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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!

SW Idaho NARPM | Q3 2022 Vacancy Report

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 Q3 Vacancy and Rental Trends survey. The report is as of September 30, 2022. 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 9,018 managed between the counties, with a total of 314 vacancies.

 

Q3 Vacancy Survey Results

The rental market has seen some very interesting fluctuations this quarter! The number of vacancies in this report increased by 225 units. However, the number of rentals managed significantly increased by 3,654 homes. The 3rd quarter of 2022 closed out with an overall vacancy rate of 3.48%. The data collected indicates that vacancy rates are beginning to level out, and Q3 of 2022 is right in line with Q3 of 2021, in which the vacancy rate was 3.2%

Rental Rates

Ada County single-family rental rates decreased this quarter by an average of $42.00 per unit per month. The overall marketed rent rate for the combined single and multi-family comes in at $1,962 per month. To compare, that is a $324 or 19.78% monthly rental rate increase based on the Q3 2021 Vacancy Survey.

Canyon County rental rates showed a rental rate decrease in the third quarter of 2022. The rental rates for single-family homes showed an average monthly decrease of $97. This puts the average rental rate at $1,830 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 Q4 survey results that will be coming out in early 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!

Maximizing Value | 3 Ways A Professional Property Management Company Can Save You Time & Money

You’ve decided to turn your property into a rental home. Hooray! Self-managing your rental properties may often seem like an easy task & a good idea.

However, you may soon realize that managing a rental property involves a TON of work and a time commitment many investors do not have. When you decide to self-manage, essentially, you become the “everything” person. What does that mean? You have officially been promoted to the landlord, marketing professional, photographer, maintenance coordinator, emergency contact, tenant screener, document preparer, accountant, and legal liaison. Whoa.

You may feel as though you are maximizing your passive income profits by not spending the extra money for professional help. However, there are costs associated with bringing in professionals; trying to handle everything yourself could cost you money. Rental Properties can be an excellent source of income. Here are three ways hiring a professional property management company can take some of the burdens off the investors.

Marketing + Finding High-Quality Tenants For Your Rental

Professional property managers are well-versed in how the local rental markets perform, vacancy trends, and average rents collected. When you do business with a property manager, you hire their skill sets to help get your rental tenanted quickly. Your property manager may provide recommendations on upgrades or potential maintenance that needs to be completed to get your property ‘rent ready’. Additionally, your property management team will be able to advise you on suggested appropriate rents for your area and will assist in maximizing your return on investment. Further, your property manager will have access to countless marketing tools, such as the company’s website, professional business pages, the MLS, and social media.

Once you have found a potential tenant, you must adequately screen and vet them to ensure they have the ability to pay rent, have a clean background, and are not scammers. Many property owners have little experience in screening tenants and often do not have the tools to complete proper background qualification checks legally. Professionals have proven processes in place to work quickly and efficiently screen tenants. Not only does this give you back some of your time, but it also creates the opportunity for quality tenants to remain in your home long-term.

One aspect of owning a rental property you may not have considered is federal, state, and local landlord-tenant laws. When accepting applications and screening potential tenants, you must comply with all regulations to avoid legal turmoil. Your property management team remains trained and up-to-date on all current regulations, such as fair housing and discrimination laws. This expertise also comes in handy if an unfortunate eviction were to occur. There are many processes and procedures involved with carrying out an eviction. Removing a tenant is never a good feeling, but having a trusted team of experts on your side can ease some of the anxiety associated.

Maintenance & Repairs

It’s 2:00 AM, your phone rings, and it’s your tenant with an emergency. You’re traveling across the country and cannot get to the property for several days. Additionally, you do not have a list of reliable and licensed contractors available to perform quality repair work. This sounds like every investor’s nightmare, right? One of the largest perks of working with a property management company is having someone on your team 24/7 to address any maintenance concerns immediately.

Additionally, experienced property managers can resolve issues quickly as they have access to teams of trusted vendors. This means that you, as the investor, that you no longer have to answer any tenant maintenance requests directly. Many property management companies also have preventative maintenance programs. These programs can include routine maintenance inspections with the hope that any small issues are caught early before evolving into larger, more costly problems. This allows peace of mind for the property owner and affords the opportunity for major systems in their properties to be checked regularly and maintained.

The right property management team looking out for your property will save you time and money. You will no longer have to stress and coordinate maintenance repairs, no matter how serious the issue may be.

Rent Collection + Lease Enforcement

Time is money. It is no secret that sometimes collecting rent from your tenants can be a challenge. Property Managers are responsible for preparing a lease agreement and enforcing the standards once a new tenant signs for a property.

Property Managers assist with making rent collection easier and seamless for everyone in some of the following ways:

  • Offering convenient ways for your tenants to pay their monthly rent
  • Explain the rent collection process to new tenants so that they thoroughly understand the process and their obligations under their lease agreement.
  • Discussing the consequences and outlining the process for non-payment of rent, late fees, and potential eviction
  • Your property manager will handle the legal procedure for eviction and stand behind you in court to help recover any costs related to a non-paying tenant.

Additionally, outside of monthly rent requirements, when a tenant signs a lease on a property, they are signing a contract to abide by the standards set forth by the property manager.

A few situations that will be outlined in a lease agreement are:

  • Pet Policy
  • Security Deposits
  • Rent Payments
  • Notice of Entry
  • Subletting and Roommates
  • Parking Policies
  • What’s Included in the Lease- utilities, appliances, pest control, etc.
  • Repairs and Maintenance
  • Insurance Requirements
  • Process for Addressing Violations

There are many ways that Property Managers enforce the standards of a lease agreement. Many will have processes put in place for quarterly, biannual, and annual check-ins to ensure that the legal requirements of the lease are being met.

Closing

Hiring the right property manager is essential to your success while owning an investment property. It will not only save you time and money, but it will ensure that you are PROTECTING your investment long term.

If you are looking for a property management company to help save you time and money, RentWise Property Management would love to connect with you! 

Reducing vacancies, avoiding a bad eviction process, or handling a major repair request more than makes up for the cost of investing in a professional property manager. We guarantee our best practices and ethical standards are unmatched. We are dedicated to creating relationships with clients, tenants, and vendors to make owning an investment property easier and more profitable.

 

Amenities & Tenant Safety | Tips For Child-Proofing Your Rental Property

It’s no secret families with children and pets are ideal long-term tenants. Once families begin to expand, it is difficult for them to unnecessarily move from one place to the next every year or so. Recent statistics show that families generally stay put on average for three years. Those are great odds for rental property investors.

When searching for their next home, families typically have a few key points at the front of their minds. Location, schools, and safety are huge components of any home search. While thinking about safety, many property owners don’t consider that this can mean a child-proofed home for their prospective tenants. This often overlooked amenity can be a huge selling point when a family is viewing at home. If you’re looking to keep your vacancy rate low, there is no better way than to keep your tenants happy. And what better way to appeal to families than to protect their loved ones? More amenities and attention to detail equals a higher monthly rent, which in turn will boost your monthly passive income.

If you’re unsure where to start in the child-proofing game, you’re in luck. We’ve put together a short list of easy ways you can implement safety features into your rental property.

Windows + Window Treatments

Many rental properties have window coverings, or blinds, with long pull strings that can hang low to the ground. This makes it easy for young children to get tangled in the cords, and unfortunately, small children have died from strangulation. Many state legislatures are fighting to outlaw corded blinds in homes.

If you are looking for a great way to dip your toes into the child-proofing game without making it obvious, installing cordless blinds at your rental is a beautiful place to begin. They are visually appealing and are constructed infinitely better.

If you do not have the budget to overhaul every window treatment, there are still steps you can take to enhance safety around the blinds.

  1. Install a small hook where the cord can be tied up and out of reach of a child or pet
  2. Provide curtain cord covers that clip any excess cord from the blind

Additionally, ensure that the windows in your rental are secure and that the locks are in good working order. Inspecting the stability of the window panes and screens will eliminate the risk of a window falling on a child.

 

Electrical Outlet Covers

Once babies are on the move, there is no stopping them from exploring anything and everything they can get their hands on. Electrical outlets are no exception. Electrical outlets are a magnet for little fingers due to being eye level with a little tot. Babies and toddlers are infamous for wanting to touch outlets and stick their fingers and/or toys into the little sockets.

To protect against accidents, installing outlet covers is one of the easiest child-proofing measures you can take. There are many different options, all of which do not affect the functionality of the outlet. While this is a very inexpensive and easy fix, saving the tenant the hassle of doing it themselves is a huge bonus in showing that their landlord cares enough to take care of it for them.

Pools

If your investment property has a pool, there are steps that you must take to make accidental drowning a non-issue for tenants with children. Child-proofing the pool area will provide value for prospective tenants and protect your liability as the owner should an accident occur. Peace of mind is priceless for parents who not only want to provide a fun space for their children that is safe.

  • Signage. Post signs on how the pool should be used, maximum occupancy, and any emergency directions.
  • Pool Surroundings. Your property’s pool should have a fence with a tall, locked door that will prevent children from swimming unattended. The fence should be tall enough that even the most agile kiddos cannot climb over and sneak in.
  • Pool Covers. When looking at safety, there are many different options for pool covers. To protect the integrity of the pool, you may opt for a hardcover, which also can withstand a person’s weight. Another option is netting, specifically designed to securely stretch across a pool and eliminate the risk of drowning if someone falls in.
  • Pool Alarm. Designed to sound a loud alarm when the pool water is disturbed, this feature may make parents feel safer about having their child living in a home with a pool.

Falls

Not every rental property is one-story, and it is imperative to consider fall risks and safety when child-proofing a home.

  • Inspect the stability of all fences and railing to ensure that nothing is loose.
  • Be sure that balcony fencing does not have a wide enough space where a child could slide through.
  • Ensure the railing is tall enough that a small child cannot fall over the edge.

 

Other Considerations

While we have hit on some of the significant items, there are still many things you do to up your child-proofing game.

  • Install cabinet locks
  • Add child-proof door locks to all exterior doors
  • Install removable, walk-through gates at the top and bottom of each staircase 
    • Encourage your tenant that they are welcome to do the same
  • Add hand railings to exterior stairs and porches to discourage falling
  • Install appliance locks and appliance anchors to ensure that they cannot fall if a child climbs on them
  • Add rubber bumpers to sharp corners and edges

Going that extra mile to provide safety precautions and thus some childproofing strategies can positively affect your potential tenant’s family’s desire to lease your investment property.

If you have more questions or you want to find out more about our services and how you can have LESS HASSLE. MORE HAPPY when it comes to owning an investment property; visit our website at www.rentwisepm.com or give us a call at 208-949-3083.

 

SW Idaho NARPM | Q2 2022 Vacancy Survey Results

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!

The Southwest Idaho Chapter of the NARPM(National Association of Residential Property Managers) has released its findings from the 2022 Q2 Vacancy and Rental Trends survey. The report is as of June 30, 2022. 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 5,364 units managed between the counties, with a total of only 89 vacancies.

 

Q2 Vacancy Survey Results

The rental market has seen some very intriguing trends this quarter! The number of vacancies decreased by 152 units. The 2nd quarter of 2022 closed out strong with a market vacancy rate of 1.66%. The data collected indicates that vacancy rates have decreased significantly down by 28.75% from the 1st quarter of 2022! This is exciting news as it shows that the rental market in the Treasure Valley is as hot as ever.

Rental Rates

Ada County single-family rental rates decreased this quarter by an average of $81.00 per unit per month. The overall marketed rent rate for the combined single and multi-family comes in at $2,004 per month. To compare, that is a $325 or 19% increase per month based on the Q2 2021 Vacancy Survey.

Canyon County rental rates showed a larger increase in the second quarter of 2022 than the first. The rental rates for single-family homes showed an average monthly increase of $180. This puts the average rental rate at $1,927 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 Q3 survey results that will be coming out later this year. 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!

Should You Turn Your Rental Into A Smart Home? | Considerations Before Making The Switch

The world around us is surrounded by technology that is constantly evolving. Investment property owners are following the trends, and some have been converting their rental properties into ‘smart homes’. The technology industry has created devices that range from video doorbells, voice-activated appliances, noise control, flood detection, and more! While smart home devices were created for convenience, they can sometimes feel a little intimidating. Additionally, smart home devices can come at a cost as they are in high demand. So, is converting your rental property to a smart home the best choice? Let’s take a look at some of top considerations associated with adopting smart technology into your rental.

What is a Smart Home?

Simply put, a smart home is a home equipped with lighting, heating, and electronic devices that can be controlled remotely by a phone or computer. Smart home technology allows you to control almost every aspect of your home at the touch of a button.

Types of Smart Home Technology

The most commonly used smart home technology devices control lighting, security, appliances, and temperature control.

  • Lighting– The resident has the ability to set schedules for turning lights on and off, dimmable light features, and control energy output, all from a hub or smartphone device. Smart lighting also eliminates the need for additional outlets and wall switches due to the smart lights’ ability to be plugged in anywhere.
  • Security- Smart Home security is the largest component of adopting a ‘smart’ lifestyle. Smart home security allows the owner and resident to view live footage of their property when away, receive notifications and alerts, detect carbon monoxide or potential fires, trigger alarms to local police and fire departments, and remotely lock doors and windows.
  • Appliances– Many new appliances on the market are equipped with smart data technology that will provide maintenance alerts and recalls and provide the ability to request service.
  • Temperature Control– Possibly the most commonly seen facet of smart technology. Temperature control or ‘smart thermostats’ have taken the smart technology market by storm. Smart thermostats provide the ability to remotely control a home’s temperature by lifestyle sensing, programming schedules, and adjustments based on the local weather.

Why Should a Landlord Invest in Smart Technology?

The next generation of renters is among us. Millennials are more tech-savvy than generations prior and expect the accessibility and convenience of technology at their fingertips. Converting a rental property to a smart home is a value-add amenity for many potential tenants. Additionally, many rental shoppers may have smart home technology at the top of their requirement list. The added technology may create somewhat of a niche market when advertising to future tenants. This can also work in the owner’s favor as more technology and amenities equals the ability to market a higher rent for their respective property.

Benefits of Smart Home Technology

Smart home technology has huge benefits for both the renter and the property owner. Tenants enjoy the ability to set temperature control schedules, turn lights on and off, and get alerts from their appliances, such as when the dishwasher cycle is complete. This can help to keep their utility bills low and help with month-over-month budgeting.

Property owners can immensely benefit from smart home technology by ensuring that their investment remains in ideal condition. Landlords who provide utilities as part of their benefits package can maintain energy efficiency in their rental with smart thermostats. Smart technology can also track necessary maintenance in the home, which can save thousands of dollars down the road if they were not made aware of an underlying issue.

Concerns with Smart Home Technology

The largest concern surrounding smart technology is maintaining privacy. Smart technology can store a lot of data regarding a tenant’s habits, daily activities, and even where the tenant is located in the home. This may raise some serious concerns for potential residents. Owners can mitigate this risk by vetting smart home providers to ensure that data is stored securely.

Another concern that falls on the owner of the property is the cost surrounding converting to a smart home. According to homeadvisor.com, a full smart home conversion can cost anywhere from $10,000 – $150,000, depending on the features you are requesting.

Smart technology can be a great way to make your rental property more efficient and convenient for tenants. Well-managed smart technology can make a landlord’s job much easier! With some research and uncovering your needs as well as your tenants, you can create a positive tech experience for everyone

Are you currently looking for homes to rent in the Treasure Valley area of Idaho? Our lists are continuously updated, and houses move quickly here at RentWise Property Management. Feel free to check out our current listings!

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