The state of Hawaii ranked #1 in the U.S. for the highest rental costs.  This would be the third straight year Hawaii as a state has finished #1.

The median monthly rent in Hawaii was $1,194 in 2007. California followed with a median rent of $1,078. New Jersey ranked third for its median rent of $1,026; Maryland, fourth, at $1,000 a month; and Nevada ranked fifth with its median rent at $980 a month.

I found the Honolulu Advertiser article a little humorous.  Here is an exerpt:

Rapoza’s husband, a banker, recently found a short-term rental in Waikiki — a studio with no parking for $1,650 a month — to live in until Nov. 1. But Rapoza questions whether she and her husband can find something more reasonable for a longer term. “We might not stay because of rents,” she said. “I really think we’ll come back to the Big Island.”

OK. First off, this rent comparison is for the ENTIRE STATE, so for them to find someone for dramatic effect that says they will move back to the Big Island because rents are too high on Oahu, is funny.  It is not like they are moving to another more affordable state, they will still be living in the most expensive state in the U.S.  Which shows that just because you are in the most expensive state for renting you can still find an affordbale rental.  This would explain why New York wasn’t on the list. Compare rents in New York city to rents in Albany.

Also, they happened to have found the most extreme circumstance.  Short-term rentals are hard to come by here.  The rental market is tight enough to command the long term leases and if you want something short term you are definitely going to pay for it.  Add to it that you are in Waikiki and you will pay more, so $1,650 per month in Waikiki with no parking for a studio sounds high to me, but not too far off, but if they can’t find a longer term rental for cheaper, then they aren’t looking because they are definitely out there.  There are places in Diamond Head (one of the wealthiest neighborhoods on the island) that are available for that price with 2bd/1ba/1pk right now.

I know of a fully renovated studio in Makiki, complete with granite countertops, travertine flooring, a great view and no parking for $1,000/month.  And yes Brett, I will tack on a fee for referring the Rapoza’s.