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Study: Average Honolulu rents down

November 11th, 2009 by Rick

The sluggish economy is beginning to be felt in the local rental market, according to a recently launched website.

Rentjungle.com, a Pittsburgh, Pa.-based apartment search site, said that average local rents dropped about 3.4 percent over three months to about $1,550 in September. (See:)

Percentagewise, the drop put Honolulu in a tie with Hartford, Conn. for 10th largest decline in the country for the July-September period.

According to the website, the average monthly rent for a one-bedroom apartment in Honolulu was $1,226 last month while two bedrooms went for about $1,636. The average listing for a three-bedroom rental was $2041 in October.

Rentjungle.com, which launched its site in July, based its Honolulu study on 3,000 rental listings that appear in various classified ads and websites. Nationwide, the company has a database of about 1 million listings.

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This entry was posted on Wednesday, November 11th, 2009 at 1:25 am and is filed under Biz Bites. You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.

2 Responses to “Study: Average Honolulu rents down”

  1. Keahi Pelayo:
    November 12th, 2009 at 9:50 am

    The payment on $100,000 at 5.0% amortized over 30 years is $537 a month. The average rent, before taxes, will carry about $290,000 in mortgage. You can buy a place for that amount. Good time to buy and stop renting.
    Aloha,
    Keahi


  2. Click:
    December 11th, 2009 at 4:13 am

    Hi, i just thought i'd post and let you know your blogs layout is really messed up on the K-Melon browser. Anyhow keep up the good work.