Oahu Residential Units Short Supply Drives Housing Trends in the Future
According to the Department of Business, Development, & Tourism’s recent economic study report, statewide planned housing units are now only 46% of what they were during the 2000s. Oahu planned housing units are now 74% of what they were planned during the 2000s.
The short supply is actually happening on all of Oahu. From 2001 to 2012, the population of persons per unit average was 2.78. The short supply in 2013 = population/2.78 minus existing housing units = 983,429/2.78-341,170 = 12,581 units.
Annual demand for residential housing units is about 5,300 for statewide and 3,500 for Oahu (annual residential housing units needed for Oahu = population change/2.78 = 9,800/2.78 = 3,525)
Everyone knows that our island land is limited. So the housing trends will most likely go toward more multiple dwellings, condo buildings, etc. Of course, it will drive the real estate prices up. More people will live in one multiple dwelling, together, to pay the house costs, mortgages, etc.
Newly Constructed Multiple Dwelling Home
I have this featured listing, which is a very good example; it’s new construction and a multiple dwelling. There are three units with three separate entrances, two electric water meters, and a total of 7 parking stalls. The first floor includes the garage with a 1 bed/1 bath unit; the second floor has a 3 bed/2 bath unit; and the third floor is also a 3 bed/2 bath – each unit has own kitchen, laundry, and parking place.
The location is very centralized, between Ward Ave. and Prospect Street, close to downtown, bus station, shopping, etc. This property is a very good place for multi-generations to live. Also, investors can get a very good rental income. According to the above economic study, there are now more young people, single or married couples without children, willing to live close to town and close to their workplace than in the 1960s.
Currently, it is under construction; it’ll be finished in late August or September of this year. This home is not listed in the MLS. If you are interested in this property, please feel free to contact me now at 808-391-6214 or email@example.com. I can show you the interior structure. It’s the best time because you can ask the constructor to do the interior design you like. For more information, please contact me any time.