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SW Idaho NARPM Q1 2022 Vacancy Survey

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! 

Q4 Vacancy Report-2021

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!

Demand for homes in the Treasure Valley

According to a recent Forbes article, real estate in Boise is booming and investors around the country are taking note. The numbers don’t lie! As of December 2021, there were 9,243 rental doors between Ada and Canyon counties! 2021 started out with the lowest vacancy rates in over 15 years. The 4th quarter of 2021 has demonstrated that the demand for rental homes has remained strong with an overall vacancy rate of 1.58% which is a vast improvement over Q3 of 2021 where the vacancy rate was 3.3%.

Reports

Summary

Ada County single-family marketed rental rates increased this quarter by $129 per unit in monthly rent. Multi-family units in Ada County increased by an average of $142 in rent per month. The overall marketed rent per unit increased by $242 making the average marketed rent $1,880 per month.

Canyon County rental rates saw a decrease of $19 this quarter putting the overall average market rent at $1,662.

The grand total of vacancies in the 4th quarter of 2021 between Ada and Canyon Counties was 143 with a combined average rent of $1,779.

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!

 

Fire Safety In The Winter Months

The winter season brings beautiful scenery, fun activities, and traditions. It also means more time indoors. Spending more time indoors to stay warm and snug also comes with an increased risk of a fire in the home. The National Fire Protection Agency states that 48,530 house fires involving heating equipment occurred between 2014-2018 with nearly all fires occurring in December, January, and February.  Below, we have outlined some of the leading causes of house fires as well as some preventative measures to keep your property safe!

Portable Space Heaters

Portable heaters are involved in about 1,700 fires per year, resulting in about 80 deaths and 160 injuries, the Consumer Product Safety Commission estimates. When the weather turns cold, portable heaters are one of the quickest ways to supplement heat in a home. If you plan to use a space heater in your home, choose one that has been tested and certified by an independent laboratory and that will automatically shut off if the heater tips over. While you are using a space heater, plug it into the wall outlet, rather than using an extension cord or multi-plug adaptor. Place it at least three feet away from anything that can burn such as furniture, bedding, rugs, and clothing.  Be sure to turn it off and unplug it before you leave the room.

Carbon Monoxide

Carbon Monoxide is an odorless, colorless gas that can be fatal. Anytime a gas-fueled appliance is used, such as a gas furnace, there is, unfortunately, an increased risk of carbon monoxide poisoning. Fire protection experts recommend having your gas furnace inspected and serviced annually. Ensure that carbon monoxide detectors are installed in your home and test them once monthly. Avoid starting your vehicle inside your garage to get it warmed up as this can also release carbon monoxide into the home.

Keep Your Chimney Clean

There are over 25,000 reported chimney fires a year in the U.S. They are almost always preventable. Make sure that a Certified Chimney Sweep inspects your fireplace, venting, and chimney annually prior to lighting a fire.

Fire Extinguisher

In about 80 percent of property fires, a fire extinguisher is all that’s needed to put out a fire. It is estimated that thousands of lives are saved with fire extinguishers each year. Fire extinguishers have an expiration date of 10-12 years and need to be recharged after every use.

Electrical Outlets

Fires caused by electrical outlets are typically due to worn wiring behind sockets breaking off. Inspecting outlets every few years can prevent this from happening and the potential for fire. Additionally, if your home is over 20 years old, the electrical outlets will need to be replaced and are unlikely able to handle the workload of today’s electronics and technology. Avoid overloading electrical outlets as this is also a fire hazard.

Insurance Coverage

This one is not a fire prevention tip, but more so a preparation tip if the unexpected happens. Check with your insurance provider to make sure that there is adequate fire coverage on your policy regardless of you are a property owner or tenant. Reviewing your insurance coverage each year will offer peace of mind and prevent any surprises if something were to happen.

We take managing properties very seriously from onboarding to exit for clients and tenants alike. If you would like more information about our services, visit our website or give us a call! Less Hassle. More Happy.

 

 

Five Decorating Hacks For Renters!

Happy New Year! Whether you just moved into your dream rental home, or you just cleared out all the holiday decor- we know that decorating as a renter can be a challenge. Starting off the new year with some fresh, new decor can brighten the mood in the winter months and even make your space feel more open and light! We have compiled a shortlist of our landlord-friendly decorating tips to make your house feel like home!

Temporary Wallpaper

Wallpaper? YES! Wallpaper is making a comeback! Peel and stick removable wallpaper is one of the easiest ways to add a pop of color to your rental home! Since you are likely unable to paint the walls, this is a quick and affordable way to make your space stylish! Websites like Amazon have hundreds of options and are filled with inspiration! When you are ready to remove, just peel the design and be sure to wipe the walls down!

Area Rugs

When you are renting a space, you do not get to choose the floor coverings and they may not completely match your taste. Your landlord is very unlikely to change the flooring if it is still in good condition, so the renter will need to improvise. Area rugs are a great way to make a space come together with very little effort. The hardest part will be choosing the perfect design! Area rugs will also keep flooring in tip-top shape & prevent wear and tear of the flooring in your rental.

Photo Tiles

Nothing says “home” like personal photos! Your landlord may have strict restrictions on nail holes which can limit your decorating options. Websites like Snapfish and Mixtiles and many other photo sites have helped to solve this problem! While we have no affiliation to any specific provider, we have used these ourselves! You can upload your favorite photos, and they come printed on a lightweight surface and are ready to hang with double-sided photo tape. Photo tiles also create a clean, uniform look that solves the issue of mixing and matching photo frames.

House Plants

Whether you have a green thumb, or just prefer the look of an artificial plant, house plants are a stress-free decorating option for renters! If you opt for artificial plants, you do not have to worry about watering them or getting dirt anywhere. If you prefer live plants, be sure to keep a watch for bugs or leaks in the pots to ensure no damage occurs in the property.

Battery Operated Flameless Candles

Relaxing at home almost always includes lighting a candle. When you are a renter, you have to be especially conscious about fire hazards and your lease may even have specific terms against candles. Thankfully, there are many options out there to create the same ambiance of candles, but without the risk! Some flameless candles come scented and even have lifelike flickering flames. Battery Operated Flameless Candles usually come with timers so you can even set a daily timer so your candles are lit each night at dark! Pretty cool, right? You can find flameless candles almost anywhere that sells traditional candles. A side note, flameless candles are a huge bonus if the power goes out!

We hope you loved these easy-to-manage tips on how to beautify your rental home as well as keep your landlord happy! 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. Less Hassle. More Happy.

From Our Family To Yours This Season…

One of the real joys of the holiday season is the opportunity to say thank you and wish you and your family a Merry Christmas and Happy New year! We understand and appreciate these last few years have felt like a challenge. All of us have experienced an uphill battle of some kind. As we spend some time reflecting, it must be said that we could not do this without our amazing property owners and residents! You make everyday fun and bring our RentWise family so much joy!

We love our community in the Treasure Valley and try to give back as much as we can! RentWise Property Management had the absolute honor of being able to provide The Idaho Diaper Bank with a $1,200 donation to fulfill their yearly supply.  This contribution will help to provide diapers and wipes to all birth and foster families in the community. Family is first to us and we are more than grateful we are in a position to bless these little boys and girls with the needs and necessities they deserve!

Thank you from the bottom of our hearts for choosing and trusting us! We are looking forward to a successful 2022 and all of the joys that a new year brings! We can’t wait to continue our relationships with each of you as it has been an honor and privilege to serve you! From the RentWise Family to yours, Merriest of Christmases and Happiest of New Years!

Want to learn more about our services and how owning an investment property can be LESS HASSLE and MORE HAPPY? – www.rentwisepm.com

10 Tips For Attracting And Retaining The Best Tenants!

One of the primary concerns of a good property manager is maintaining occupancy in all of the properties they manage. High occupancy is a result of resident retention. Winning the loyalty of current and prospective residents is a key piece in maintaining a high occupancy rate. Location and luxury amenities may seem like home runs for keeping residents, but this isn’t always the case.

Additionally, a picture-perfect neighborhood will certainly attract prospective residents right off the bat.  It is what happens behind the scenes that really make the true difference. An attentive, professional property manager and leasing team can set the tone for how the entire tenant-property manager relationship will go. Trust, credibility, reliability, and rapport with new and existing tenants will be what drives success in both new leases and renewals.

In addition, we have compiled a list of our Top 10 tips to attract & retain the best tenants!

1. Be Easy to Reach and Responsive

A good property manager sets the stage with creative options for communication.  This does not mean that you are on call 24/7, but that your tenants know you will be responsive if they need to reach out, for instance. If your tenants feel as if you aren’t responsive, they may give up. This can lead to larger issues down the road that you may not be aware of.

2. Build Professional, Flexible Lease Terms

If a tenant feels like they are locked into never-ending rules, regulations, and fees they may start looking to move. Maintaining positive communication and being flexible to reasonable requests can make a world of difference.

3. Create Personal Relationships

No one likes to feel like a number in a database. Starting the interactions off right with a positive impact will create lasting relationships between tenants and their leasing team. Helpful welcome packets, personal notes, or cards at the holidays and birthdays, and planning small events will create a sense of community & makes tenants want to live there.

4. Make Improvements To The Property

Inexpensive upgrades can make a property feel brand new again. This can look like a fresh coat of paint, installing new technology, new landscaping, or upgrading appliances. One of the personal touches that can go a long way is letting a resident choose their preferred color of paint(within reason). This will make their house feel like their own and they will likely take pride in their residence.

5. Observe Fair Housing Practices

Treating all tenants fairly and equally is one of the best things that you can do to retain your best residents. This ensures that you don’t overcharge your tenants in rent and also prevents illegal discrimination.

6. Conduct Routine Inspections

Creating a schedule for routine inspections at move-in will eliminate any confusion when the time comes. Additionally, a tenant may be putting up with a small problem in their home that they haven’t reported to you. Relying on tenant maintenance is ineffective to knowing the true state of your property. Conducting routine inspections will keep your property in tip-top shape and will keep your tenants happy.

7. Keep Up On Maintenance

The number 1 reason tenants choose to move out is a slow response to maintenance requests. From a tenant’s perspective, they are not in control when something goes awry and they rely on responsible property management teams to alleviate the problems quickly.

8. Make Rent Collection Easy

Having a reliable and user-friendly platform to collect rent is one of the most valuable tools a property manager can have. Reminders and receipts can be sent to tenants so that rent payments are received in a timely manner.

9. Conduct Thorough Tenant Screening

A property owner and management team only want to retain tenants who are responsible, maintain their home, and pay their rent on time. One way to get a good idea of if someone will be a good fit is to conduct a thorough screening. This will include a credit check, financial credentials, and a background check.

10. Respect And Prioritize Privacy

Tenants want and deserve to live somewhere peaceful and where they feel respected. This means that if you must enter a property, with the exception of urgent emergencies, you should always give at least 24 hours’ notice. This allows the tenant to prepare and also make arrangements if there is a pet on-premises.

This is only a small list of ways that you can attract and retain the best tenants!  It is our mission to provide excellent service to you when it comes to your most valued asset and do it with the highest quality of customer service, tools, technology, and expertise in our industry! Visit us at https://rentwisepm.com/free-rental-estimate-boise/ to receive a free, no-obligation, estimate on what your home may rent for! Our motto here is LESS HASSLE, MORE HAPPY when it comes to owning a rental property!