The National Association of Residential Property Managers (NARPM) Q3 reports show the vacancy and rental rate trends amongst single-family homes and multi-family units in the Ada and Canyon County area. The NARPM collected data indicates vacancy rates increased .33% from 4.3% in the second quarter of 2020 to 4.63% in the third. Ada County increased by .41%, and Canyon County also showed an increase of 1.13% this third quarter. The report showed that the rise in vacancies occurred in Canyon County, and Ada county single-family rental rates saw the most considerable change by decreasing monthly rent by approximately $207.00 a unit.
Also, in Ada County, multi-family units increased an average of $2.00 a month per unity this third quarter in 2020. However, the overall marketing rent per united decreased by $74.00 in Ada County, making the average rent rate $1,438.00/per month. Canyon County showed rental rates overall to reduce monthly by $92, putting the average rent at $1,116.00. Single-family homes had the largest decrease in marketing monthly rents by $130.00 per unit, and multi-family units decreased by $76 per unit.
When looking back at the 4th quarter in 2019, vacancy rates increased, and the vacancy rates remain under 5% in both Ada and Canyon Counties.
Stay tuned for our next quarterly report and feel free to check out Quarter 2’s report HERE.