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Maui Rental Market

Maui’s Challenging Rental Market 

The Maui rental market has become increasingly challenging over the past several years due to a combination of issues.  The issue is not the availability of rentals but the affordability.

A modestly sized 2 bedroom rental in a rural area such as Haiku rents for about $1600/ month.  Suggested rent equations say that your rent should be about 30% of your monthly income, meaning you would need to be making more than $4000/month to afford the previously mentioned 2 bedroom in Haiku.

Maui landlords have had alternative options to renting their spaces monthly using vacation rental sites such as VRBO and AirBnb.  When vacation renting by the night landlords can make $6000/month rather than $1600/month.

Recently Maui County has gotten tougher on issuing vacation rental permits and harsher punishments for illegal vacation rentals so there are many rentals which are back on the market.  However, some landlords have gotten used to receiving these higher rental rates.

It is a renter’s market, so landlords have the ability to be picky when choosing renters.  It can be especially difficult for renter’s with pet’s to find suitable housing, breeds such as pitbulls are even further discriminated against.

Rental prices for a 4 bedroom single family home can be like basically paying a mortgage.

 

 

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About The Smith Team

Ken Smith, a Maui resident for 35 years, brings his extensive local knowledge and passion for the island to his successful real estate career. Alongside his daughter-in-law, Melissa Smith, and Greg Smith, the Smith Team provides a wealth of experience and dedication to clients seeking to buy or sell property in Maui.

Melissa Smith, a third-generation Maui native, combines her deep understanding of the island's growth with a commitment to exceptional service. She empowers clients with knowledge to make informed decisions in finding their dream homes. With a background as a top agent and a Broker's license, Melissa's expertise is invaluable.

Gregory P. Smith, a lifelong Maui surfer, channels his passion for the island and its natural beauty into his real estate profession. His enthusiasm, deep market knowledge, and dedication to exceeding client expectations make him an exceptional agent.

The Smith Team's combined local expertise, commitment to client service, and understanding of the unique Maui real estate market make them an ideal choice for those looking to navigate the island's property landscape. Their proven track record ensures a smooth and successful experience for both buyers and sellers.