Hawaii (HI)

STATESAFMR

Found 129 ZIPs

State Median Investment Score

59Below average

095130300

BR	Rent	3Y CAGR
0 BR	$1,500 - $2,750Median: $1,830	3.3%
1 BR	$1,600 - $2,920Median: $1,940	2.1%
2 BR	$2,080 - $3,810Median: $2,530	2.0%
3 BR	$2,588 - $5,280Median: $3,351	1.5%
4 BR	$2,910 - $6,370Median: $4,143	1.5%

Market Alignment

Studio

Studio- 8 ZIPs

0.47-0.63ratio range

Median FMR$1,850

Median Market$3,360

vs market-$1,510

FMR is below market; voucher rent may lag private rents.

Studio- 2 ZIPs

0.67-0.68ratio range

Median FMR$1,780

Median Market$2,645

vs market-$865

FMR is below market; voucher rent may lag private rents.

Studio- 6 ZIPs

0.69-0.71ratio range

Median FMR$1,703

Median Market$2,440

vs market-$738

FMR is below market; voucher rent may lag private rents.

Studio- 3 ZIPs

0.75-0.77ratio range

Median FMR$1,850

Median Market$2,460

vs market-$610

FMR is below market; voucher rent may lag private rents.

Studio- 7 ZIPs

0.79-0.81ratio range

Median FMR$1,850

Median Market$2,310

vs market-$460

FMR is below market; voucher rent may lag private rents.

Studio- 4 ZIPs

0.82-0.84ratio range

Median FMR$1,840

Median Market$2,215

vs market-$375

FMR is below market; voucher rent may lag private rents.

Studio- 25 ZIPs

0.86-0.89ratio range

Median FMR$1,830

Median Market$2,060

vs market-$230

FMR is below market; voucher rent may lag private rents.

Studio- 3 ZIPs

0.90-0.93ratio range

Median FMR$1,830

Median Market$1,960

vs market-$130

FMR is near market; voucher and private rents are aligned.

Studio- 3 ZIPs

0.94-0.96ratio range

Median FMR$1,830

Median Market$1,900

vs market-$70

FMR is near market; voucher and private rents are aligned.

Studio- 6 ZIPs

0.98-1.01ratio range

Median FMR$1,833

Median Market$1,835

vs market-$2

FMR is near market; voucher and private rents are aligned.

Studio- 2 ZIPs

1.08-1.09ratio range

Median FMR$2,345

Median Market$2,155

vs market+$190

FMR is near market; voucher and private rents are aligned.

Studio- 2 ZIPs

1.11-1.12ratio range

Median FMR$2,480

Median Market$2,220

vs market+$260

FMR is above market; underwrite to market rent.

Studio- 1 ZIP

1.18ratio

FMR$2,180

Market$1,850

vs market+$330

FMR is above market; underwrite to market rent.

Studio- 2 ZIPs

1.21ratio range

Median FMR$2,565

Median Market$2,120

vs market+$445

FMR is above market; underwrite to market rent.

Studio- 1 ZIP

1.26ratio

FMR$2,310

Market$1,830

vs market+$480

FMR is above market; underwrite to market rent.

Studio- 2 ZIPs

1.36-1.38ratio range

Median FMR$2,490

Median Market$1,815

vs market+$675

FMR is above market; underwrite to market rent.

0.47-1.38

1 BR

1 BR- 10 ZIPs

0.51-0.62ratio range

Median FMR$1,970

Median Market$3,270

vs market-$1,300

FMR is below market; voucher rent may lag private rents.

1 BR- 4 ZIPs

0.67-0.68ratio range

Median FMR$2,025

Median Market$3,020

vs market-$995

FMR is below market; voucher rent may lag private rents.

1 BR- 3 ZIPs

0.69-0.71ratio range

Median FMR$2,030

Median Market$2,870

vs market-$840

FMR is below market; voucher rent may lag private rents.

1 BR- 5 ZIPs

0.74-0.76ratio range

Median FMR$2,030

Median Market$2,750

vs market-$720

FMR is below market; voucher rent may lag private rents.

1 BR- 4 ZIPs

0.77-0.81ratio range

Median FMR$2,090

Median Market$2,590

vs market-$500

FMR is below market; voucher rent may lag private rents.

1 BR- 6 ZIPs

0.82-0.85ratio range

Median FMR$1,935

Median Market$2,310

vs market-$375

FMR is below market; voucher rent may lag private rents.

1 BR- 26 ZIPs

0.86-0.89ratio range

Median FMR$1,950

Median Market$2,240

vs market-$290

FMR is below market; voucher rent may lag private rents.

1 BR- 4 ZIPs

0.90-0.92ratio range

Median FMR$2,045

Median Market$2,250

vs market-$205

FMR is near market; voucher and private rents are aligned.

1 BR- 4 ZIPs

0.94-0.97ratio range

Median FMR$2,305

Median Market$2,415

vs market-$110

FMR is near market; voucher and private rents are aligned.

1 BR- 2 ZIPs

1.01ratio range

Median FMR$1,950

Median Market$1,940

vs market+$10

FMR is near market; voucher and private rents are aligned.

1 BR- 2 ZIPs

1.04-1.06ratio range

Median FMR$2,268

Median Market$2,155

vs market+$113

FMR is near market; voucher and private rents are aligned.

1 BR- 3 ZIPs

1.06-1.09ratio range

Median FMR$2,460

Median Market$2,320

vs market+$140

FMR is near market; voucher and private rents are aligned.

1 BR- 1 ZIP

1.13ratio

FMR$2,650

Market$2,350

vs market+$300

FMR is above market; underwrite to market rent.

1 BR- 1 ZIP

1.17ratio

FMR$2,650

Market$2,270

vs market+$380

FMR is above market; underwrite to market rent.

1 BR- 2 ZIPs

1.20-1.24ratio range

Median FMR$2,320

Median Market$1,900

vs market+$420

FMR is above market; underwrite to market rent.

0.51-1.24

2 BR

2 BR- 5 ZIPs

0.35-0.63ratio range

Median FMR$2,105

Median Market$4,140

vs market-$2,035

FMR is below market; voucher rent may lag private rents.

2 BR- 7 ZIPs

0.66-0.68ratio range

Median FMR$2,656

Median Market$4,020

vs market-$1,364

FMR is below market; voucher rent may lag private rents.

2 BR- 5 ZIPs

0.69-0.73ratio range

Median FMR$2,370

Median Market$3,440

vs market-$1,070

FMR is below market; voucher rent may lag private rents.

2 BR- 5 ZIPs

0.73-0.76ratio range

Median FMR$2,656

Median Market$3,570

vs market-$914

FMR is below market; voucher rent may lag private rents.

2 BR- 26 ZIPs

0.77-0.81ratio range

Median FMR$2,540

Median Market$3,250

vs market-$710

FMR is below market; voucher rent may lag private rents.

2 BR- 3 ZIPs

0.82-0.85ratio range

Median FMR$2,800

Median Market$3,280

vs market-$480

FMR is below market; voucher rent may lag private rents.

2 BR- 3 ZIPs

0.88-0.89ratio range

Median FMR$2,360

Median Market$2,650

vs market-$290

FMR is below market; voucher rent may lag private rents.

2 BR- 3 ZIPs

0.92-0.93ratio range

Median FMR$2,200

Median Market$2,390

vs market-$190

FMR is near market; voucher and private rents are aligned.

2 BR- 6 ZIPs

0.95-0.96ratio range

Median FMR$2,598

Median Market$2,745

vs market-$147

FMR is near market; voucher and private rents are aligned.

2 BR- 5 ZIPs

0.98-1.01ratio range

Median FMR$2,540

Median Market$2,570

vs market-$30

FMR is near market; voucher and private rents are aligned.

2 BR- 3 ZIPs

1.02-1.06ratio range

Median FMR$2,680

Median Market$2,540

vs market+$140

FMR is near market; voucher and private rents are aligned.

2 BR- 2 ZIPs

1.10ratio range

Median FMR$3,010

Median Market$2,740

vs market+$270

FMR is near market; voucher and private rents are aligned.

2 BR- 2 ZIPs

1.10-1.15ratio range

Median FMR$3,176

Median Market$2,840

vs market+$336

FMR is above market; underwrite to market rent.

2 BR- 3 ZIPs

1.16-1.18ratio range

Median FMR$3,020

Median Market$2,600

vs market+$420

FMR is above market; underwrite to market rent.

2 BR- 2 ZIPs

1.26-1.28ratio range

Median FMR$3,450

Median Market$2,715

vs market+$735

FMR is above market; underwrite to market rent.

0.35-1.28

3 BR

3 BR- 2 ZIPs

0.59-0.63ratio range

Median FMR$2,770

Median Market$4,560

vs market-$1,790

FMR is below market; voucher rent may lag private rents.

3 BR- 7 ZIPs

0.69-0.72ratio range

Median FMR$3,351

Median Market$4,830

vs market-$1,479

FMR is below market; voucher rent may lag private rents.

3 BR- 3 ZIPs

0.73-0.76ratio range

Median FMR$2,880

Median Market$3,920

vs market-$1,040

FMR is below market; voucher rent may lag private rents.

3 BR- 3 ZIPs

0.78-0.81ratio range

Median FMR$3,450

Median Market$4,260

vs market-$810

FMR is below market; voucher rent may lag private rents.

3 BR- 4 ZIPs

0.82-0.85ratio range

Median FMR$3,421

Median Market$4,135

vs market-$715

FMR is below market; voucher rent may lag private rents.

3 BR- 6 ZIPs

0.86-0.90ratio range

Median FMR$3,421

Median Market$3,820

vs market-$400

FMR is below market; voucher rent may lag private rents.

3 BR- 27 ZIPs

0.90-0.94ratio range

Median FMR$3,520

Median Market$3,880

vs market-$360

FMR is near market; voucher and private rents are aligned.

3 BR- 2 ZIPs

0.95-0.96ratio range

Median FMR$3,850

Median Market$4,040

vs market-$190

FMR is near market; voucher and private rents are aligned.

3 BR- 3 ZIPs

0.99-1.01ratio range

Median FMR$2,620

Median Market$2,640

vs market-$20

FMR is near market; voucher and private rents are aligned.

3 BR- 4 ZIPs

1.04-1.06ratio range

Median FMR$4,150

Median Market$3,935

vs market+$215

FMR is near market; voucher and private rents are aligned.

3 BR- 5 ZIPs

1.06-1.09ratio range

Median FMR$3,530

Median Market$3,330

vs market+$200

FMR is near market; voucher and private rents are aligned.

3 BR- 3 ZIPs

1.10-1.14ratio range

Median FMR$3,710

Median Market$3,360

vs market+$350

FMR is above market; underwrite to market rent.

3 BR- 2 ZIPs

1.18-1.19ratio range

Median FMR$3,850

Median Market$3,250

vs market+$600

FMR is above market; underwrite to market rent.

3 BR- 2 ZIPs

1.22-1.23ratio range

Median FMR$4,430

Median Market$3,620

vs market+$810

FMR is above market; underwrite to market rent.

3 BR- 1 ZIP

1.27ratio

FMR$5,280

Market$4,170

vs market+$1,110

FMR is above market; underwrite to market rent.

3 BR- 2 ZIPs

1.32-1.35ratio range

Median FMR$4,305

Median Market$3,230

vs market+$1,075

FMR is above market; underwrite to market rent.

3 BR- 2 ZIPs

1.44-1.49ratio range

Median FMR$4,780

Median Market$3,255

vs market+$1,525

FMR is above market; underwrite to market rent.

0.59-1.49

4 BR

4 BR- 6 ZIPs

0.39-0.63ratio range

Median FMR$3,241

Median Market$7,035

vs market-$3,794

FMR is below market; voucher rent may lag private rents.

4 BR- 2 ZIPs

0.70ratio range

Median FMR$3,901

Median Market$5,595

vs market-$1,694

FMR is below market; voucher rent may lag private rents.

4 BR- 3 ZIPs

0.73-0.77ratio range

Median FMR$4,143

Median Market$5,400

vs market-$1,257

FMR is below market; voucher rent may lag private rents.

4 BR- 8 ZIPs

0.77-0.80ratio range

Median FMR$4,143

Median Market$5,200

vs market-$1,057

FMR is below market; voucher rent may lag private rents.

4 BR- 6 ZIPs

0.83-0.86ratio range

Median FMR$4,143

Median Market$4,890

vs market-$747

FMR is below market; voucher rent may lag private rents.

4 BR- 5 ZIPs

0.90-0.92ratio range

Median FMR$4,550

Median Market$5,040

vs market-$490

FMR is near market; voucher and private rents are aligned.

4 BR- 3 ZIPs

0.95-0.97ratio range

Median FMR$3,940

Median Market$4,150

vs market-$210

FMR is near market; voucher and private rents are aligned.

4 BR- 2 ZIPs

0.98-1.01ratio range

Median FMR$3,580

Median Market$3,605

vs market-$25

FMR is near market; voucher and private rents are aligned.

4 BR- 5 ZIPs

1.03-1.05ratio range

Median FMR$4,230

Median Market$4,100

vs market+$130

FMR is near market; voucher and private rents are aligned.

4 BR- 3 ZIPs

1.06-1.10ratio range

Median FMR$4,700

Median Market$4,390

vs market+$310

FMR is near market; voucher and private rents are aligned.

4 BR- 2 ZIPs

1.13ratio range

Median FMR$4,255

Median Market$3,765

vs market+$490

FMR is above market; underwrite to market rent.

4 BR- 27 ZIPs

1.16-1.20ratio range

Median FMR$4,250

Median Market$3,630

vs market+$620

FMR is above market; underwrite to market rent.

4 BR- 2 ZIPs

1.21-1.23ratio range

Median FMR$5,355

Median Market$4,385

vs market+$970

FMR is above market; underwrite to market rent.

4 BR- 2 ZIPs

1.27-1.29ratio range

Median FMR$4,765

Median Market$3,730

vs market+$1,035

FMR is above market; underwrite to market rent.

4 BR- 1 ZIP

1.33ratio

FMR$5,770

Market$4,340

vs market+$1,430

FMR is above market; underwrite to market rent.

4 BR- 4 ZIPs

1.42-1.66ratio range

Median FMR$5,190

Median Market$3,400

vs market+$1,790

FMR is above market; underwrite to market rent.

0.39-1.66

0.700.800.901.001.101.201.30aligned range

Bedroom curve

Rankings

Market Explorer

Counties, cities, and ZIPs in Hawaii.

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Trends

Market trends

HUD rent changes, rent against home values, and where it cash-flows.

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Counties

Ranked by Investment Score (vs state median)

County map

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Hawaii fair market rent by county, FY 2027

HUD's FY 2027 fair market rents cover 5 counties in Hawaii. The median county two-bedroom FMR is $2,326. That is down 6.7% from $2,492 in FY 2026. Two-bedroom FMRs run from $2,081 in Hawaii County to $2,656 in Maui County. 3 HUD metropolitan FMR areas cover 3 of those counties; each county in the same metro area shares one FMR. 61 ZIP codes in the Urban Honolulu, HI MSA must use Small Area FMRs, so voucher payment standards there are set by ZIP code.

Two-bedroom FMR by county

FY 2027 two-bedroom fair market rent by county in Hawaii
County	2BR	Change	HUD FMR area
Maui County	$2,656	+1.2%	Kahului-Wailuku-Lahaina, HI HUD Metro FMR Area
Honolulu County	$2,542	−3.8%	Urban Honolulu, HI MSA
Kalawao County	$2,326	−6.7%	Kalawao County, HI HUD Metro FMR Area
Kauai County	$2,105	−9.7%	Non-metro
Hawaii County	$2,081	+0.2%	Non-metro

HUD metro FMR areas

FY 2027 two-bedroom fair market rent by HUD metro area in Hawaii
Metro area	Counties	2BR
Kahului-Wailuku-Lahaina, HI HUD Metro FMR Area	1	$2,656
Urban Honolulu, HI MSA	1	$2,542
Kalawao County, HI HUD Metro FMR Area	1	$2,326

Questions about Hawaii rents

What is the fair market rent in Hawaii?

HUD sets fair market rents by metro area and county, not statewide. For FY 2027 the median county two-bedroom FMR in Hawaii is $2,326. Look up the county or ZIP code to see the value that applies to a specific property.

Which Hawaii counties have the highest fair market rent?

For FY 2027, the highest two-bedroom FMRs are in Maui County ($2,656), Honolulu County ($2,542), Kalawao County ($2,326).

Does Hawaii use Small Area Fair Market Rents?

Yes, in part. HUD requires Small Area FMRs in 61 ZIP codes in the Urban Honolulu, HI MSA. Elsewhere, housing authorities use the metro or county FMR unless they choose to adopt Small Area FMRs.

Source: HUD FY 2027 Fair Market Rents. Change compares each county's two-bedroom FMR with FY 2026.

Hawaii counties Hawaii cities Hawaii ZIP codes What is FMR?

Data source: U.S. Department of Housing and Urban Development (HUD)

Fiscal Year 2027