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.

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!

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!

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