RentWise Property Management

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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!

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.

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!

Appliances in a Rental Property | Caring For and Maintaining Your Investment

Rental Property Owners who provide appliances to their tenants are taking a big step to ensure their tenants have a comfortable and enjoyable living experience. These appliances can be as simple as a refrigerator, stove, or washing machine or more complex items like a dishwasher, air conditioner, or clothes dryer. Having these appliances available to tenants can make a big difference in the quality of life for those living on the property. Not only does it make living in the property more convenient, but it can also help save tenants money in the long run as they won’t have to purchase and maintain their own appliances.

 

Investing in quality appliances for your tenants helps you to maintain a competitive edge and, in turn, results in higher rents. Unfortunately, not everyone will treat your investment with the same care that you would. While it is impossible to watch tenants 24/7, it’s important to understand which appliances are prone to damage and when you can expect to replace them.

 

We’ve covered a few of the top appliances and how you can make the most of your investment.

Refrigerator

The refrigerator is one of the most common pieces of rental property that tends to receive damage. Refrigerators can experience a number of issues, from dents and scratches to water damage and even potential issues with the compressor. Most refrigerators are designed with a life span of 10-20 years, so if it’s an older model, it may be due for an upgrade.

Here are some things that tenants can do to increase the lifespan of the refrigerator with minimal issues:

  1. Keep Things Dust Free.  Always ensuring that the refrigerator is clean and remains free of dust will help to keep the compressor running smoothly. This can be accomplished by vacuuming the coils, and wiping down the interior and exterior surfaces of the fridge. Additionally, keeping the fridge away from heat sources and pulling the unit from the wall to maintain a safe distance will keep the fridge from working too hard.
  2. Overstuffing. Poor circulation in a refrigerator and freezer comes from packing the units to the max. It is a great idea to notice where the interior fans are and ensure that your groceries are not blocking any of them. This will help prevent the motor from overworking and burning out too quickly.

Dishwasher

Another appliance that often requires attention is the dishwasher. Dishwashers can suffer from various issues, including clogged drains, rusting, and issues with the heating elements. Dishwashers tend to last around 9-12 years, and here are some things you can do to make the most of this handy appliance:

  1. Clean the Filter Regularly. Clean the filter regularly to ensure that food particles and other debris aren’t clogging up the system.
  2. Don’t Overload. Overloading the dishwasher can cause the system to run inefficiently and can cause it to overheat, leading to damage.
  3. Run a Cycle with Vinegar. Running a cycle with a cup of vinegar every few months can help to reduce the buildup of limescale, rust, and other materials.

Stove

Stoves usually last around 12-15 years with the proper care and attention. If you’re renting a home with an older model, it’s important to keep an eye on it. There are a few tried and true ways to keep your unit in tip-top shape for many years.

  1. Keep it Clean. Make sure to clean your stove and oven regularly to remove any grease or residue that can build up over time. Be sure to use a stove/oven safe cleaner to ensure that you are not damaging the cooktop or interior of the unit. Cleaning the drip pans often. Further, be sure to check the door seal. This keeps the oven from working overtime and protects the heating elements.
  2. Regularly Inspect the Burners and Heating Elements. A quick once-over at least twice per year will help to address any functionality issues.

Washer & Dryer

 Washers and dryers typically last around 10-15 years , so it’s important to be mindful of the age if you’re providing these appliances to renters. Staying on top of regular maintenance will ensure that your washer and dryer have a long and productive life.

  1. Don’t Overload. One of the most common maintenance issues with a washing machine is that they can go off balance from time-to-time. Filling the unit with the proper amount of laundry and not overloading will help to prevent this.
  2. Clean the Vents. Ensure that the venting of the dryer is cleaned out at least twice a year and that the lint trap is emptied after each use.
  3. Inspect the Water Hoses. It’s important to ensure that the water supply hoses are inspected every six months and replaced every five years.

It’s important for landlords to plan for wear and tear in a rental property. Regularly inspecting the flooring and appliances, as well as establishing a preventative maintenance plan, can help reduce the need for repairs and replacements. By taking the time to plan ahead, landlords can save time and money in the long run.

In Conclusion, here at RentWise Property Management, our entire focus is providing a positive experience for both our residents and our property owners. We complete Bi-Annual Inspections on every property we manage so that we can get ahead of any concerns. To learn more about our property management services, visit us at www.rentwisepm.com

How to Declutter Like a Pro: Making the Most of Your Rental Space

 

 

Decluttering is scientifically proven to reduce stress, increase the ability to focus, and helps to combat feelings of depression. If you’re a renter, then you know how difficult it can be to keep your living space organized and clutter-free. It’s easy to let things pile up over time, especially when you don’t own the space and don’t plan to stay in it for too long. But don’t worry because there are plenty of simple and effective decluttering tips you can use to help you keep your rented space organized!

 

Take a walk through your home and identify the items you don’t need. This might include anything from clothes and shoes to old magazines, DVDs, and even furniture. Make a list of all the items you plan to get rid of, and then decide what you’ll do with them. You might choose to donate them, sell them, or simply throw them away.

 

Once you’ve identified the items you don’t need, it’s time to start organizing the things you do want to keep. Take advantage of vertical storage solutions like shelves, bookcases, and over-the-door hooks to maximize your space and make it easier to find things. You can also use bins and baskets to store items that don’t need to be seen.

 

When it comes to bigger items like furniture, try to choose pieces that won’t take up too much room. Invest in multi-functional items like an ottoman with storage, a coffee table with drawers, or a futon that can be used as both a sofa and a bed.

 

Finally, don’t forget to keep your living space tidy regularly. Make it a habit to take 10-15 minutes each day to pick up clutter, dust, and vacuum. This small investment of time can make a big difference in the overall appearance of your home.

 

Here is a breakdown of our 10 Favorite Decluttering Tips:

  1. Donate, sell, or give away any items you no longer need or use.
  2. Create a designated spot for frequently used items, like keys, phone chargers, and mail.
  3. Utilize storage bins or baskets to keep items like blankets, pillows, and books organized.
  4. Utilize vertical space with shelves and racks to store items like spices, canned goods, and cleaning supplies.
  5. Use drawer and cabinet organizers to keep items like cutlery and dishes orderly.
  6. Invest in furniture that has additional storage like ottomans, armoires, and sofas with built-in drawers.
  7. Hang items like coats and hats on wall hooks, or in closets.
  8. Utilize the back of doors to store items like cleaning supplies and scarves.
  9. Consolidate similar items, like craft or office supplies, into one storage container
  10. Label storage containers, shelves, and bins to make items easier to find.

If you’re like us, we love a good list or guide to help with visual progress. Here are two fantastic guides to help you on your journey of a wonderfully organized home.

 

 

 

 

 

 

 

 

 

 

If you would like to know more about how RentWise Property Management does property management, visit us at www.rentwisepm.com, where we make finding your dream rental a LESS HASSLE, MORE HAPPY experience!

We hope these decluttering tips help you keep your rented space organized and clutter-free. Good luck!

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