HONOLULU (KHON2) — While the rise in rent showed signs of slowing down at the end of last year, January 2022 data has rent hitting yet another all-time high.
According to recent rent report by Zumper, the online rental listing platform, median one-bedroom rent went up 12% year-over-year nationally. The median two-bedroom rent is up 14.1% year-over-year. Can you guess what the median rent in Honolulu is?
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In January’s data, Honolulu’s median one-bedroom rent rose to $1,660, that’s up 13.7% year-over-year. The median two-bedroom rent rose to $2,190, up 15.3% year-over-year. Out of 100 cities, Honolulu came in 17th in Zumper’s National Rent Report for rent growth.
New York currently ranks first with median one-bedroom rent rising to $3,260, up 25.4% year-over-year. San Francisco came in second with the median rent for a one-bedroom at $2,850, up 6.3% year-over-year. Boston came in third, with the median rent for a one-bedroom rising to $2,720.
Click here to see the full data.
According to the report, the sudden increase in housing demand since the pandemic hit in March 2020 exacerbated what was already a national shortage dating back to the financial crisis in 2008.
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The housing shortage is expected to continue to push rent up in 2022.