With the first quarter coming to an end soon, First Rate Property Management's vacancy rate continues to hover around the 1% range. With such a low vacancy, rents continue to push upward. Considering the number rental units built and introduced within the last two years, we're amazed. Boise's population must be growing steadily. We are hoping to post an update on the growth; number of rental units slated to be built within the year; and perhaps a forecast of what may become of the Boise area rental market. FRPM continues to offer a 2-year lease option to help hedge the impact of overbuilding or pushing rents too high. So far, about half of our tenants prefer to lock the rental rate at the lower amount and commit for two full years, while the other half would rather only commit to a year and pay a little more in rent. It seems to be a good mix for an unpredictable future.
Supply and Demand was one of the topics yesterday from one of the property management forums we belong to. Fewer than twenty Property Managers from across the country weighed in, but all of those who did, reported vacancy rates similar to what FRPM is seeing here within Ada County. The Southwest Idaho Chapter of the National Association of Residential Property Managers (NARPM) are due to report their survey results for the first quarter of 2015 around the middle of April. We anticipate to see a trend of lower vacancies and higher rents. Stay tuned and we'll share the results and how we interpret the data.
First Rate Property Management Rental Vacancy Rate
March 12, 2015: 0.67%
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