Ada County Home Prices Continue to Rise:
Last week I touched on the increase of single family home prices in the Boise area. Over the past week I have read dozens of articles discussing the single family sales market and the increase in values. Below I have posted some link to a few of these articles. The opinions vary, but all good to consider when evaluating and considering buyer, selling, renting, or even investing in single family rentals. On the rental social media side, we're seeing a lot of opinions that with the increase in values, we're going to continue to see a high demand to rent, even with these incredibly low interest rates. That increase in demand is raising rents across the board and lower income renters are feeling the pinch. Enjoy and feel free to share your thoughts as you read some of these.
Below is a chart showing First Rate Property Management's vacancy. These numbers are based on nearly a thousand rentals in the Boise, Meridian, and Eagle areas. They also consist of small multi-family rentals, such as a duplex, four-plex, or small apartment complex, as well as hundreds of single family homes. With the low vacancy we are also increasing rents by over 10% on average. Our leases automatically include an 8% rent increase in them, upon the termination of the initial lease term. When the market was soft, we would offer a lower renewal rate, which made the owner and us look extra nice and made it more enticing to the tenant. But now with the market improving, First Rate Property Management is renewing at the 8% as the minimum.
Also, last week, I spoke about protecting our clients against a potential soft rental market that potentially could come about with so many multi-family properties coming on line and invited our readers to contact me. I was reluctant to post our strategy, since so many of our competitors are subscribers to our blog. But, because I received so many inquiries, I thought I would give a little hint to that strategy. It’s all about the lease term. We are offering longer rental terms and ensuring lease terms end in the time of the year when most tenants are looking.
Tony A. Drost
First Rate Property Management, Inc
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