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Rents Continue to Climb, but so Does Vacancy

The SW Idaho Chapter of the National Association of Residential Property Managers (NARPM), which meets in Boise every month, recently posted their 3rd quarter rental vacancy survey results for Ada and Canyon counties. We have displayed some of the graphs and charts below.

The market continues to prove us wrong, in that we expected to see rents soften this 3rd quarter. The vacancy rate for Ada County single-family home rentals as well as multi-family rentals is about the same at 3.4%. The average rents posted for single-family homes seems to be in line with what we have seen in the market. There were only 18 companies that reported their rental data and, based on the average rents shown for the multi-family units, I believe the rents are skewed upward and likely being influenced by a large number of brand new properties.

In comparison, FRPM's current vacancy rate is half of 1% (.005), which is great. For those of you who are regular readers, you know that FRPM recommends to the property owners to not allow leases to expire in the fall and winter months, so our low vacancy is due to design. Typically such a low vacancy rate would indicate that rents can be pushed up a bit. Perhaps, but we find that it's best not to push up in these winter months, because if the property doesn't rent right away, it could sit for months.


Tony Drost, President, First Rate Property Management, Inc.
Tony Drost, President
First Rate Property Management, Inc.
Boise, Idaho
Contact me for more information about the Investment Real Estate and Property Rental markets in Boise and Idaho.


Southwest Idaho NARPM Vacancy Report Q3 2015

Introduction

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, 2015.

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.

Survey Respondents

Data from a total of 18 property management companies were included in the survey results, which accounted for a total of 5074 homes: 2392 single-family and 2682 multi-family. The accuracy and reliability of this survey is improved with an increased sampling.


 

Click to enlarge

Ada and Canyon County Vacancies 1

 

Click to enlarge

Ada and Canyon County Vacancies 2

 

Click to enlarge

Ada and Canyon County Vacancies 3

 

Summary

Vacancy rates moved down slightly to 3.6% for the 3rd quarter of 2015. This is a decrease of .3% from last quarter. The largest decrease in vacancy rates from last quarter was multi-family homes in Ada County. Canyon county multi-family had a decrease of .2% and single family homes where unchanged.

Rental rates in Ada County increased on the average of $22 for single family homes. There was an overall increase of $82 in rental rates for multi-family homes, in Ada County. On the average Ada County showed a $33 increase in rental rates over last quarter.

Rental rates in Canyon County showed an average increase of $54, from last quarter. The increase in rental rates for Canyon County was solely due to the increase in rates for 5 bedroom single family homes.

Both Ada and Canyon County experienced the vacancy decreases for the 3rd Quarter of 2015. Although both counties experienced the vacancy decrease, Ada County had the higher reduction in vacancy rates by a full .4% over last quarter.

We thank 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 always improved.

View the SW Idaho NARPM 2015 Q3 Vacancy Report as original PDF file

Angela Post
angela@postpropertyidaho.com
208-585-3256


Find out more about Idaho's premier 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!

10-26-2015
Tony Drost
Boise Area Rental Market
08-29-2016

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