Boise Area Rental Vacancy Rate:
Currently, First Rate Property Management Inc. has a 2.9% overall vacancy rate. Below is a graph showing the vacancy rate survey results from the SW Idaho Chapter of the National Association of Residential Property Managers. This graph shows average rents by type as well as average vacancy rates. It is important to note that the 3rd quarter survey results are as of September. It was near the end of September that all Boise area property managers saw a dramatic change in the market conditions. In October we saw rents drop and incentives coming into play. I believe that most companies, like First Rate Property Management, are being pro-active as we know that come winter, it becomes much more difficult to rent properties, specifically single family homes. Multi-family units such as plexes and apartments are more difficult, but certainly those with 3 bedrooms and more are the hardest as those tend to appeal to families and most families do their moving during the summer break from school.
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In the Oct 14 Idaho Business Review, Micron is planning to complete, in early 2012, a $50,000 R&D expansion in their Boise Fab 4 plant. Micron said that this will result in "hundreds of jobs." This is good news because of the job growth, the jobs will tend to be higher paying since they are R&D jobs, they are R&D jobs which probably won't be eventually outsourced as manufacturing jobs could be, and it supports Micron's continued commitment to Boise.
This msnbc article mentions a new spike in home foreclosures.
Rental Market Benefiting from Foreclosures:
The prweb and upi articles below both address how little negative credit has affected home-owners looking for rental property to live in. This is proving to be good for the rental market.
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