Rent Tracker
Rent Inflation in Urban Honolulu, HI
The average asking rent in Urban Honolulu, HI is $3,038/month as of 2026-06. That is +5.4% compared to a year ago.
Source: Zillow Observed Rent Index (ZORI) | zillow.com/research
Current Avg Rent
$3,038/mo
as of 2026-06
Year-over-Year Change
+5.4%
24-Month Rent Trend
Monthly ZORI index values for Urban Honolulu, HI.
| Month | Avg Asking Rent | Change from Prior Month |
|---|---|---|
| 2026-06 | $3,038 | +0.73% |
| 2026-05 | $3,016 | +0.23% |
| 2026-04 | $3,009 | +1.69% |
| 2026-03 | $2,959 | +0.31% |
| 2026-02 | $2,950 | +1.10% |
| 2026-01 | $2,918 | -0.03% |
| 2025-12 | $2,919 | -0.03% |
| 2025-11 | $2,920 | -0.14% |
| 2025-10 | $2,924 | +0.48% |
| 2025-09 | $2,910 | +0.52% |
| 2025-08 | $2,895 | +0.14% |
| 2025-07 | $2,891 | +0.28% |
| 2025-06 | $2,883 | +0.70% |
| 2025-05 | $2,863 | +0.67% |
| 2025-04 | $2,844 | +0.85% |
| 2025-03 | $2,820 | +0.18% |
| 2025-02 | $2,815 | +0.68% |
| 2025-01 | $2,796 | -0.18% |
| 2024-12 | $2,801 | +0.32% |
| 2024-11 | $2,792 | +0.14% |
| 2024-10 | $2,788 | +0.40% |
| 2024-09 | $2,777 | +0.43% |
| 2024-08 | $2,765 | +0.18% |
| 2024-07 | $2,760 | — |
Why Rent Inflation Matters
Shelter is the single largest component of the official CPI, accounting for roughly one-third of the index. But the BLS shelter index tends to lag real-market rent changes by 12–18 months because it measures rents paid by all tenants — including long-term renters locked into old leases. ZORI measures asking rents for new leases, making it a timelier signal of where CPI shelter inflation is headed.
When ZORI is rising sharply in your city, it is a leading indicator that official shelter inflation — and therefore overall CPI — will remain elevated in coming months.
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Data Source
Rent data uses the Zillow Observed Rent Index (ZORI), a smoothed measure of typical market-rate asking rents updated monthly by Zillow Research. ZORI covers single-family homes, condos, and co-ops and reflects asking rents for new leases — making it a more timely indicator than the lagged BLS shelter index. zillow.com/research | Money & Prices