Hawaiian Beach Rentals Reports Increasing Demand to Rent Oahu Condos as Housing Prices Rise
As housing prices continue to rise in Hawaii, Hawaiian Beach Rentals reports an increasing demand to rent Oahu condos instead of buying. The latest report issued by Prudential Locations and outlined in the Pacific Business News revealed condo prices saw an increase of 1.6 percent between November, 2007 and January, 2008.
(PRWEB) February 26, 2008 -- As housing prices continue to rise in Hawaii, Hawaiian Beach Rentals reports an increasing demand to rent Oahu condos instead of buying. The latest report issued by Prudential Locations and outlined in the Pacific Business News revealed condo prices saw an increase of 1.6 percent between November, 2007 and January, 2008.
A leader in the travel industry, Hawaiian Beach Rentals secures Oahu vacation rentals and extended relocation rentals to meet a variety of housing needs. Currently the median sales price for an Oahu condo is $320,000. As a result, condo sales were down 18 percent over the past three months. The desire to reside and do business in Oahu still remains strong because Hawaiian Beach Rentals is receiving a larger number of inquires about Oahu rentals in the past year.
Although Oahu houses did not see an increase in price between November, 2007 and January, 2008, sales were down 21 percent from the same time last year. Currently the median sales price for an Oahu home is about $610,000. Rather than buy, savvy residents rent a house in Oahu to be near business and recreation in Honolulu.
Because the cost to buy housing remains high in Oahu, more people are seeking to rent while they save money to buy homes. Some people have attempted to wait out the Hawaii housing market because of decreasing housing prices elsewhere throughout the nation. However, sales prices for Oahu condos and homes remain strong into 2008. While housing prices continue to fall across the United States, the cost is still the same or increasing in Hawaii. According to Donna Chandler, the newly elected president of the Honolulu Board of Realtors, "We continue to be fortunate that sales prices in Oahu are being maintained at 2007 levels."
Hawaiian Beach Rentals has acquired additional rental houses and condos to accommodate the increased demand for rental properties. Jeff Berzolla of Hawaiian Beach Rentals states, "We act as an intermediary between thousands of vendors of Hawaii vacation rentals, vacation homes, condos, hotels, resorts, apartments and bed and breakfasts at Oahu, Maui, Kauai and the Big Island. Our local experts will help you coordinate the perfect trip and connect with the ideal accommodation for you, from beachfront cottages to luxurious oceanfront mansions."
More information about rental homes and condos on Oahu can be found at www.HawaiianBeachRentals.com.
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See the original story at: http://www.prweb.com/releases/2008/02/prweb722874.htm
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