Rent Tracker
Rent Inflation in Urban Honolulu, HI
The average asking rent in Urban Honolulu, HI is $2,918/month as of 2026-04. That is +5.9% compared to a year ago.
Source: Zillow Observed Rent Index (ZORI) | zillow.com/research
Current Avg Rent
$2,918/mo
as of 2026-04
Year-over-Year Change
+5.9%
24-Month Rent Trend
Monthly ZORI index values for Urban Honolulu, HI.
| Month | Avg Asking Rent | Change from Prior Month |
|---|---|---|
| 2026-04 | $2,918 | +1.78% |
| 2026-03 | $2,867 | +0.28% |
| 2026-02 | $2,859 | +0.85% |
| 2026-01 | $2,835 | -0.07% |
| 2025-12 | $2,837 | -0.04% |
| 2025-11 | $2,838 | +0.11% |
| 2025-10 | $2,835 | +0.50% |
| 2025-09 | $2,821 | +0.53% |
| 2025-08 | $2,806 | +0.11% |
| 2025-07 | $2,803 | +0.21% |
| 2025-06 | $2,797 | +0.79% |
| 2025-05 | $2,775 | +0.69% |
| 2025-04 | $2,756 | +0.84% |
| 2025-03 | $2,733 | +0.04% |
| 2025-02 | $2,732 | +0.74% |
| 2025-01 | $2,712 | -0.11% |
| 2024-12 | $2,715 | +0.33% |
| 2024-11 | $2,706 | +0.07% |
| 2024-10 | $2,704 | +0.52% |
| 2024-09 | $2,690 | +0.45% |
| 2024-08 | $2,678 | +0.19% |
| 2024-07 | $2,673 | +0.34% |
| 2024-06 | $2,664 | +0.34% |
| 2024-05 | $2,655 | — |
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