How Much Can You Expect to Pay for a Maui Rental?May 26, 2016, 9:34 AM HST · Updated May 27, 12:46 PM Alexandra Mitchell · 0 Comments
In the past 10-plus years, the Maui rental market has become more challenging. It’s not just because there’s a lack of Maui rental housing available; it’s due to a combination of issues.
One of the main issues that makes it so hard to find rental housing in Maui is affordability. Although there are many single-family homes on the market, rental prices are becoming more expensive.
A modest, two-bedroom rental rental under 800 square feet in a rural area like Ha‘ikū that would have gone for $1,200 a month a few years ago would now rent for upwards of $1,600 a month.
If you follow suggested rent equations (your rent should be 30% of your monthly income), you would need to be making over $4,000 a month to be able to afford that rental.
So, why have Maui rental prices increased so drastically in recent years?
Inflation could be one easy answer, but there’s more to it.
Landlords see that the Maui rental market is tough—and they have options.
One option that property owners have is to use their Maui rentals as vacation rentals on websites like Airbnb, Homeaway and VRBO.
When using your two-bedroom rental as a vacation property for Maui visitors, owners get used to making that $100 to $200 or more a night. If they’re booked out solid for a whole month, they can make almost $6,000—a long-term rental would earn $1,600 a month.
But due to changes and strict enforcement of the legalities of Maui County short-term transient rentals and B&B permits, we are now seeing more rentals back on the market. This is a good thing.
However, landlords still want top dollar for long-term rentals, and now more are offering them furnished. Long-term renters on Maui usually have their own furniture… so, that’s a pretty common and annoying situation that Maui residents looking for housing come across these days.
Another challenge is finding a Maui rental that allows kids and pets. We know that it is totally illegal to deny rent to a family with kids, but landlords do it every day because it’s a renter’s market. They can pick and choose whoever they want to rent their Maui home.
Finding a rental that allows pets is a gigantic challenge on Maui. Unfortunately, due to some irresponsible tenants, landlords have become jaded about renting to pet owners, especially to owners of certain breeds.
So, how much can you expect to pay for rent on Maui?
According to Rentometer.com, you’ll be paying a lot.
Below is a brief overview of how much rent costs around Maui.
Average – $1,335 per month
Median – $1,150 per month
80% – $772 to $2,170 per month
60% – $788 to $1,883 per month
Average – $1,465 per month
Median – $1,475 per month
80% – $941 to $1,990 per month
60% – $1,122 to $1,809 per month
2-Bedroom Single-Family Home
Average – $1,666 per month
Median – $1,625 per month
80% – $1,260 to $2,072 per month
60% – $1,400 to $1,932 per month
3-Bedroom Single-Family Home
Average – $2,434 per month
Median – $2,400 per month
80% – $1,607 to $3,261 per month
60% – $1,892 to $2,976 per month
4-Bedroom Single-Family Home
Average – $3,205 per month
Median – $3,500 per month
80% – $1,970 to $4,441 per month
60% – $2,395 to $4,016 per month
As you can see, it’s not cheap to live on Maui! In some cases, especially with the monthly averages to rent a four-bedroom home, renters are basically paying a mortgage.
With no end of increasing rental prices in sight, what are Maui renters to do?
Suggestions for Maui Landlords
Be a fair landlord.
Don’t discriminate renters with kids and pets.
If you need more assurance, ask your perspective tenants to provide you with past rental references, renters insurance or a separate pet deposit.
Be willing to compromise.
Suggestions for Maui Renters
Start saving your money!
Try to stay positive; you will eventually find something.
Be a responsible tenant; pay your rent on time, take care of your rental property, and be a responsible pet owner.
Also, be willing to compromise.
Mahalo for reading Maui Now’s “How Much Can You Expect to Pay for a Maui Rental?” article!
What does everyone think about this? Let us know your thoughts, rental experiences and any suggestions in the comment section below…