Each quarter the NARPM Southwest Idaho Chapter conducts a vacancy survey with data sourced from local property management companies! This is to help investors gauge property performance and vacancy rates in the respective county that their rental properties are in. The Southwest Idaho Chapter of the NARPM(National Association of Residential Property Managers) has released its findings from the 2022 Q3 Vacancy and Rental Trends survey. The report is as of September 30, 2022. This survey tracks key performance indicators and market trends for single and multi-family homes across the Ada and Canyon County region. There are a total of 9,018 managed between the counties, with a total of 314 vacancies.
Q3 Vacancy Survey Results
The rental market has seen some very interesting fluctuations this quarter! The number of vacancies in this report increased by 225 units. However, the number of rentals managed significantly increased by 3,654 homes. The 3rd quarter of 2022 closed out with an overall vacancy rate of 3.48%. The data collected indicates that vacancy rates are beginning to level out, and Q3 of 2022 is right in line with Q3 of 2021, in which the vacancy rate was 3.2%
Rental Rates
Ada County single-family rental rates decreased this quarter by an average of $42.00 per unit per month. The overall marketed rent rate for the combined single and multi-family comes in at $1,962 per month. To compare, that is a $324 or 19.78% monthly rental rate increase based on the Q3 2021 Vacancy Survey. Canyon County rental rates showed a rental rate decrease in the third quarter of 2022. The rental rates for single-family homes showed an average monthly decrease of $97. This puts the average rental rate at $1,830 per month. The current data illustrates that rental rates in Canyon County come in lower for both single and multi-family properties.
Rental Rate Comparison By County
Here are some of the key metrics for review that are broken down by respective counties.
Stay tuned for the Q4 survey results that will be coming out in early 2023. If you have more questions about how we can help maximize the return on your investment property or would like more information about our services and how owning an investment property can be LESS HASSLE, MORE HAPPY, give us a call at 208-949-3083!