Figures

Honolulu Multifamily Figures Q1 2024

June 28, 2024 3 Minute Read

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MARKET SUMMARY

‒The overall occupancy rate increased 30 basis points (bps) to 92.7% in Q1 2024.
‒The average effective rent increased $47 to $2,899 per unit which represents a 3.0% increase on a year-over-year basis.
‒Development activity remains muted with just 23 new units delivering in Q1 2024. This will increase, but supply pressures are minimal with fewer than 2,000 units underway and expected to deliver over the next two years.
‒In the near-term, supply and demand dynamics will allow vacancy rates to drift higher and rent growth will remain muted as property owners forgo rent increases to grow or preserve occupancy.
‒Demand-side tailwinds such as population and income growth, higher cost of home-ownership and a pullback in new developments breaking ground, will support healthy fundamentals over the medium- and long-term.