That’s what new numbers from Apartment List seem to suggest.
The online rental site says rents in December were down about 2 percent compared to the same time last year.
The median rents in Honolulu stands at $1,550 for a one-bedroom apartment and $2,060 for a two bedroom.
Apartment List also said December was the fourth straight month that rents in Honolulu declined.
The dropping rents come as other cities on the mainland continue to see their rents rise.
But before you get too excited about Honolulu’s housing market, keep in mind that the city’s rents are still well above the national average.
The median price for a two-bedroom in Honolulu is twice as expensive as Detroit, and about $1,000 more than Dallas and Phoenix.