Oahu rents twice
Only San Francisco is pricier,By Russ Lynch
a new study finds
Apartment rents in Honolulu are the second-highest in the nation and just over double the U.S. average, according to a new study.
The average Honolulu rent for a three-room apartment with one bedroom, one bathroom and a living room is $1,010 a month while the national average is $540 a month, according to a survey released this week by Runzheimer International, a Rochester, Wis.-based management consulting firm. The highest rents are found in San Francisco, where the average is $1,092 a month, the Runzheimer survey said. Boston, New York and Washington, D.C. are also at the high end of the scale, with monthly rents of $908, $882 and $860 respectively.
The lowest rents are in Dubuque, Iowa, $405 a month, and Tucson, Ariz., $465 a month, Runzheimer found. The firm said it surveyed apartments that are mostly in suburban communities surrounding cities.
Recent Hawaii reports suggest there may be some downward pressure on rental rates, as low mortgage interest and competitive pricing make it possible for more people to buy rather than rent. Some Oahu condominium units are available for monthly mortgage payments that are about equal to rents, real estate observers say.
However national reports, including those by Runzheimer, consistently show Hawaii at or near the top of the nation in home prices.