SW Idaho NARPM Q1 2022 Vacancy Survey

May 25, 2022

The Southwest Idaho Chapter of the NARPM(National Association of Residential Property Managers) has released its findings from the 2022 Q1 Vacancy and Rental Trends survey. The report is as of March 31, 2022. This survey tracks key performance indicators and market trends for single and multi-family homes in the Ada and Canyon County region. There are a total of 10,352 units managed between the counties with a total of only 241 vacancies.

Q1 Vacancy Survey Results

The rental market has seen some very intriguing trends this quarter! The 1st quarter of 2022 closed out strong with a market vacancy rate of 2.33%. The data collected indicates that vacancy rates have increased marginally by 0.75% from the 4th quarter of 2021! This is exciting news but also shows the vacancy rate may be approaching its eventual plateau.

Rental Rates

Ada County single-family rental rates increased this quarter by an average of $226 per unit, per month. However, multi-family rental rates increased by an average of $124 per month in the first quarter. The overall marketed rent rate for the combined single and multi-family comes in at $2,085 per month. To compare, that is a $519 or 33% increase per month based on the Q1 2021 Vacancy Survey.

Canyon County rental rates showed a lower increase in the second quarter of 2021 than the first. The rental rates for single-family homes showed an average monthly increase of $85. This puts the average rental rate at $1,747 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 Q2 results! If you would like more information on this report or would like to discuss how we can use our motto of “Less Hassle, More Happy” to assist in making the most of your investment, visit us here!

Top Amenities On A Renters Wishlist That Make A Profitable Rental Property

February 2, 2022

According to a recent survey from the U.S. Department of Housing and Urban Development, there currently are 100.9 million people living in a rental home. The rate of homeownership has steadily declined over the past few years and younger generations are opting to rent vs purchasing a primary residence.

The majority of rental properties are owned by individual investors rather than large corporations. This opens up a large window for a personal touch and value add when an individual investor is involved. Large corporate areas may create every rental unit they own to be uniform with the same features. An individual investor has the flexibility to tailor some amenities and upgrades in a rental property according to demand and market trends. When it comes to rentals, knowing what your tenants want and like will not only quickly secure tenants, but retain them as well.

There are obvious amenities that all of us would love to offer, such as a balcony view over the ocean. This list is focused on the things that are largely able to be controlled by an investor.

Top Amenities on a Renters Wishlist

1. Parking

If you’re renting in an urban area, parking can be somewhat of an issue. For tenants who have cars, especially in a community, parking is of the utmost importance. No one likes to come home from a busy day at work, after spending time in a traffic jam and having to worry about parking 20 minutes away from home. Designated parking also makes your tenants feel safer and secure because they will always be familiar with the area and surroundings.

2. A Good Pet Policy

According to the III- Insurance Information Institute, 70% of American households, or 90.5 million people own a pet. It is no surprise that people love their furry friends. Renters are no exception. Having a policy in place where you allow pets will eliminate some of the stress for a tenant searching for a home. Being smart and having a thorough pet screening policy is the best way to protect yourself as a property owner. Having a flexible pet policy will secure tenants quickly.

3. On-Site Laundry

In today’s world, it isn’t always feasible to spend a few hours a week at a local laundromat. Loading your car up and traveling to a laundromat is not only a hassle, but can also create unnecessary stress with the additional cost. Having a washer/dryer in the unit would be an ideal situation for most renters. At a minimum, offering a few on-site washers and dryers, even if they are paid, will suffice and fill that void. In most residential areas, I think it is safe to say that many people would not even consider renting a place without access to laundry facilities.

4. Outdoor Areas

This one isn’t always within your control. As a property investor, keep this one in mind when purchasing a rental property. Many renters will be satisfied with any outdoor space whether it is a balcony, deck, or porch. Not only is an outdoor area an extension of the property, but it also can pack some really big value if the space is kept in great condition. If your property doesn’t have a great outdoor space, look toward community areas such as parks and recreation nearby.

5. Storage Space

While it can be expensive and challenging to modify an existing floorplan to create additional storage, you can always get creative. Adding additional shelving units in closets creates extra storage space. Ensuring that kitchen cabinets have ample shelving inside to maximize storage space is a huge bonus. Over-the-door hooks and racks will allow for shoe storage, towel storage, and even odds and ends. Also, if you plan to update your bathroom vanities, be sure to select one that has maximum drawer and cabinet space.

6. Appliances

The majority of renters will not come into a property-owning a full set of appliances. Including an oven, refrigerator, and dishwasher in your tenant package will certainly add immense value and attract quality tenants quickly.

7. Air Conditioning

Air conditioning is probably one of the most desirable amenities, especially in hot and humid climates. If your property does not currently have an air conditioning unit, you may need to consult with an HVAC specialist and put it into your budget. Consulting with a specialist may cost more upfront, but it pays to do it right the first time so that yearly maintenance costs will be lower. If your property lacks the capacity for a central air conditioning unit, exploring other options such as providing a window unit, or an individual room cooling system may be the next best thing.

These are just a few of the top amenities that renters across the United States have expressed as being valuable in their search for the perfect home. If you’re looking to rent your home and would like a free estimate on what your property would rent for, we can help! Additionally, we can provide professional and expert service to your tenants, such as a designated maintenance team, easy ways to pay rent, credit for on-time payments, and more! The RentWise motto is ‘Less Hassle, More Happy’ and we stand by that in every interaction we have with property owners and tenants alike!

Paying Rent Online

October 7, 2020

Paying rent online has become the norm across the board these days however; the convenience of doing so comes at a cost for most tenants. While we here at Rentwise can’t control what the credit card companies and banks charge we do our best to mitigate any expenses we can. We do not upcharge these fees or charge any other fees related to paying rent online so having options is just one way we try to serve our tenants.

3 Ways to pay rent online:

Pay your rent with a checking account:

This is the most cost effective way to pay rent because it’s FREE! Simply log in to your tenant portal, plug in your checking account and routing numbers and you are all set! You can even set up auto pay if you don’t want to worry about paying your rent on time each month.

Pay your rent with a credit card:

This method comes with a 2.99% fee of the transaction amount. So if you rent is $1500 per month you would pay a fee of $44.85. We know some of our tenants like to rack up those air miles or maybe they are just short on cash one month, so this option is great for those satiations.

Pay your rent with your debit card:

This is a new feature that Appfolio just rolled out that enables a tenant to pay rent with a debit card, any amount, for a flat fee of $9.99. This is much more affordable than paying with a credit card so we are super happy about this change for our tenants.

If you would like to know more about how we can help make renting LESS HASSLE, MORE HAPPY please reach out to us! We are here to help! Call 208-949-3083 or email us at office@rentwisepm.com.

What will my property rent for?

September 23, 2020

What will my property rent for? The most asked question of any property manager I would venture to guess. (It’s either this or how much do you charge? That is an entirely different blog) Every investment transaction hinges on this factor so you can imagine how important it is to have the most accurate information as possible. We know there are a plethora of resources on the internet to assist any investor in determining what rents could be however, we would caution against making an investment decision based solely on the internet numbers alone.

Here are the 3 resources we recommend:

Rentometer – this website offers a rental estimate based on percentile and requires very little information about the property making it a quick and easy referral point, it is free to use up to a certain number of inquiries. We are not directly affiliated with this site but we do utilize it via a subscription service as a professional property manager which allows us unlimited access.

Zillow – oh how we have a love/hate relationship with Zillow but they are the largest resource for available rentals so it is a necessary evil to take a look. We find that Zillow is usually $50 to $100 within range.

A Real Life Property Manager – this is ultimately the BEST way to determine what your property will rent for. We as property managers have the most accurate real time knowledge and expertise to determine what a property will rent for based on the location, age, size, upgrades and nearby amenities. While online resources can consider a limited amount of these criteria, a local property manager who knows the area you are investing in is the best resource by far.

If you want to know more about our services or how we can help you get the most out of your investment reach out to us at 208-949-3083 or courtney@rentwisepm.com. Less Hassle. More Happy.

Self Showing Lockboxes

September 12, 2020

Self-showing lock boxes became very popular after several agents where attacked and even killed in our industry as well as the real estate industry. Unfortunately this has become something that happens more often than people probably know (or want to know) so we initially started using self-showing boxes for the safety of our staff.

Most property managers do not have the staff available to have more than one person at a showing at a time. I will admit that I have definitely felt a little “uncomfortable” during a showing from time to time. We also found that utilizing the self-showing services helped us rent properties much faster than before. We had a pandemic if you will, of missed appointments, no shows and difficulty coordinating schedules with all the other responsibilities we have as property managers.

Utilizing this technology enables us to be more efficient with our time and energy, focusing on qualifying tenants, managing maintenance and being more available to our existing clients and tenants.

Below are the questions and answers from an existing client who was concerned about our showing method. His reply: “Thanks for clarifying things for me. I can see both sides. It makes me more comfortable that you are able to work the lock remotely. It seems to provide some assurance that the access for people is not unlimited. Let’s continue the process as is. Thanks Mike”

Q & A’s:

Do you change the code after each showing? Each person that accesses the property is given a unique code to do so after they answer a series of questions about themselves and uploads a copy of their photo ID to the system. That is how we track who/when someone accesses the property.

Do you have to go there physically to do that or can you access the digital lock remotely? We assign lockboxes to the property remotely, and codes are assigned remotely.

Are there any cameras recording and/or warning visitors that they are being monitored? There are no cameras. There are several signs hung throughout the property to ensure that lights are turned off, doors are locked and they key is placed back in the lockbox. When we perform vacant house checks we have a checklist of several items we monitor to ensure all things are the way they need to be.

If someone duplicates the key while the rest in his party is viewing the house, would that allow them access at a later time? I can not say that this is not a potential issue however it has never happened. The viewing code is only good for 1 hour. When we perform vacant house checks one of the items we check is if there is a key in the lockbox. Typically several people are viewing this house over the course of a day or few days so we would be notified very quickly if a key is missing. Again, that has not happened. A potential applicant must go through a process to receive a code and most criminals do not go to that kind of trouble.

I am sure there are many more possibilities that I am not thinking about right now, like squatting, cooking up meth, stealing the appliances etc. Who would be liable for the damages and any claims arising from those activities? Either your home owners insurance or our liability insurance would handle any issues that would arise on that front. If we were to find a squatter in the property we would take the steps to have them removed asap obviously. Idaho does not have laws that “protect” squatters. We have not had an negative incidents to date using the self showing boxes. We have heard all of the stories and which is why we have taken steps to ensure that these things do not happen. Once an application is approved the lockbox is disabled and only vendors or staff can access it. That typically takes between 3 to 10 days lately.

Maybe things haven’t happened around here yet, but the “Big City” is moving into Boise as we speak. Watching Portland, Seattle,Chicago ……. inner cities and now suburbs burn and get looted without consequences makes me wonder how much to trust anyone. I have to assume that I bear all the risk? You do not bear all the risk, our insurance is aware of our practices and they are quit common across the united states with property managers. We have taken every precaution we can to ask the right questions, set the limitations on showings and we check our vacant properties on a regular basis.

If you would like more information about this or how we can help make owning an investment property Less Hassle, More Happy, we would love to speak with you. Give us a call at 208-949-3083 or email courtney@rentwisepm.com.

Building credit as a renter

September 2, 2020

Do you wonder how you can build your credit as a renter? Have you ever heard the saying; you must have credit to build credit? In order to get a loan, you need credit history; however, the only way to build credit history is to take on debt with credit cards and/or loans. What if your one of many who do not want to start off in debt in order to build your credit? Here at RentWise Property Management, we feel the same way! We are excited to say that RentWise Property Management has partnered with Appfolio and Experian RentBureau to report our tenant’s positive rental payment history to their credit without running up unnecessary debt.

According to Experian’s RentBureau, they incorporate on-time rental payment data reported to Experian RentBureau into Experian credit reports.

Rental payment information will be included as part of your standard credit report and may be incorporated into certain credit scores. The inclusion of positive rental payment history within Experian credit reports allows you to establish or build credit history through timely rental payments.

What this means for our residents is for every on-time payment made, within 24-hours Experian RentBureau receives a notification of another payment made. This data can be accessed by other management companies during the tenant screening process for payment verification’s and most importantly continuous on-time rental payment data may be incorporated within Experian credit reports used by credit granting institutions like banks, credit unions, auto finance companies, and telecommunication providers.

This partnership is just one of many programs that RentWise Property Management provides to our residents. So if you are asking yourself how can I get started building credit while renting a property, head over to our available property page by clicking here to see if there is a home that works for you today and start building your credit with your first on-time payment.

If you would more information about this or any of our services contact us at 208-949-3083. Less Hassle. More Happy.