For over a year now, many rental proeprties on Oahu have
had to lower rental prices in order to get renters. Our market is directly
affected by the military presence here - more soldiers and their families have
been moved off island than have come in. In addition, new batches of housing
have become available on base for those families that are here - which has
significantly decreased not only the demand in the rental market but also the
money available from renters.
Keeping a higher price means your property will most
likely sit vacant longer. In the past when demand was higher than supply, we
would get multiple applications for one property, and properties would rent in
one to two weeks.
Today, when we show a property, we get feedback that the
potential tenant is looking at 5-10 other units that same day/week, and we have
seen many rentals sit for several months empty. It's rare to receive
applications these days, and we are not the only company seeing this. This is
being seen across the island for all types of properties and from all property
management companies.
Having a nice unit
in a good location will not be enough to get a good renter these days. Price is
one of the biggest factors because of the large amount of inventory. Keep this in mind when pricing your rental unit in today's market.
Amanda Frazier, R, RMP (RB-21435)
Cornerstone Properties
Property Manager and Chief
Operating Officer
