Construction challenges tend to keep apartment building constrained in Hawaii’s largest apartment market. However, while annual supply in Urban Honolulu consistently ranks as one of the lowest rates in the nation, this market is scheduled to get over 400 new apartment units in 2022, marking the highest delivery volume in six years, according to RealPage Market Analytics data. This comes after three years of essentially no building from 2017 through 2020, and a small bump up to 270 units delivered in 2021. Scheduled completions in 2022 will essentially clear out the construction pipeline for 2023 when annual supply is forecasted to fall to about half of 2022’s rate. All the new supply set to deliver in Urban Honolulu in calendar 2022 will come online in Central Honolulu, while Outer Honolulu is scheduled for no new supply in 2022.
