Hawaii’s rental industry has been a boon for the state’s economy.
But a new report from Hawaii Business shows just how expensive that industry can be.
The cost of renting a car is an important indicator of how much the state has to spend to get its residents out and about.
The report, which has been released on the eve of the Hawaii state budget, details how much it costs to rent a car in Hawaii.
The study found that rental rates have gone up more than 20 percent since the start of the recession, to $7,800 a month in October.
That’s up from $5,400 a month a year ago.
Rental rates have been even higher in some parts of the state.
In Hawaii’s capital city of Honolulu, rents increased 20 percent in December, to a new record of $7.25 per month.
The state is also losing business to China and other foreign countries that have much lower rental rates, the report said.
The price of rental car insurance is even more expensive than the national average.
Hawaii renters are required to buy a car insurance policy from the state that covers $1,000 per accident.
The cost of the policy averages $2,300.
That makes Hawaii the fifth-costliest state for car rental insurance, behind California, New York, Illinois and Pennsylvania.
The rate of insurance coverage in Hawaii is a big reason why rental rates are so expensive, said Carrie Kavulak, a professor of management at the University of Hawaii, who reviewed the study.
In other states, car rental prices are a lot lower.
In Illinois, the average cost of a rental car is about $8 per day, but rental rates in Illinois are $6.50 per day.
In New York City, the rental rate for a rental vehicle is about half the national rate.
In Philadelphia, the national rental rate is $2.50 an hour.
In the Bay Area, the city has the second-highest rental rate of any major city in the country at $3.50.
In Hawaii, it’s more expensive to rent than in most other states.
In Honolulu, the state average rental rate was $5.50, compared with $3 in Seattle, $1 in San Francisco and $1.50 in Sacramento.
Hawaii’s rental prices have skyrocketed, with the average price of a new rental car now more than $20,000, according to the study, which was conducted by the consulting firm Accenture.
It said Hawaii’s average cost for a new car is $24,000.
It’s also not uncommon for renters to pay $4,000 or more a month for insurance, compared to the $3 to $6 cost for cars, according the study by the McKinsey Global Institute.
The average cost to rent out a car has doubled over the last four years, to about $2 million a year.
Hawaii’s rate of inflation has also gone up faster than the rest of the nation, with annual rates of inflation reaching 6.3 percent in 2013 and 6.7 percent in 2014, according, the study found.
But Hawaii’s state government is working to cut costs, Kavurak said.
Hau’i is working on a plan to make it easier for renters, including offering incentives to buy car insurance, she said.
The state also plans to raise the minimum wage to $10.10 an hour by 2020.
Hawaiians should also be aware that a car rental is cheaper than paying the parking ticket, according Kavoulak.
It also costs more than a ticket for parking in a city.
