SW Idaho NARPM | Q1 2023 Vacancy Report

April 13, 2023

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!

We Love Our Clients!

March 16, 2023

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.

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

October 27, 2022

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

October 12, 2022

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.

Install a small hook where the cord can be tied up and out of reach of a child or pet
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.

Simple Tips To Prevent Pests From Invading Your Rental Home

April 27, 2022

Spring has sprung, and summer is on its way! With warmer weather on the horizon, this may open up an invitation to some very unwanted houseguests- pests! Unfortunately, pests are a common nuisance no matter where you live. Everyone will have to deal with pests at one point or another. Not only are pests a huge annoyance, but there can also be potential health risks.

When you are a tenant, you may be wondering who is responsible for pest control at your home. It is always best to check your lease agreement to understand the requirements for keeping these unwelcome guests under control. Some property managers will offer a nominal payment option that includes treatment of your home, inside and out. Regardless of what your lease states, there are a few surefire ways to minimize the risk of having a pest invasion.

Vacuum Frequently

Vacuuming often may seem silly and is likely something you are already doing. Things like crumbs and dust can accumulate in carpet fibers or under appliances and become the latest hot spot for an ant or roach party. It is guaranteed that these guys will invite the rest of the neighborhood to make themselves at home.

Take Out Your Trash

This is another tip that many of you are likely doing on an almost daily basis. Pests treat anything smelly such as trash as an open invitation to come in. Emptying your trash bins as soon as they become full will take some of the fun out of it for any roaches, ants, flies, and their friends. It is also a good idea to disinfect and rinse out your trash bins every month to remove any residue left behind.

Keep Kitchen & Bathrooms Clean

Implementing a daily cleaning routine for your kitchen and bathrooms will immensely reduce the risk of pests congregating there. Be sure to put food away as soon as you are finished. Wipe down the countertops at the end of every day. Be certain to empty the garbage disposal and keep the drains clean. Not only will a clean kitchen and bathroom boost your mood, but it can also provide some peace of mind that you’re putting up a roadblock from attracting pests.

Check Secondhand Furniture & Clothing

I think we can all agree that nothing beats a great deal! You went to a yard sale or your favorite thrift shop and found your dream couch and a new outfit too! Unfortunately bringing items into your home that have been in someone’s residence opens up the potential for pests such as fleas, bed bugs, roaches, and spiders. Your dream couch could have been in storage for many months and your new outfit could have been in a trash bag in their garage. Fully inspecting and cleaning and even spraying pest repellent on the new furniture can work wonders in keeping those creepy crawlies out.

Remove Clutter and Debris- Inside and Out

There is nothing better for unwelcome insects and pests than a pile of clothing, a stack of boxes, and a woodpile. Picking these items up and keeping your home tidy will deter pests from making these things their newest home.

Proper cleaning regularly goes a long way in preventing a pest party from starting in your home. If you should find yourself in a situation where some unwelcome guests are residing in your home, inform your property immediately so that you may work together to solve the problem before it gets out of hand. Visit us at www.rentwisepm.com for more information on our pest control program and how we strive to make every experience LESS HASSLE, MORE HAPPY!

Egg-stra Special Easter Events In The Treasure Valley to Spend With Your Peeps

April 13, 2022

Spring has hopped right in and it’s time to plan for some Easter family fun! We have compiled a list of some of the top Easter events across the Treasure Valley!

Pictures with The Bunny

Visit Boise Towne Square for an egg-citing visit with the Easter Bunny! Photos are available daily and you can reserve your spot here!

SPRING EGGSTRAVAGANZA

Visit the Indian Creek Plaza in Caldwell on April 16th from 11:00- 3:00 pm! 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!

Flashlight Easter Egg Hunt

On April 15th, the Nampa Parks & Recreation Department has added a twist to your traditional egg hunt . . .hunting in the DARK. Bring your own flashlight and search the park for every last egg! Available for ages 13-17, it begins at 9 pm! $3 fee per participant. Register here!

Easter Egg Swim

Come play in the water and enjoy fun games, activities, and hunting Easter eggs while you swim at the Harward Rec Center in Nampa! Register for your spot, here!

Ages 4-12
April 16
1-2pm OR 2-3pm
Member Free; Non-Member $4

Boise New Hope Church Egg Hunt & Pancake Feed

Join the Boise New Hope Church for their Annual Egg Hunt & Pancake Feed on April 16th from 9-10:30 am! Located at 8585 West Overland Road, Boise Idaho 83709

Chamber of Commerce Eggstravaganza

April 16th, 12 pm-2 pm

Join the Star Chamber of Commerce’s Easter Eggstravaganza! From 12 pm to 2 pm at Hunter’s Creek Park! FREE Community Event! Easter egg hunts, large-scale inflatables, face painting, and much, much more! Click here for details and directions.

Tree City Church Easter 5k/3k & Easter Egg Hunt

All are invited to a day FULL of fun activities on April 16th! Register for the event here!

5K (Run) & 3K (Walk) begins at 11:00am.
Easter Egg Hunt (4th grade and younger) begins at 12:00pm.
Block Party to follow with Food Trucks, Inflatables, Games, and so much more!

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 blessed weekend filled with happiness!