Rent Tracker
Rent Inflation in Urban Honolulu, HI
The average asking rent in Urban Honolulu, HI is $3,004/month as of 2026-07. That is +4.6% compared to a year ago.
Source: Zillow Observed Rent Index (ZORI) | zillow.com/research
Current Avg Rent
$3,004/mo
as of 2026-07
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 |
|---|---|---|
| 2026-07 | $3,004 | -0.23% |
| 2026-06 | $3,011 | +0.70% |
| 2026-05 | $2,990 | +0.23% |
| 2026-04 | $2,983 | +1.39% |
| 2026-03 | $2,942 | +0.27% |
| 2026-02 | $2,934 | +0.72% |
| 2026-01 | $2,913 | +0.00% |
| 2025-12 | $2,913 | +0.00% |
| 2025-11 | $2,913 | +0.21% |
| 2025-10 | $2,907 | +0.45% |
| 2025-09 | $2,894 | +0.59% |
| 2025-08 | $2,877 | +0.21% |
| 2025-07 | $2,871 | +0.17% |
| 2025-06 | $2,866 | +0.63% |
| 2025-05 | $2,848 | +0.64% |
| 2025-04 | $2,830 | +0.86% |
| 2025-03 | $2,806 | +0.25% |
| 2025-02 | $2,799 | +0.57% |
| 2025-01 | $2,783 | -0.18% |
| 2024-12 | $2,788 | +0.22% |
| 2024-11 | $2,782 | +0.22% |
| 2024-10 | $2,776 | +0.58% |
| 2024-09 | $2,760 | +0.44% |
| 2024-08 | $2,748 | — |
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