Hawaii Beach house rentals up in May
Bamboo house rentals have surged to their highest level in six months in the Hawaiian Islands as summer temperatures are expected to reach their highest in decades.
Hawaii’s Bureau of Land Management said Tuesday that there were more than 300 properties available for rent at this time last year, the highest number in six years.
The number of rentals is up from last year when there were only 70 properties available.
“That is unprecedented in our county history,” said Chris Gresham, BMD’s Hawaii chief of staff.
“It is going to continue to grow as temperatures continue to rise.”
The bureau says the number of BMD properties available to rent rose 6.5% to 8,917 in May, an increase of more than 20% from the year before.
The bureau says there are now about 6,000 properties available in the state, more than double the number in March.
The boom is also creating a new cottage industry for locals to find homes for rent.
The Honolulu office of Rental Properties International said that for every 2,000 units available in May it had rented 3,000 of those units.
Rental companies say that the boom in rentals is giving them more income, and a better chance of finding homes.
But there are some renters who are worried about what their future could hold.
One BMD owner, who did not want to be identified, said that while she was looking for a home to rent, she thought it would be a good idea to get a rental property out of the way.
“If they are going to build a lot of condos, then I don’t think you should be renting your home out,” she said.
“You have to buy your home.
That is how you live your life.”