Evaluation of Monthly Apartment Rental Prices in Honolulu, HI

Eulalio, Tiffany
Koki, Jake
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Renting an apartment is difficult, and choosing between larger living space, featured amenities, and affordability can be a daunting task. This is especially true for residents in Hawaiʻi, where housing costs are the highest in the nation. Thus, understanding what we are paying for when renting is critical. In this study, we analyze factors that influence the rental price of apartments in Honolulu, Hawai‘I (HI). We focus on the correlation between an apartment’s size (sq ft) and its rental price ($). We also analyze the effect that amenities such as laundry units, parking spaces, pet allowance, floor number, and view type have on the rental price. We find a relatively high correlation between square footage and rental price (R2 = 42.6%). We also observe that the view type of an apartment affects rental price, with ocean view incurring the highest cost, followed by mountain view, and lastly, city view. However, no correlation between the other amenities are apparent from our study.
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