Below is an article from The Wall Street Journal. I found it to be a good read. The article states that over the last year, rents across the nation have increased by 3.4%, but in some areas, as much as 6.7%. Boise is considered a small market, but I would believe that Boise-area rents have increased closer to the 6.7% than the average of 3.4%. But the article also addresses income. Rents are moving up but nationally, incomes are not. I think this is a very good point and something I have brought up before. Is the sky the limit, for Boise-area rents? It can't be. The family income has to play a factor.
With that said, the ratio between property value and rents for single-family homes has always been much higher in Boise than the national average. For example, a $150,000 house in Austin, TX may rent for $1,800. In Boise, that same $150,000 house would rent for about $1,000 on the high side. So although Boise-area income levels have to play a factor, rents in the Boise area are still considered to be low in comparison to property values.
Apartment Rents Rise as Incomes Stagnate
by Chelsey Dulaney
The Wall Street Journal
July 2, 2014
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