Boise area real estate and rental management blog
The Southwest Idaho Chapter of the National Association of Residential Property Managers, just released the 4th quarter, vacancy and rental survey results. The data collected indicates that the trends in Ada, which includes Boise and Meridian, and Canyon county vacancy rates decreased by 2.96% from the 4th quarter of 2019 to the 4th quarter of 2020. This is the lowest point vacancy rates have been reported in over 15 years that the SW Idaho Narpm Chapter has been collecting data.
Ada County single family marketed rental rates increased by $142 per unit in monthly rent cost. While multi-family units in Ada County decreased by an average of $35.00 in rent per month in the fourth quarter of 2020. The overall marketed rent per unit increased by $42 in Ada County making the average marketed rent rate $1438 per month. One bedroom and studio multifamily units decreased during the 4th quarter of 2020 by $163. The largest increase in rent rates in Ada County was in pricing of available 3 and 4 bedroom homes increasing $138 per month on avarage for Ada County 3 bedrooms and $264 per month in 4 bedroom home pricing.
In Canyon County rental rates were marketed at an increased overall monthly rate of $120 putting the average at $1236. Single family homes in Canyon County had the largest increase in marketed 4 bedroom single family homes, where monthly rents increased $303 per unit and multi family units increased an average of $90 per unit, the 1 bedroom and studio marketed rents only increased an average of $2 per unit.