Sunday, November 26, 2006

Rental market cooling on O'ahu

The same day the Advertiser reports on the shifting housing market, it reports that the average rise in rental rates this year is the smallest in six years:
Average asking rent for available housing, including single-family houses, townhouses and apartments, is up 2 percent to $1,661 from $1,628 last year, according to the report by local market researcher Ricky Cassiday.

For renters, it's a big improvement over the previous four years, when average asking rents jumped 10 percent to 18 percent per year.
I wouldn't call it a renter's market just yet, but our rent didn't increase at all when we resigned in August. Right now we're paying $1750/month for a 3 bedroom condo that would be $500k in today's market. We're sitting tight and investing the difference between our rent and our potential mortgage payment (15 year $400k mortgage at 5.75% is $3300/month). Once prices hit 2002 levels, we'll be back in the market!


At 8:32 PM, Anonymous Anonymous said...

Today’s report on Sacramento has been released!
Daily Home Price Analysis


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