Location: Urban Honolulu, HI | Metro: Urban Honolulu, HI MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,830 |
| 1 Bedroom | $1,950 |
| 2 Bedrooms | $2,540 |
| 3 Bedrooms | $3,520 |
| 4 Bedrooms | $4,250 |
| 5 Bedrooms | $4,930 |
| 6 Bedrooms | $5,522 |
| 7 Bedrooms | $5,964 |
| 8 Bedrooms | $6,262 |
The market in ZIP 96803, located in Unknown, HI, presents a unique dynamic that frames it as a market in motion. With a Fair Market Rent (FMR) set at $2390 for fiscal year 2024, landlords and small-portfolio investors should take note of the potential rental income this area offers. However, the lack of data on current market rents, price-cut share, days on market (DOM), and median home value indicates a less active real estate market.
The absence of these critical metrics suggests that either the data is not fully reported, or there is a lower volume of transactions occurring in this ZIP code. This could be due to several factors, including limited new listings, a smaller population, or other regional economic conditions. Regardless, the FMR provides a benchmark for rental pricing, ensuring that landlords can charge rates that reflect the local cost of living.
A notable piece of missing information is the percentage of renters in the area. In many markets, a high renter share signals long-term housing pressure, indicating that there is a steady demand for rental properties. Conversely, a low renter share might suggest that homeownership is more prevalent, which could mean that rental demand is less consistent. The unknown renter share in ZIP 96803 leaves room for speculation but does not provide enough clarity to determine if supply outpaces demand or vice versa.
Without comprehensive data on supply and demand indicators, it's difficult to ascertain whether the market leans towards an oversupply or shortage of rental units. However, the FMR figure alone implies that the area has a significant rental component, likely due to its geographic location and the associated cost of living.
In summary, ZIP 96803 appears to be a market where rental opportunities are present, given the established FMR, but the incomplete data suggests a less active real estate sector overall. Landlords and investors must consider the limited transactional activity when evaluating the potential for growth or stability in their investment portfolios.
Data Sources: FMR data from HUD (2027).
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.