The Southwest Idaho Chapter of the National Association of Residential Property Managers just released their 3rd quarter vacancy survey results. The NARPM members reported that vacancies across Ada and Canyon Counties are down and that rents in Ada County are also down. Multi-family vacancies were reported at a mere 1.9% while single-family vacancies were said to be at 3.3%. First Rate Property Management's own numbers support the vacancy rate finding, but we are not seeing a decrease in rent rates at FRPM (Ada County). FRPM's average vacancy for all of 2014 has been 1.79% through October. That's incredible.
The 3.3% vacancy rate number for single-family homes didn't surprise me. Typically, once school starts, the demand lowers and homes become harder to fill. However, we had a couple properties become available this month and, with over a 10% rent increase, they filled with great tenants within days. It would be great if this kind of demand would continue through the winter, but I wouldn't count on it. The winter and the holiday season always scare me because so many times in the past nobody was looking for rental housing. All they were looking for was turkey and gift shopping. So, if you have a vacancy or one coming up, even in this stellar market, our property managers are going to be watching the inquiry rate and if things slow down, we'll be contacting you to consider decreases in rent and maybe even a concession. We just don't want the property to sit vacant through the winter. Hopefully this is not the case or the concern, given the recent downward-trend in valley vacancy rates and FRPM's steadily upward-trending rent rates in Ada County.
First Rate Property Management Vacancy Rate
October 17, 2014: 1.13%
Southwest Idaho NARPM Vacancy Report Q3 2014
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 September 30, 2014.
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 18 property management companies were included in the survey results, which accounted for a total of 7191 homes: 3324 single-family and 3867 multi-family. The accuracy and reliability of this survey is improved with an increased sampling.
Vacancy rates moved significantly down, to 2.6% for the 3rd quarter. This is a decrease of 1.6 percentage points from last quarter. The largest decrease in vacancy rate was in the single-family homes, specifically within Canyon County. The decrease may have a direct correlation with the increase in sampling provided in the Canyon County market.
Rental rates in Ada County decreased slightly from last quarter. The decrease in rental rates in Ada County has been in all areas of the rental market, from single-family to multi-family. However, the decrease in rental rates was very minimal, and averaged out to be only a $21 decrease over last quarter.
Rental rates in Canyon County showed a slight increase, again this may have a direct correlation with the increase in sampling. The rental rate increase in Canyon County was also across the board, in both the single-family and multi-family homes. The increase in Canyon County rental rates averaged $50 over last quarter.
Last quarter rental rates were at an historical high, and yet we have been able to maintain the rates again for another quarter. This shows we are still maintaining a balance between our supply and demand of rental properties, in both the Ada and Canyon County markets.
The SW Idaho Chapter of NARPM thanks 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 improved.
Find out more about Idaho's premiere 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 Angela Post at 208-585-3256 with any questions and to learn how you can contribute and benefit!
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