Vacancy improved with an overall vacancy rate of 2.8% for the 4th quarter of 2015. However rent rates dropped. What could contribute to lower vacancy and lower rents? According to NARPM, "this large decrease is solely based on the competitive time of year and the fact that vacancies are much tougher to fill during the 4th quarter." Perhaps, but it could be a sign that rents are stabilizing. Time will tell.
We've been suggesting that the massive amount of new multi-family housing would create a surplus of inventory and create a correction in rents, but we also expected to see higher vacancy rates at that time too. I would not be surprised if we see very little difference in rents in the first quarter of 2016 and higher vacancy rates correlating the two.
More information and data below.
Southwest Idaho NARPM Vacancy Report Q4 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 December 31st, 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 23 property management companies were included in the survey results, which accounted for a total of 6532 homes: 2536 single-family and 3996 multi-family. The accuracy and reliability of this survey is improved with an increased sampling.
Vacancy rates moved down slightly to 2.9% for the 4th quarter of 2015. This is a decrease of .7% from last quarter. The largest decrease in vacancy rates from last quarter was single family homes in Ada County at 1.3%. Canyon county single family had a decrease of .4%.
Rental rates in Ada County decreased on the average of $139 for single family homes. There was an overall decrease of $126 in rental rates for multi-family homes, in Ada County. On the average Ada County showed a $182 decrease in rental rates over last quarter. This large decrease is solely based on the competitive time of year and the fact that vacancies are much tougher to fill during the 4th quarter.
Rental rates in Canyon County showed an average decrease of $230, from last quarter. This large number is in part due to the increase in rental rates for Canyon County last quarter and directly related to the increase in rate 5 bedroom single family homes and again related to the competitive time of year.
Both Ada and Canyon County experienced significant the vacancy decreases for the 4th Quarter of 2015. Although both counties experienced the vacancy decrease, Ada County had the higher reduction in vacancy rates by 19% last quarter.
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 Q4 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 Courtney Wolfe at 208-949-3083 with any questions and to learn how you can contribute and benefit!
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