Curious about what our local market is doing when it comes to rentals? Rentwise is a member of the Southwest Chapter of NARPM, the National Association of Residential Property Managers, which conducts a vacancy survey quarterly to deliver important data on the trends we are seeing here in the Treasure Valley. The purpose of this survey is to show vacancy and rental rate trends among single-family homes and multi-family units in Ada and Canyon County. You can find out more about Idaho’s premier organization of residential property management professionals at www.swidaho.narpm.org.
A snap shot of the Q1 2020 Vacancy Survey Results:
Survey Respondents
Property Management Companies: 22
Total Homes: 6,060
Single Family 2,893
Multi-family 3,167
| Unit Managed | Number of Vacancies | Vacancy Rate | |
| Ada | 4695 | 130 | 2.77% |
| Multiple
Single Canyon |
2437
2258 1365 |
66
64 41 |
2.71%
2.83% 3.00% |
| Multiple
Single |
730
635 |
8
33 |
1.10%
5.20% |
| Grand Total | 6060 | 171 | 2.82% |
| Average Price | |
| Ada | $1,565 |
| Multifamily | $1,058 |
| 1 Bedroom | $894 |
| 2 Bedroom | $1,103 |
| 3 Bedroom | $1,178 |
| SFR | $1,609 |
| 2 Bedroom | $1,363 |
| 3 Bedroom | $1,517 |
| 4 Bedroom | $1,946 |
| 5 Bedroom | $2,955 |
| Canyon | $1,101 |
| Multifamily | $858 |
| 1 Bedroom | $698 |
| 2 Bedroom | $782 |
| 3 Bedroom | $1,093 |
| SFR | $1,161 |
| 2 Bedroom | $981 |
| 3 Bedroom | $1,321 |
| 4 Bedroom | $1,179 |
| 5 Bedroom | $1,650 |
| Combined | $1,333 |
To Sum it up:
The data collected indicates that the trends in Ada & Canyon county vacancy rates increased .99% from 1.83% in the fourth quarter of 2019 to 2.82% in the first quarter of 2020. Ada County increased 1.22% and Canyon County increased .47% this first quarter of the year. The slight increase in vacancies overall occurred in Canyon County dwellings.
Ada County single-family marketed rental rates saw the greatest change by increasing monthly rent by $147 per unit. Multi-family units in Ada County also decreased by an average of $35 per month per unit in the first quarter of 2020. The overall marketed rent per unit increased by $155 per month in Ada County making the average marketed rent rate $1565 per month.
In Canyon County rental rates were marketed at an increased overall monthly rate of $19 putting the average at $1101. Multi-family homes had the largest decrease in marketed monthly rents by $91per unit and single-family units decreased by $53 per unit. Although units are dropping in price in Canyon County the market is displaying more availability in large homes with 4 bedrooms or more, over previous quarters. Overall vacancy rates have decreased by .52% from 1st.
If you would like to discuss this survey and its importance or how RentWise can help with your investments give us a call at 208-949-3083 or email Courtney at courtney@rentwisepm.com. Owning and investment can be LESS HASSLE. MORE HAPPY. Let us help.