RentWise Property Management

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(208) 949-3083

      

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.

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!

SW Idaho NARPM | Q4 2022 Vacancy Report

The final results of 2022 are in! 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 2022 Q4 Vacancy and Rental Trends survey. The report is as of December 31, 2022, 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 7,738 managed between the counties, with a total of 270 vacancies.

 

Q4 Vacancy Survey Results

The number of vacancies in this report decreased by 44 units. However, the number of rentals managed significantly decreased by 1,280 homes. The 4th quarter of 2022 closed out with an overall vacancy rate of 3.49%. The data collected indicates that vacancy rates are beginning to level out. Between Q3 and Q4 of 2022, the vacancy rate only increased by .01%, respectively.

Rental Rates

We are finally seeing the rental rates level out. Ada County single-family rental rates decreased this quarter by an average of $201 per unit per month. The overall marketed rent rate for the combined single and multi-family comes in at $1,914 per month. To compare, that is a $111 or -5.48% monthly rental rate decrease based on the Q4 2021 Vacancy Survey.

Canyon County rental rates continued to show a rental rate decrease in the fourth quarter of 2022. The rental rates for single-family homes showed an average monthly decrease of $116. This puts the average rental rate at $1,714. The current data illustrates that rental rates in both Ada and Canyon Counties 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 Q1 survey results that will be coming out in Spring 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!

Winter Preventative Plumbing Essentials | Pro Tips to Protect Your Pipes in the Winter Months

The general rule of thumb when it comes to plumbing freezing in the winter is that if the temperature outside drops below 32°F (0°C), the pipes inside your home may be at risk of freezing. If the temperature drops significantly lower than that, such as in the teens or single digits, it’s even more likely that your plumbing could freeze.

Generally, a frozen pipe can burst in as little as a few hours if the temperature is cold enough and the pressure is high enough. To help prevent this from happening, it’s important to keep pipes from freezing in the first place by insulating them, keeping the temperature of your home above freezing, and ensuring that pipes are properly maintained.

 

To keep your home’s plumbing safe during the winter months, here are some tips that you should consider:

 

Insulate Exposed Pipes

Uninsulated pipes in exposed areas like the attic, crawl spaces, and garage are especially vulnerable to freezing temperatures. Make sure to use proper insulation materials to protect them.

Fiberglass insulation, foam insulation, and heat tape are all excellent options for insulating plumbing to keep it from freezing. Fiberglass insulation comes in rolls that are easy to install around plumbing pipes. Foam insulation comes in pre-cut shapes and sizes that fit around pipes and can be sealed to the wall with caulk. Plumbing heat tape is an electrical heating element that is used to keep pipes from freezing in cold climates. It is a self-regulating, insulated cable that is wrapped around the pipe. When the temperature drops below freezing, the heat tape turns on, providing just enough heat to keep the pipes from freezing.

 

 Keep Cabinets Open

If you have exposed pipes within your cabinets, keep the doors open to allow warm air to circulate. If you notice a drip or any signs of water, turn off the water shutoff valve and immediately put a bucket down to ensure that your space does not flood.

 

 Disconnect Water Hoses and Insulate Outdoor Faucets and Spigots

Make sure to disconnect all water hoses from exterior faucets and spigots to prevent freezing. If you have outdoor faucets, make sure to insulate them with specially designed covers or wrap them in foam insulation. You can easily find these on Amazon or at your local hardware store.

 Inspect for Leaks

Check your property for any signs of water leaks or dripping faucets, as these can lead to frozen pipes. Furthermore, if you are not going to be at home for more than 24 hours, you should consider having a third party frequently check your home for any signs of compromised plumbing. If you notice any signs of water spots, report those to your property manager and maintenance coordinator immediately.

Maintain Consistent Indoor Temperatures

Generally, it is recommended that you keep your thermostat at a minimum of 65°F to prevent plumbing from freezing. If your home cannot maintain a consistent temperature due to a power outage, it is important to take measures to protect your home’s plumbing to avoid costly repairs. It is recommended to keep each faucet at a slow drip to relieve water pressure and prevent freezing.

 

 Know Where the Main Shutoff Valve Is – In case of an emergency, it’s important to know where the main shutoff valve is located so you can quickly shut off the water.

If you are renting your home, be sure to have the steps to file a maintenance work order handy.

Our top priority at RentWise Property Management is to care for your home as if it were our own. We know your investment is important to you, and you want it maintained both financially and physically. As you can see, there are many effective ways to protect your property. We care about our property owners and tenants just like our friends and family. We would love to have you as part of our RentWise Family! For more information on how we make things “Less Hassle, More Happy”- visit us here! 

Don’t Get Your Tinsel In A Tangle | Easy Damage-Free Holiday Decorating Tips For Renters

The holiday season is officially upon us. There are few things more exciting than decorating your home for the holidays, putting up the lights, and decorating the tree. As property managers, we always want our residents to feel at home! We also need to ensure that our owner’s properties remain in good condition and minimize any maintenance issues. Aside from checking your lease and complying with decorating standards, we’ve provided a few quick and easy tips for damage-free decorating!

Damage-Free Decorating Tips and Ideas

 

Tension Rods for Garland

Framing your front door with garland looks gorgeous! However, it may seem impossible to hang without nails or screws, right? Consider using a tension rod (shower or curtain) and hang the garland from that! This one is so easy and takes hardly any time at all. Measure your doorway, find a tension rod that meets your taste, and suspend the garland from the tension rod for a beautiful, holiday-themed entryway. There will be zero damage to the door frame, and you can use this trick for years to come!

You can purchase a high-quality tension rod like this one on Amazon for under $30.

 

Adhesive Hooks & Strips for Wreaths and Wall Decor

Piggybacking off of beautiful garland, every holiday door loves a good wreath! You don’t need a nail and hammer to hang a wreath. Simply place a damage-free adhesive hook on the door, and you have a beautiful home for your holiday wreath in one minute or less. You can also use adhesive strips to hang wall decor on the interior of your home year-round!

 

Flameless Candles

Nothing says holiday ambiance like a beautiful tablescape with candles to make a home feel warm and cozy. Am I right? The holiday season brings the most significant risk of house fires than any time throughout the rest of the year. Removing open flames from your home and replacing them with beautiful flameless candle options is one way to mitigate this risk. There are so many wonderful options out there! You can even get a large package of candles with timers and remotes, like these, and have your home glowing each day when you return!

 

Adhesive clips, Shingle Clips, and Gutter Hooks

Hanging Christmas lights can feel like a headache, right? Even on the best of days, something is tangled, or one bulb is missing. Once you get through that,  these S-shaped clips will make decking the halls a breeze! Adhesive clips will work on smooth vinyl siding, and single clips will help to frame your home by positioning the lights near the roofline. Be sure not to put too much weight on the clips placed on the gutters, as the weight of snow/ice/and lights could cause the gutter to detach and fall.

Window Cling Theme Setters

 

One of the most beautiful sights to see during the holidays are windows that have been decorated and glowing in the night light. Window clings are one of the easiest ways to set the scene are with window clings such as these. These decorations are applied to the interior side of your window and can easily be peeled off at the end of the season without leaving any residue. Window clings are also a safe and fun way to include younger family members in decorating by allowing them to place the decorations themselves.

 

Wrapping Up

See what we did there? Our entire motto here at RentWise Property Management is LESS HASSLE, MORE HAPPY! We believe that should apply to all things in life. The relationships, business practices and process we have built and continue to build guarantees our focus is on providing the best possible experience and pricing in our industry. Furthermore, if you want more information on incorporating our LESS HASSLE, MORE HAPPY motto into your investment property portfolio, visit us at www.rentwisepm.com!

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