Transient rentals aren’t the sole cause of rising rents. Decades of successful HTA-led marketing and advertising, perhaps a billion people worldwide (but especially in Asia) love Hawaii, and are a few clicks/taps away from full property information. It will only become easier for the wealthy to move cash as freely in real estate as they can buying and selling stocks. In the most desirable global locales like Hawaii, locals aren’t competing against their neighbors to buy or rent property anymore. If 1% of the planet's population has the cash to buy property in Hawaii (70 million people), what do we do? Do we expect these homebuyers to rent to unstable long term tenants who trash the property, are bad neighbors themselves, or are living paycheck to paycheck and end up behind on rent? Read Richard Florida's take on winner-take-all cities. We are experiencing a global geographic redistribution of the "creative class", and people who aren't part of that class are relocating.