4,000+/mo) Month-Over-Month: March 2024 vs. February 2024
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- 60 Rented, up 30.4%
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- $4,500 Median Rental Price, no change
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- 30 Average Days on Market, 2 days faster
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- Received 99.5% of Asking Price vs. 99.0%
Highest Rented Single-Family Home
Lanikai, Kailua
5 beds | 5 baths | 3,908 SF living | 10,500 SF land
Why this property is spectacular: Escape to the idyllic shores of Lanikai with this private, fully-furnished retreat just steps away from the world-famous Lanikai Beach. Revel in breathtaking Mokulua views and indulge in the epitome of island living. Modern kitchen with 2 large pantries. Expansive backyard with pool, spa, covered lanai, and 70″ outdoor TV. Propane grill, large dining table, and beverage refrigerator for outdoor entertaining. Pool table, wine refrigerator, 2 kayaks with paddles, and board storage, garage freezer, optional mesh pool gate, pool chairs, and LED umbrellas.
Rented for: $15,000/month after 4 days on market.
Source: State Tax Office & Bureau of Conveyances
Picture from Honolulu Board of Realtors
Highest Rented Condominium
Waiea, Kaka’ako
3 beds | 2.5 baths | 2,015SF living
Why this property is spectacular: Introducing an exquisite Diamond Head-facing fully-furnished residence on the 19th floor of Waiea in the heart of Ward Village. Residents can indulge in a host of upscale amenities, including a fitness center, yoga room, steam room, sauna, theater, cabana, pool, indoor golf simulator, concierge service, and guest suites. For those who appreciate culinary delights, access to a catering and chef’s kitchen with a spacious dining room makes this residence the epitome of luxury and practicality in an unparalleled location.
Rented for: $14,000/month after 16 days on market.
Source: State Tax Office & Bureau of Conveyances
Picture from Honolulu Board of Realtors
We management 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
