Ever pondered how to measure a market’s vacancy rate or the variance in vacancy rates based on property types for investment? If you’re investing in the Treasure Valley, you’re in luck! The NARPM Southwest Idaho Chapter conducts quarterly vacancy surveys sourced from local property management companies. These surveys assist investors in assessing property performance and vacancy rates within the respective county of their rental properties.
The latest findings from the 2023 Q3 Vacancy and Rental Trends survey by the Southwest Idaho Chapter of NARPM have been released. As of September 30, 2023, the report collected data from 20 respondents, tracking indicators and trends for single and multi-family homes in Ada and Canyon County. Of the 7,077 properties managed between the counties, 519 were found to be vacant.
Q3 Vacancy Survey Highlights
Vacancies in this report increased by 220, while managed rentals rose by 1,461 homes. Q3 2023 closed with an overall vacancy rate of 7.33%, and current data suggests these rates are starting to stabilize.
In Ada County, single-family rental rates decreased by an average of $33 per unit per month. The overall average rent rate for both single and multi-family properties reached $1,944 per month, showing a 1.67% decrease compared to Q2 2023.
Contrarily, Canyon County experienced a significant increase in rental rates. Specifically for single-family homes, rental rates increased by an average of $150 per month to reach an average rental rate of $1,700. Notably, multi-family properties in both counties exhibit higher rental rates compared to single-family homes in Q2.
Key metrics breakdown by respective counties.
Keep an eye out for the Q4 survey results scheduled for Winter 2024. For further inquiries on maximizing your investment property’s return or details about our services, aiming for less hassle and more happiness in investment property management, contact us at 208-949-3083!