Tony Drost of NARPM Visits DC
The good news is that at least the Idaho representatives seemed to understand that the banks had a poor approach towards handling their crisis with residential properties. As we have discussed before on this blog, the bank’s own foreclosures and subsequent REO listings caused values to sink like a rock. They flooded the market and drove values down. The bail out money appears to have bailed out the banks, not the American home owners. We’re hoping that they don’t make the same mistake with commercial loans. If borrowers are making their payments as agreed upon, then the banks should not require these property owners to come up with cash to make up the difference in equity position. To do so, could likely cause investors to default, which will drive commercial values down.
April has kept pace with last year, matching the weekly vacancy numbers. First Rate Property Management's current overall vacancy rate is 2.6%.
Vacancies by Unit Type:
Currently one bedroom apartments are struggling at over 7% vacant, while 3 bedroom multi-family units are at 1.5%. Two bedroom multi-family units are at 2%.
Vacancies by Area:
We break down our managed areas as follows, North Boise/BSU-East Boise-West Boise-Boise Bench-Eagle-North Meridian-South Meridian. Out of the seven areas, the Boise Bench and North Boise are the highest at 3.5% and 3.3% respectively.
Running FRPM Boise Area Vacancy Rate Graph (Click on image to enlarge)
Tony A. Drost
- Boise Area Rental Market
- Boise Area Real Estate Market
- Property Management
- Boise Real Estate Market
- Boise and Idaho in the News
- Deferred property maintenance
- Rental Property Maintenance
- Fair Housing
- Is renting Overtaking the Housing Market?
- 3rd Quarter Vacancy Update
- Interest Rates and Inflation: A Mystery
- Quarter 2 Vacancy Information
- We're Calling it: Rental Market Softens
- Tony Drost
- Melissa Sharone
- Kristen Curtis
- Tyler Brown
- Tara Pecora
- Marie Swanson
- Lizz Loop