Rent Tracker
Rent Inflation in Urban Honolulu, HI
The average asking rent in Urban Honolulu, HI is $3,020/month as of 2026-08. That is +4.6% compared to a year ago.
Source: Zillow Observed Rent Index (ZORI) | zillow.com/research
Current Avg Rent
$3,020/mo
as of 2026-08
Year-over-Year Change
+4.6%
24-Month Rent Trend
Monthly ZORI index values for Urban Honolulu, HI.
| Month | Avg Asking Rent | Change from Prior Month |
|---|---|---|
| 2026-08 | $3,020 | +0.17% |
| 2026-07 | $3,015 | -0.23% |
| 2026-06 | $3,022 | +0.67% |
| 2026-05 | $3,002 | +0.23% |
| 2026-04 | $2,995 | +1.39% |
| 2026-03 | $2,954 | +0.31% |
| 2026-02 | $2,945 | +0.75% |
| 2026-01 | $2,923 | +0.03% |
| 2025-12 | $2,922 | +0.03% |
| 2025-11 | $2,921 | +0.17% |
| 2025-10 | $2,916 | +0.41% |
| 2025-09 | $2,904 | +0.55% |
| 2025-08 | $2,888 | +0.21% |
| 2025-07 | $2,882 | +0.14% |
| 2025-06 | $2,878 | +0.66% |
| 2025-05 | $2,859 | +0.60% |
| 2025-04 | $2,842 | +1.00% |
| 2025-03 | $2,814 | +0.14% |
| 2025-02 | $2,810 | +0.64% |
| 2025-01 | $2,792 | -0.25% |
| 2024-12 | $2,799 | +0.32% |
| 2024-11 | $2,790 | +0.18% |
| 2024-10 | $2,785 | +0.54% |
| 2024-09 | $2,770 | — |
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