The 2nd quarter vacancy and rental reports from the SW Idaho Chapter of the National Association of Residential Property Managers were just released. As you can see, the vacancy for single family homes is just a mere 2.5%. I haven’t seen that since 2001. It’s a great sign that our surplus inventory of single family homes have mostly been consumed. However, the survey showed a vacancy of over 6% for small multi-family buildings. First Rate Property Management has been fairly steady at 3 to 4%, so I was surprised to see that figure as high as it was. But I think it explains why I’ve seen some of our multi-family units not move as fast as I wanted them to or at least at the rental price that I thought would work. All-in-all, I am still pleased with the current market conditions.
Boise Average Rents
The SW Idaho Chapter of the National Association of Residential Property Managers posted their 2nd quarter rent survey. Below I have posted the results. With vacancy so greatly improved, I would’ve expected rents to have increased. If you have any questions, please feel free to contact Tony@FRPMrentals.com or simply post to this blog so that everyone can see your question and the response.
As we’ve mentioned, summer is our busiest time of the year. As of today, we haven’t received that many notices to vacate for August. So unless they come in by the truck-load next week, August should post up some good numbers.
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