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Rents are DOWN on Oahui!!!!!
                 
Supply of Rentals is UP!  Rents are coming Down in Hawaii!   Well, a little bit!!!  
Most of us in the property management business have recently recognized that the market has softened and that we are not getting the number of qualified tenants applying for a rental to which we have grown accustomed over the past several years.   Mostly, we have attributed it to home owners who, being unable to roll their investment homes quickly, have put them on the rental market.  But there may be more to this than meets the eye of the casual observer. 
According to the Hawaii's Business Today suppplement in the "Honolulu Advertiser", a recent "study shows rents dipped 1% last year".   My guess is they have already dipped more than that this year.   This dip last year represents the first dip in over nine years according to Ricky Cassiday, a local housing market researcher.  Cassiday says that rents dropped to $1,608 in 2007 from $1,629 in 2006.  That doesn't seem like much, but it is significant  to the property manager who is experiencing more difficulty in placing rentals quickly and is seeing homes languash on the market for two to three weeks whereas we ... more

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