Fair Market Rent Summaries

Fair Market Rent Summaries are reports that provide information on the average rental prices for different types of housing units in a specific area, based on government data.  This can be a valuable resource for students looking to rent in a specific area. By consulting these reports, students can get an idea of what the average rental prices are for different types of housing units, and use this information to make informed decisions about their living situation. In Honolulu, the Fair Market Rent (2022) for a one-bedroom apartment is typically around $1,705 per month, while a two-bedroom apartment is around $2,240 per month.

For university students on a tight budget, these rental prices can be daunting. However, there is a financially wise solution: finding roommates. Sharing an apartment or house with one or more people can significantly lower your monthly rent and utility costs. For example, if you split the cost of a two-bedroom apartment with one other person, based on Fair Market Data you could potentially pay just $1,120 per month.

Sharing a rental with one or more roommates can be a smart financial decision, as it allows students to split the cost of rent and utilities. It also gives students the opportunity to build a sense of community with other students who may share similar interests and experiences.

However, before signing a lease with roommates, it's important to have an honest conversation about expectations and responsibilities. This can include setting clear boundaries, discussing financial responsibilities, and determining how household chores will be divided. By taking these steps, students can ensure a positive and productive living experience with their roommates.