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!
Demand for homes in the Treasure Valley
According to a recent Forbes article, real estate in Boise is booming and investors around the country are taking note. The numbers don’t lie! As of December 2021, there were 9,243 rental doors between Ada and Canyon counties! 2021 started out with the lowest vacancy rates in over 15 years. The 4th quarter of 2021 has demonstrated that the demand for rental homes has remained strong with an overall vacancy rate of 1.58% which is a vast improvement over Q3 of 2021 where the vacancy rate was 3.3%.
Ada County single-family marketed rental rates increased this quarter by $129 per unit in monthly rent. Multi-family units in Ada County increased by an average of $142 in rent per month. The overall marketed rent per unit increased by $242 making the average marketed rent $1,880 per month.
Canyon County rental rates saw a decrease of $19 this quarter putting the overall average market rent at $1,662.
The grand total of vacancies in the 4th quarter of 2021 between Ada and Canyon Counties was 143 with a combined average rent of $1,779.
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!