Landlords in Hawaii want to get into the real estate business.
Landlords are looking to diversify the market in Hawaii, and they want to make it easier to rent out homes and apartments to locals.
This year, more than a million homes will be available to lease to non-residents, and rental rates will be set in some cases.
The Hawaiian Landlords Association (HKLA) is lobbying the state legislature to introduce legislation that would make it so that those renting out their homes would be required to obtain a commercial lease from the landowner.
This is one of the most ambitious and comprehensive proposals ever put forward by a real estate lobby.
“The industry is already making significant strides towards diversifying our rental market.
Our members are the most diverse in the nation, with more than two million active members and more than 1,000 rental properties in operation in the state,” said Dr Aimee Lee, executive director of the HKLA.
While this bill is likely to be debated for several years, it is expected to become law within the next few months.
“In Hawaii, we have been able to get ahead of the curve with our landowner’s rental provisions, but now it’s time for the state to follow suit,” Dr Lee said.
In fact, a bill in the legislature last year aimed to encourage landlords to allow locals to rent their homes out to non residents.
“It would be a great thing if more landlords followed our lead, and allow their members to rent homes to locals, but at the same time, they would need to comply with the local rental laws,” Dr Pao told The Hindu.
For the most part, landlords are keeping quiet about their plans to diversification.
“Landlords don’t want to talk about it,” said Aimees Kihali, director of business development for the Hawaii Landlords Alliance.
According to Dr Lee, there is also no consensus on how to approach local government.
It’s unclear if the new legislation will be enacted or whether local governments will follow suit.
As a result, many local government agencies have been reluctant to support it.
The legislation was originally proposed by former Hawaiian governor and state senator David Dabakis.
The legislation was reintroduced in the Hawai’i State Legislature last year, and it was passed with support from a majority of lawmakers.
The legislation is one among a number of measures being introduced to the state’s legislative body by the HKLAs, which includes many members of the Hawaii State Chamber of Commerce, as well as members of local chambers.
According to HKLA, the legislation is being introduced because landlords and property owners have been fighting for the right to rent on their property since the 1970s.
“The legislation would allow people who live in their homes to rent them out to locals without the need to buy a separate commercial lease,” Dr Kihili said.
HKLA is also working with other local real estate associations and real estate developers to advocate for this bill, and has been working with some of the nation’s largest companies to support the bill.