It remains to be seen whether the long-term rental inventory will increase drastically come the end of October of this year when the new law limiting short term rentals changes from 30 to 90 days and longer. It would certainly be expected to have some kind of increase as the majority of short-term rentals will change to long-term renting to make ends meet; some may decide to sell.
If some persist trying to rent out for 90 days, they would be lucky to rent two times a year – once for the winter and once for the summer but that’s a lot of vacancy in between. And the homes have to be kept up in between to keep everything in working order.
Rentals Available as of July 15:
- 729 Long Term Available, 596 Rented in the Last 30 Days
- 35 Short Term Available, 2 Rented in the Last 30 Days
- 12 Vacation Available, 0 Rented in the Last 30 Days
Long-Term Rentals Information- Past 30 Days Compared to the Same Time Last Year:
- 596 Rented, down 4%
- $2,425 Median Rental Price, up 10.2%
- 28 Average Days on Market, 5 Days Slower
- Received 100% of Rental Price
Luxury ($4,000+/mo) Long-Term Rentals Information:
- 47 Rented, down 2%
- $4,550 Median Rental Price, up 1%
- 28 Average Days on Market, 5 Days Slower
- Received 100% of Asking Price
Highest Rental in Past 30 Days:
Park Lane, Ala Moana #8805
3 Bedrooms/3.5 Bathrooms/2,713 sq ft living
Rented for $25,000/mo
Sky Residence 8805 is a gorgeous 3BR/3.5 bath with over 2700sf of living space & has a spacious 358sf outdoor lanai perfect for entertaining & watching the surf. Designed by well-known Hitoshi Tomoda from Estile, this floor plan takes advantage of the natural light that flows throughout giving you the sense of a single family home in a resort setting.
Lavishly appointed with designer furniture from Italy, Subzero & Wolf appliances, 100+ wine refrigerator, double pantry, Sonos sound system throughout, customized closet systems & motorized window coverings.
Enjoy the incomparable amenities at Park Lane which include men’s & women’s spa’s, outdoor hot & cold plunge pools, movement studio, private training room, massage rooms, heated lap pool, fitness center, BBQ Cabana’s, guest suites, cinema screening room and more.
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
