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SW Idaho NARPM | Q2 2023 Vacancy Report!

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! 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 2023 Q2 Vacancy and Rental Trends survey. The report is as of March 31, 2023, with 20 respondents. 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 5,207 managed between the counties, with a total of 287 vacancies.

 

Q2 Vacancy Survey Results

The number of vacancies in this report increased by 107. However, the reported number of rentals managed significantly increased by 409 homes. The 1st quarter of 2023 closed out with an overall vacancy rate of 5.11%. The data collected indicates that vacancy rates are beginning to level out.

Rental Rates

Ada County single-family rental rates increased this quarter by an average of $24 per unit per month. The overall marketed rent rate for the combined single and multi-family comes in at $1,977 per month. To compare, that is a 1.23% monthly rental rate increase based on the Q1 2023 Vacancy Survey.

Canyon County rental rates showed a significant rental rate decrease this quarter! The rental rates for single-family homes showed an average monthly decrease of $137. This puts the average rental rate at $1,550. The current data illustrates that rental rates in both Ada and Canyon Counties come in lower for multi-family properties than single-family homes.

 

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 in Summer 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!

Let Freedom Ring! | Independence Day in the Treasure Valley!

Get ready to celebrate America’s birthday in style! The Treasure Valley is buzzing with excitement as we gear up for the 4th of July. From stunning fireworks displays to delicious food festivals, there’s something for everyone to enjoy. We have listed out a few of the biggest events around the city. So grab your friends, family, and your favorite red, white, and blue gear, and get ready to have a blast at these fun-filled events!

 

4th of July Parade in Downtown Boise

Start the day with family and friends at Cecil D. Andrus Park for the Veteran Entrepreneur Alliance pancake breakfast! The parade starts at 10:00, but the kickoff events begin at 7:00!

5:00am – 7:00am: CBS2 Live News from Idaho Capitol
7:00am: CapEd’s Read to Rise hot air balloon launch from Capitol
7:00am: Veteran Entrepreneur Alliance Breakfast in Cecil D. Andrus Park
9:17am: Reading of Declaration of Independence in front of the Capitol
10:00am: Idaho 4th of July Parade from Boise starts

Meridian Independence Day Festival

Meridian City is looking forward to a grand fireworks display in Storey Park to celebrate Independence Day!  The park will be open to families for picnics and fireworks viewing.   Food trucks will be onsite at 4:00 pm for snacks and tasty local cuisine.

Date: Tuesday, July 4, 2023
Time: 4:00 – 10:30 PM
Location:  Storey Park
205 E. Franklin Road, Meridian (corner of Franklin and Meridian roads)

Fourth of July Fireworks at Ann Morrison Park in Boise

The fireworks are scheduled to begin at 10:15 p.m. (dusk) on Independence Day, but festivities in Ann Morrison Park will begin at 6 p.m. Food and drink vendors will be on site, and beer and wine will be available for purchase for those 21 and older. New this year, enjoy the new interactive fountain.

City of Caldwell Independence Day Celebration!

 

Lakeside Liberty Fest | McCall

Lakeside Liberty Fest is McCall’s annual Fourth of July Celebration!

July 3rd-

  • Movie by the Lake, showing Top Gun: Maverick at Dusk

July 4th-

  • Yoga at the Sundial @10am
  • Watch or participate in the Volleyball Tournament @10am *Register at www.mccallrec.com
  • Stop by the City welcome tent for 4th swag and support local youth fundraisers  @10am-4pm
  • Let your littles bounce for free ages 5 and under at the Legacy Park bounce house sponsored by SERVPRO @11am-4pm
  • End your Independence Day watching the big Garden State Fireworks display presented to you by the City of McCall @ Dark

 

Whether you choose to have a backyard BBQ, watch a fireworks show, or participate in a patriotic craft, there are endless ways to show your love for America. We believe that the Treasure Valley has some of the best events to bring our incredible community together. The most important thing is to spend time with loved ones and reflect on the freedoms and liberties we enjoy as Americans. So, let’s make this 4th of July a day to remember and honor our great nation!

Resident Benefits Package | Benefits So Good, You May Never Want to Leave

Every resident deserves to feel secure and supported in their home. That’s why we’re excited to share our Resident Benefits Package by Second Nature, which includes a variety of valuable services!  At RentWise Property Management, all of our residents get the #1, most-awarded experience for tenants!

What is a Resident Benefits Package & Who is Second Nature?

 

Filter Delivery Service

Our residents will automatically receive their HVAC filter delivered right to their door! This saves up to $250 per year and helps to maintain the integrity of the HVAC system for efficiency.

Credit Building

We’ll report every rent payment that you make so that you can continue to build your credit! We also can report up to the past 24 months for an immediate boost in your score. This will come in especially handy if, down the road you decide it’s time to purchase a home. Lenders love to see a strong credit history and timely payments being made.

$1M in Identity Protection

1 in 4 Americans are victims of identity fraud. All adult leaseholders get $1M in identity protection!

Resident Rewards

Each time you make an on-time rent payment, you’ll be rewarded! Residents can earn gift cards and substantial savings while shopping in the marketplace!

Additional Benefits for Residents

Want to learn more about our services or how to become one of our happy tenants? Contact us at 208-949-3083 or check out our website at www.rentwisepm.com.

10 Essential Tips for a Smooth Move into Your New Rental Home

Moving into a new rental home can be both exciting and overwhelming. Whether it’s your first time or you’re a seasoned renter, there are always new challenges and experiences to navigate. In this blog post, we’ll share some tips and insights to help make your transition as smooth as possible.

 

Take an inventory of the condition of the premises: Before you start moving your belongings into the rental home, take a walk around and check for any damages or existing issues. Document any damage you find with photos and notes. This will help you avoid any disputes with the landlord over damage you didn’t cause.

Clean the rental home: Even if the rental home looks clean, it’s always a good idea to give it a deep clean before you start unpacking. Scrub the floors, clean the windows, wipe down the surfaces, and make sure everything is spotless.

Set up utilities: Make sure you take care of any utilities that need to be set up in your name, such as electricity, gas, and internet. You don’t want to move into a new home and be stuck without any power or internet.


Change your address: Notify the post office, your bank, and other important contacts of your new address. This will help ensure that you receive your mail and important documents at your new rental home. 

Test smoke detectors and carbon monoxide detectors: Make sure that all smoke detectors and carbon monoxide detectors are working properly. If they’re not, notify your landlord immediately so they can be fixed or replaced.

Check the locks: Test all locks on doors and windows to make sure they’re working properly. If any locks are not secure, notify your landlord immediately. 

Get renter’s insurance: Renter’s insurance can help protect your belongings in case of theft or damage. Getting this set up before you move in is a good idea and is usually required by your landlord.


Meet your neighbors: Introduce yourself to your neighbors and get to know them. They can be a valuable resource if you need help or have any questions about the area.

Familiarize yourself with the neighborhood: Take a walk around the neighborhood to get familiar with the area. Find out where the nearest grocery store, gas station, and other important locations are.

 


Set up your furniture and belongings: Finally, it’s time to start moving in your furniture and other belongings. Take your time setting up everything in the way that works best for you.

Moving into a new rental home is a significant milestone, and we hope that the information we’ve shared has been helpful to you. Remember to take things one step at a time, stay organized, and don’t be afraid to reach out for help if you need it. With a little patience and perseverance, you’ll be settled into your new home before you know it! If you are in the market for your next dream home, please be sure to visit our Available Properties and schedule a viewing! It is our motto to make the moving process LESS HASSLE, MORE HAPPY!

Your Rental Home Search | Tips For First-Time Renters

Searching for your first rental home, whether an apartment or single-family home, can be an exciting and nerve-wracking experience. There are a lot of things to consider before signing a lease, and it can be overwhelming if you don’t know where to start. That’s why we’ve put together a list of tips for first-time renters.

  1. Set a budget: Before you start looking for a rental home, it’s important to set a budget. Determine how much you can afford to spend on rent each month, and stick to it. Don’t forget to factor in other expenses like utilities, parking, and transportation.
  2. Location, location, location: Consider the location of the apartment. Is it close to work or school? Is it in a safe neighborhood? Is it near public transportation? These are all important factors to consider when choosing an apartment.
  3. Gather all of the proper application requirements prior to submitting for consideration of a home. Property managers appreciate thorough and complete applications. Your application will typically require you to pay a processing fee, provide proof of income (4 of your most recent paystubs), conduct pet screening and deposit, rental history verification, and check references.
  4. Read the lease carefully: Before signing a lease, make sure to read it carefully. Make a note of any restrictions or rules, such as no pets or no smoking. If you’re unsure about anything, ask the landlord or property manager.
  5. Prepare your security deposit. Typically, a rental security deposit will be equal to one month’s rent and will need to be paid at the time of application. You will also need to plan to pay your first’s months rent or a pro-rated amount depending on when you move into a property.
  6. Check out the amenities: Take a tour of the apartment complex and check out the amenities. Is there a gym or pool? Is there a laundry facility on-site? These can be important factors to consider when choosing an apartment.
  7. Don’t be afraid to negotiate: If you find an apartment you love, but the rent is a little out of your budget, don’t be afraid to negotiate. Landlords may be willing to lower the rent or offer other incentives to get you to sign a lease.
  8. Get renters insurance: Renters insurance is a must-have for any renter. It can protect your belongings in case of theft, fire, or other disasters. It’s usually affordable and can give you peace of mind.
  9. Know your rights: As a renter, it’s important to know your rights. Work with a professional management company that abides by the Equal Opportunity Housing Regulations. Familiarize yourself with local tenant laws and regulations to know what to do if something goes wrong.
  10. Last but not least, check out the technology that your new property manager uses. This will include paying your rent, submitting a work order, communicating with your management team, programs you’re enrolled in, and more! Most property management companies have embraced technology, and this makes the relationship between the renter and management team seamless and efficient.

Renting your first place can be a great experience if you do your research and take the time to find the right place. Use these tips to help you make an informed decision and find the perfect home for you. We would love to help you find your dream rental home or apartment! You can view our Available Listings or reach out at office@rentwisepm.com!

SW Idaho NARPM | Q1 2023 Vacancy Report

We are starting off 2023 with a bang!  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 2023 Q1 Vacancy and Rental Trends survey. The report is as of March 31, 2023, with 25 respondents. 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 5,207 managed between the counties, with a total of 180 vacancies.

 

Q1 Vacancy Survey Results

The number of vacancies in this report decreased by 90 units. However, the reported number of rentals managed significantly decreased by 2,531 homes. The 1st quarter of 2023 closed out with an overall vacancy rate of 3.46%. The data collected indicates that vacancy rates are beginning to level out. Between Q4 of 2022 and Q1 of 2023, the vacancy rate decreased by .03%, respectively.

Rental Rates

Ada County single-family rental rates increased this quarter by an average of $246 per unit per month. The overall marketed rent rate for the combined single and multi-family comes in at $1,953 per month. To compare, that is a $156 or 8.68% monthly rental rate increase based on the Q4 2022 Vacancy Survey.

Canyon County rental rates continued to remain steady. The rental rates for single-family homes showed an average monthly increase of $26. This puts the average rental rate at $1,740. The current data illustrates that rental rates in both Ada and Canyon Counties come in lower for multi-family properties than single-family homes.

 

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 Q2 survey results that will be coming out in Summer 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!

Our Location:

RentWise Property Management
925 N Main St. (drop box only)
Meridian, ID 83642

Mailing Address:
P O Box 191208
Boise ID 83719

Contact Us:

Office: (208) 949-3083
Fax: (208) 953-7870
E: office@rentwisepm.com