While there was a decrease in rentals in January 2024 compared to January 2023, the number of rentals increased from December 2023 to this past January. In both time period comparisons, median price was up but properties rented slightly slower.
In the luxury market, there were notable increases in the number of rented properties, especially month-over-month. However, the median rental price was slightly down and properties took significantly more time to rent.
Long-Term Rentals Year-Over-Year: January 2024 vs. January 2023
- 445 Rented, down 13%
- $2,650 Median Rental Price, up 10.4%
- 33 Average Days on Market, 2 days slower
- Received 99.7% of Asking Price vs. 99.9%
Long-Term Rentals Month-Over-Month: January 2024 vs.December 2023
- 445 Rented, up 14.4%
- $2,650 Median Rental Price, up 6%
- 33 Average Days on Market, 2 days slower
- Received 99.7% of Asking Price vs. 99.8%
Luxury Long-Term Rentals ($4,000+/mo) Year-Over-Year: January 2024 vs. January 2023
- 63 Rented,up 21.1%
- $4,500 Median Rental Price, down 5.2%
- 47 Average Days on Market, 15 days slower
- Received 99.9% of Asking Price vs. 100%
Luxury Long-Term Rentals ($4,000+/mo) Month-Over-Month: January 2024 vs.December 2023
- 63 Rented,up 80%
- $4,500 Median Rental Price, down 2.1%
- 47 Average Days on Market, 16 days slower
- Received 99.9% of Asking Price vs. 99.8%
Highest Rented Single-Family Home
Kahala, Diamond Head
4 bedrooms | 5.5 bathrooms | 4,529 sq ft living | 9,800 sq ft land
Why this property is spectacular: Main Bedroom on 1st Floor, Entry, Landscaped, Patio/Deck, Storage, Wall/Fence. Garden, Mountain view. within 10-minutes to a sandy beach. A large swimming pool, spa and almost one story waterfall enjoys daytime sunshine, and finished covered outdoor barbeque lanai area which beckons family and friends to gather.
Rented for: $20,000/month after 57 days on market.
Source: State Tax Office & Bureau of Conveyances
Picture from Honolulu Board of Realtors
Highest Rented Condo
Hokua at 1288 Ala Moana, Kaka’ako
3 bedrooms | 2.5 bathrooms | 2,325 sq ft living
Why this property is spectacular: Gorgeous and unobstructed ocean views on the 29th floor at Hokua. This unit features stainless steel Subzero/Wolf appliances, washer/dryer, walk-in closets, hardwood flooring, floor to ceiling windows, central AC, safe, and a storage unit. Amenities include: 24/7 security, BBQ cabanas, fitness center, pool and deck, tennis court, guest suites, & more! Convenient location within walking distance of Ward Village, South Shore market restaurants, beaches, and Ala Moana Shopping Center.
Rented for: $8,750/month after 15 days on market.
Source: State Tax Office & Bureau of Conveyances
*Picture is a stock photo from Hokua.net. It is not the actual unit rented.
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
