Rent Tracker
Rent Inflation in Urban Honolulu, HI
The average asking rent in Urban Honolulu, HI is $2,980/month as of 2026-05. That is +5.3% compared to a year ago.
Source: Zillow Observed Rent Index (ZORI) | zillow.com/research
Current Avg Rent
$2,980/mo
as of 2026-05
Year-over-Year Change
+5.3%
24-Month Rent Trend
Monthly ZORI index values for Urban Honolulu, HI.
| Month | Avg Asking Rent | Change from Prior Month |
|---|---|---|
| 2026-05 | $2,980 | +0.24% |
| 2026-04 | $2,973 | +1.71% |
| 2026-03 | $2,923 | +0.27% |
| 2026-02 | $2,915 | +0.87% |
| 2026-01 | $2,890 | -0.03% |
| 2025-12 | $2,891 | +0.00% |
| 2025-11 | $2,891 | +0.14% |
| 2025-10 | $2,887 | +0.45% |
| 2025-09 | $2,874 | +0.52% |
| 2025-08 | $2,859 | +0.11% |
| 2025-07 | $2,856 | +0.21% |
| 2025-06 | $2,850 | +0.74% |
| 2025-05 | $2,829 | +0.64% |
| 2025-04 | $2,811 | +0.82% |
| 2025-03 | $2,788 | +0.07% |
| 2025-02 | $2,786 | +0.69% |
| 2025-01 | $2,767 | -0.11% |
| 2024-12 | $2,770 | +0.36% |
| 2024-11 | $2,760 | +0.15% |
| 2024-10 | $2,756 | +0.58% |
| 2024-09 | $2,740 | +0.44% |
| 2024-08 | $2,728 | +0.18% |
| 2024-07 | $2,723 | +0.33% |
| 2024-06 | $2,714 | — |
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