Have you ever wondered how to gauge the vacancy rate of a particular market? Further, have you ever wondered what the vacancy rates are based on the type of property you invest in? Well, you are in luck if you are investing in the Treasure Valley! Each quarter the NARPM Southwest Idaho Chapter conducts a vacancy survey with data sourced from local property management companies!
The Southwest Idaho Chapter of the NARPM(National Association of Residential Property Managers) has released its findings from the 2022 Q2 Vacancy and Rental Trends survey. The report is as of June 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 5,364 units managed between the counties, with a total of only 89 vacancies.
Q2 Vacancy Survey Results
The rental market has seen some very intriguing trends this quarter! The number of vacancies decreased by 152 units. The 2nd quarter of 2022 closed out strong with a market vacancy rate of 1.66%. The data collected indicates that vacancy rates have decreased significantly down by 28.75% from the 1st quarter of 2022! This is exciting news as it shows that the rental market in the Treasure Valley is as hot as ever.
Ada County single-family rental rates decreased this quarter by an average of $81.00 per unit per month. The overall marketed rent rate for the combined single and multi-family comes in at $2,004 per month. To compare, that is a $325 or 19% increase per month based on the Q2 2021 Vacancy Survey.
Canyon County rental rates showed a larger increase in the second quarter of 2022 than the first. The rental rates for single-family homes showed an average monthly increase of $180. This puts the average rental rate at $1,927 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 Q3 survey results that will be coming out later this year. 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!