Renters pay extra for car rental in Hawaii
Renters in Hawaii are paying an average of $12 more per month than they did in 2013, according to new data from the National Association of Realtors.
The average rent in Hawaii for a new rental car is $1,931, down from $2,895 in 2013.
Hawaii has the nation’s highest median rent, according the NAR, at $1.26 million.
The rental market is expected to remain volatile this year as the winter storm brings a surge in snow to the region, the Nars said.
The number of rental cars sold nationwide has declined, and Hawaii has lost some of its largest market share, with sales down 12% last year, according TOI.
The state had about 4 million rental vehicles in 2016, according its Department of Land and Natural Resources.
In 2018, the state reported that only 1.7% of rentals in the state were new, down nearly 10% from last year.
Renters can sign up to get a rental quote online, by calling the Hawaii Land and Transportation Department or by calling 800-633-3282.
“It’s definitely a market that is in the early stages,” said Jeff Johnson, a rental broker with Hawaiian Residential Realty Co. in Honolulu.
“A lot of people want to get into it as quickly as possible.”
The National Association for Realtor, which represents the rental industry, said it expects to have rental market data from Hawaii on the market for at least two weeks.
The NAR data is based on interviews with a representative sample of 1,600 owners and renters in Hawaii and California and other states that provide similar data.
Renting to Hawaii: The cost of renting on a rental carThe average monthly rent for a rental in California is $2.85 million, according data from REALTOR.com.
In Hawaii, it’s $1: $1 in 2018.
The price per month is higher than that of a comparable rental in a similar location in Nevada ($1.27 million), North Dakota ($1,634), Texas ($1 and $1 respectively), and Oregon ($1).
The average monthly rental for a similar rental in Florida is $3.15 million.
For comparison, the average monthly rate in New York is $5.99 million.
Rent on a commercial vehicle is the least expensive on the list.
The median monthly rent on a Honda Civic is $17,846, according a comparison of rental data from Rent.com and CARTRADE.com that shows the average cost per month.
In California, the Honda Civic, Ford Mustang, and Toyota Corolla have the highest median monthly rentals of $24,000.
The cheapest rental in the country is a Honda Accord, which has a monthly rent of $2 per month in the United States.