The SW Idaho Chapter of the National Association of Residential Property Managers (NARPM), which meets in Boise every month, just released their 2nd quarter vacancy data for Ada and Canyon counties. We have displayed some of the Ada County graphs below.
Ada County Historical Rents
Multi-family rents remain unchanged from 2014 and 2015 as shown in the below graph (Ada County historical rents on page 4). Rents continued to grow on single family home according to NARPM. That's a bit surprising to us.
Ada County Vacancies
Considering the high tenant turnover during the summer months, vacancy is outstanding as shown below. (Ada County vacancy line graph on page 2).
Are rents finally stabilizing as this quarter's data suggests? If the 3rd quarter results due out in October show similar results, we are calling it a trend and we believe that if the building of multi-family continues we then might actually see rents drop a bit.
Southwest Idaho NARPM Vacancy Report Q2 2015
The purpose of this survey is to show vacancy and rental rate trends among single-family homes and multi-family units (2-15) in Ada and Canyon County. Survey results are displayed by type (single or multi-family) and bedrooms (1-5) for the respective county. Property status was surveyed as of June 30, 2015.
The survey participants were property management companies affiliated with the SW Idaho Chapter of NARPM and are considered to the representative sample of the inventory of professionally managed rentals of less than 16 units.
Data from a total of 15 property management companies were included in the survey results, which accounted for a total of 5027 homes: 2290 single-family and 2737 multi-family. The accuracy and reliability of this survey is improved with an increased sampling.
Vacancy rates moved up almost a full percent to 3.9% for the 2nd quarter of 2015. This is an increase of .9% from last quarter. The largest increase in vacancy rates from last quarter was multi-family homes in Canyon County and single family homes in Ada County. Nevertheless, the increase was in both multi-family and single family in both Ada and Canyon County.
Rental rates in Ada County increased slightly for single family homes, with an average of $9. There was an overall decrease of $31 in rental rates for multi-family homes, in Ada County. On the average Ada County showed an $11 increase in rental rates over last quarter.
Rental rates in Canyon County showed an average decrease of $38. There was a decrease in rental rates in Canyon County for both multi-family homes and single family.
Both Ada and Canyon County were affected by the vacancy increases for the 2nd Quarter of 2015. Although both counties were affected by the vacancy increase, Ada County had the higher increase in vacancy rates by a full 1% over last quarter.
Currently the trend is showing multi-family and single family vacancy is continuing to rise, in both Ada and Canyon County. Furthermore, rental rates are starting to decrease in both counties. It will be interesting to see what the 3rd quarter of 2015 will bring.
We thank you for participating in this survey. Please educate more Professional Members, about the importance of this survey. By having more participants, the accuracy and reliability of this survey is always improved.
View the SW Idaho NARPM 2015 Q2 Vacancy Report as original PDF file
Find out more about Idaho's premier organization of residential property management professionals at www.swidaho.narpm.org
NARPM is the professional, educational, and ethical leader for the residential property management industry.
Learn more about the National Association of Residential Property Managers at www.narpm.org
Contact Angela Post at 208-585-3256 with any questions and to learn how you can contribute and benefit!
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