This week FRPM’s vacancy rate was 3.5%. This very low rate is deceiving as a vacancy rate this minimal generally indicates that rents should be increased and that is not the case. In fact, I completely credit this below market vacancy rate to our pro-active renewal program, move-in incentives, and decreased rents. I know this because we can go weeks without hardly any calls and the moment we drop the rent or add a move-in incentive our call volume increases. We’re in a market where the tenant seem to expect it and therefore I believe they call those units first.
Sale Market Update:
I took a class last week and the instructor stated that Idaho was ranked 6th within the nation for foreclosures. I’ve been representing buyers buying properties at the foreclosure auctions so I look at the lists of foreclosures coming down the pipeline and there are hundreds each week within Ada County alone. I think as long as we continue to see this many foreclosures, we’ll continue to see values decrease. So I am still advising my clients that now is a good time to buy and four plexes in particular are appear to have the biggest bang for your buck.
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