Location: Kahului-Wailuku-Lahaina, HI | Metro: Kahului-Wailuku-Lahaina, HI HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,980 |
| 1 Bedroom | $2,170 |
| 2 Bedrooms | $2,840 |
| 3 Bedrooms | $3,580 |
| 4 Bedrooms | $4,430 |
| 5 Bedrooms | $5,139 |
| 6 Bedrooms | $5,756 |
| 7 Bedrooms | $6,216 |
| 8 Bedrooms | $6,527 |
U.S. Census Bureau data (2024)
The rent math in ZIP 96790, located in the Kahului-Wailuku-Lahaina, HI HUD Metro FMR Area, is favorable for landlords. The Fair Market Rent (FMR) set at $2070 for FY 2024 is slightly below the market rent of $2,126 based on Census ACS data. This indicates that rental properties are priced slightly above the benchmark, providing a margin for landlords.
Acquisition in this area is moderately affordable. The median home value stands at $1,325,442. However, the lack of available days on market (DOM) and the low percentage of homes that have been price-cut (0.2%) suggest that the housing market is tight, with limited opportunities for bargain purchases.
Tenant demand in ZIP 96790 is strong. With a population of 9,756, the renter share is substantial at 32.2%. This translates to over 3,140 potential renters, ensuring a robust pool of tenants for rental properties.
In conclusion, ZIP 96790 offers a balanced opportunity for landlords and small-portfolio investors. The slight premium in market rent over FMR ensures profitability, though the high median home value suggests that acquisitions will be costly. The strong tenant demand, driven by a significant renter share, provides assurance of occupancy. For those willing to invest in higher-value properties, the combination of favorable rent math and strong demand makes this a viable market.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.