COVID-19 has hit every sector possible. No sector or industry has been immune to the pandemic. The Hawaii rental market has almost always been stable, but when COVID-19 came crashing on us, one could not say the same for it. Although the setback was not as burdensome as some other sectors, nonetheless, it was impactful. Property owners of the Oahu rental housing market were economically burdened and displaced renters. It affected everyone in the field and people began to frantically look for properties at a justifiable rate.
The Oahu rental housing market has hardly ever witnessed such a phase. There have always been high demands in this sector, but with rising prices, finding a decent place in the average budget took a lot of work.
If you are interested in studying the Oahu rental housing market, it is important to understand the impact situations like COVID can have on the sector. We have carefully evaluated the Oahu rental housing market and its behavior during the pandemic and wish to share it with all our readers. Understanding such situations help renters to act smartly and with foresight.
In 2020, several tenants across the Oahu rental housing market were combating the financial crisis in the form of job loss or reduced pay. The situation made it almost impossible for them to keep up with the cost of living in Hawaii. Tenants failed to pay their rent. They were also unable to maintain the house with the required repairs and renovations.
It was a tough time for the owners as all the financial burdens were directly on them. They were neither receiving the payment nor were their houses looked after. Considering the global scenario, the owners also faced a moral dilemma which was no less of a burden than the financial problems.
In 2021, the Oahu rental housing market bounced back, and its prices soared high. Rising home values made owners consider selling instead of renting. The prices for all Honolulu properties increased. This situation led to the displacement of long-term renters. Only some can afford a house in Hawaii and thus look for long-term renting. With properties selling like hotcakes, there was little for a renter in the Oahu rental housing market.
Rental housing has always been in demand in the state of Hawaii. With many properties sold, the demand stayed the same, and thus the imbalance was even more accentuated.
Hawaii has also been one of the safest spots for high earners who could continue their work from home until the virus is battled out. Hawaii’s pleasant weather, low COVID rates, and luxurious life had been enticing to several foreigners. They mostly wish to avoid buying properties in Hawaii and get caught with liabilities like paying property taxes in Hawaii. They only looked for renting a property for a limited amount of time. This further disbalanced the demand-supply ratio.
Why Property Managers are Important
Property managers have always been of great help to people all over the world. Be it the Oahu rental housing market or any other place. However, since the pandemic, the importance of a rental agent Hawaii has increased due to the market situation.
An individual can only keep track of some things that are taking place in the Oahu rental housing market at all times. The demand is larger than the availability and requires you to monitor the market and act as quickly as possible constantly. In such times, it becomes difficult for anyone to find a decent property alone. A property manager’s job is to monitor the market, and they have all the updated information about properties open for tenants. In a competitive market, a professional’s help is the best idea. They also help get the right price, and no owner will be able to draw more money from you.
Post-pandemic, the market has surely become somewhat stable, but there remain certain complications that are best left to professionals.
The Oahu rental housing market is a dynamic body. Its structure and variables affect its working and price from time to time. No industry or sector can be completely stable or completely fragile. However, the right guidance and knowledge will help you in every situation.