There was a significant decrease in the number of rented properties in both the general and luxury markets in December. Rental prices stayed about the same, although they decreased in the luxury market compared to November. The number of available rentals is also down compared to the past few months. Properties continue to receive nearly 100% of their asking price.
Long-Term Rentals Year-Over-Year: December 2023 vs. December 2022
- 387 Rented, down 15.6%
- $2,500 Median Rental Price, no change
- 32 Average Days on Market, 1 Day faster
- Received 99.8% of Asking Price, no change
Long-Term Rentals Month-Over-Month: December 2023 vs. November 2023
- 387 Rented, down 17.3%
- $2,500 Median Rental Price, down 1.9%
- 32 Average Days on Market, 2 Days slower
- Received 99.8% of Asking Price vs 99.7%
Luxury Long-Term Rentals ($4,000+/mo) Year-Over-Year: December 2023 vs. December 2022
- 35 Rented, down 40.6%
- $4,600 Median Rental Price, no change
- 31 Average Days on Market, 12 days faster
- Received 99.8% of Asking Price vs. 100%
Luxury Long-Term Rentals ($4,000+/mo) Month-Over-Month: December 2023 vs. November 2023
- 35 Rented, down 25.5%
- $4,600 Median Rental Price, down 4.1%
- 31 Average Days on Market, 13 days faster
- Received 99.8% of Asking Price vs. 99.4%
Highest Rented Single-Family Home
Kahala, Diamond Head
3 bedrooms | 2 bathrooms | 2,196 sq ft living | 10,291 sq ft land
Why this property is spectacular: Just a few feet from Hunakai park – a private Kahala neighborhood park. Quiet street, off the main roads, great neighborhood, single level home, ready to move into. Spacious interior, spacious primary bedroom, two other bedrooms, open floor plan living and dining, with an incredible covered outdoor patio in the backyard. A white picket fence, fruit trees, and manicured grass, Split AC, window AC’s complete this home.
Rented for: $7,800/month after 60 days on market.
Highest Rented Condo
Hokua at 1288 Ala Moana, Kaka’ako
2 bedrooms | 2 bathrooms | 1,524sq ftliving
Why this property is spectacular: Enter your unit with unobstructed ocean views, with the best location and a high standard of service. Amenities include a swimming pool and jacuzzi, private BBQ cabanas, tennis courts, fitness center, Ocean Terrace recreation room with full kitchen, 5 Guest Suites and more! Enjoy the wonderfully convenient location in Kaka’ako, the new heart of Honolulu. Ala Moana Beach Park, Ala Moana Shopping Center, Ward Theaters, and Farmer’s Markets all within a stone throw’s distance!
Rented for: $6,000/month after 60 days on market.
Source: State Tax Office & Bureau of Conveyances
Picture from Honolulu Board of Realtors
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
