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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!

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!

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!

Activities To Make Easter 2023 Egg-stra Egg-citing!

Easter is a time of joy and celebration, and what better way to spread that joy than by participating in community Easter activities? From egg hunts to decorating contests, there are plenty of ways to get involved and have fun with your friends and neighbors.

 

One of the most popular Easter activities is the classic egg hunt. Whether you’re a kid or a kid at heart, there’s something special about searching for brightly colored eggs hidden throughout the neighborhood. Many communities host their own egg hunts, complete with prizes and treats for the winners. It’s a great way to get outside and enjoy the spring weather while spending time with friends and family.

 

Another fun activity is Easter egg decorating. Whether you prefer to dye your eggs or use stickers and paint, there are endless possibilities for creating beautiful and unique designs. Many communities hold Easter egg decorating contests, with prizes for the most creative and impressive eggs. It’s a great way to show off your artistic skills and get into the Easter spirit.

 

For those who prefer a more low-key celebration, hosting an Easter brunch or dinner with your neighbors can be a wonderful way to come together and enjoy some delicious food. Whether you opt for classic Easter dishes like ham and deviled eggs or try something a little more unique, sharing a meal with friends and family is always a special occasion.

 

No matter how you choose to celebrate Easter, there are plenty of community activities to get involved in. From egg hunts to brunches, these events are a great way to spread joy and celebrate the season with those you love.

Here are a few activities around the Treasure Valley to get you out there and enjoy all the community has to offer!

 

Easter EGGstravaganza at Zoo Boise

Saturday, April 8th, from 10 AM – 5 PM at Zoo Boise!

Hop on over to Zoo Boise where the Easter Bunny will be available for photo-ops and his helpers will be passing out candy at stations throughout the zoo. There will also be face painting, special treats for the animals, activities, vendors, and much more. It will be totally EGG-cellent!

Admission for adults is $12, kids (3-11) are $9, seniors (62 & over) are $9, and children 2 and under are FREE. Annual members are always free (with pass and photo id) and will have a special entrance gate. Don’t forget to invite all your friends for the return of Easter EGGstravaganza from 10AM – 5PM, with last admission at 4PM.

Easter Egg Hunt on the Blue

Saturday, April 8th from 10 -11 AM at Albertsons Stadium 

Join the Boise State President’s Club for the annual Easter Egg Hunt on the Blue turf! The egg hunt will include mostly blue and orange eggs filled with tons of goodies!

 

Pictures with the Bunny at Boise Towne Square

Now – Saturday, April 8th. Reserve your time slot HERE 

Hop on over to take egg-stra special pictures with The Bunny! Plus, bring your fur fam to our pet photo nights for even more paw-fect moments!

Spring Eggstravaganza

Saturday, April 8th, from 9 AM – 1 PM at the Indian Creek Plaza in Caldwell

Spring into action at downtown Caldwell’s Spring EGGstravaganza! Children will enjoy hunting for over 20,000 thousand eggs, meeting the Easter bunny, our Homes of Idaho ‘cutest chick’ contest, and other children’s activities. The whole family will enjoy our spring market with local crafts and yummy treats!

Easter Egg Hunt at Storey Park

Saturday, April 8th, from 3 – 5 PM at Storey Park in Meridian 

Saturday will be the first annual Community Easter Egg Hunt at Storey Park in downtown Meridian.
We will have an Easter Egg hunt for the kiddos, inflatables, plenty of treats, face painting, food trucks, photos with the Easter Bunny, and much more.

They will also be holding an adaptive Easter egg hunt for those with special needs and/or disabilities. This event is Free for the whole community.

We love the Treasure Valley community and hope this gives you some fun-filled ideas for your Easter weekend! From all of us at RentWise Property Management, we wish you all a fun Easter holiday filled with happiness!

We Love Our Clients!

At RentWise Property Management, our only focus is property management. We are not a franchise. We are a local homegrown company with years of combined experience in the industry. Founded in 2009, we have grown to one of the premier choices for property management in the greater Boise area! We didn’t do it alone, however.

Owning a rental property is one of the most significant investments that many will make in their lifetime. Our sole mission is to provide excellent service to you regarding your most valued asset and do it with the highest quality of customer service, tools, and technology. Our team is consistently continuing our education and perfecting our expertise.

Whether you are a property owner, a vendor, or a resident in one of the properties we manage, you become part of our family when you do business with RentWise. We value your opinions and feedback more than you can imagine. Our team takes every piece of information you provide to heart, and we base our business around what works best for our clients.

We would love to hear from you about your experience working with RentWise Property Management. Whether you would like to leave us a Google Review or email us directly at office@rentwisepm.com, we want to connect! Considering renting your property? Schedule a free consultation with RentWise!

We are very proud of the relationships we’ve built over the years. Here is what just a few of our clients have said about us:

“Always prompt and so friendly!” – Brad S.

“We have not rented from RentWise but we have been a vendor for this company. Carly is very responsive to emails and text messages. They are quick to pay their invoices. It has been a great working relationship between them and our business.” – Jennifer Z.

“I highly recommend RentWise Property Management services to anyone looking to rent their home to gain back time and piece of mind. As a customer for 3 years, the management team has done a great job of communicating with the tenants, resolving problems in a timely manor, and being transparent when issues arise. They even successfully advocated on our behalf for a full water heater replacement after the unit broke a week outside of the warranty window.” – Cory M.

“Best company I’ve rented from. They respond quickly to all maintenance issues and are very considerate regarding other issues that have arisen during my time working with them. They communicate well and have been reasonable.” – Bethany M.

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

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