Below is a link to an article about rising rents in the country's top technical hubs. Although Boise is not included, I wanted our subscribers to see that rents are on the rise. I know that our Boise Investors don't have to be reminded, but I think anyone wanting to spin this to make it sound like Boise Landlords are raking in, please consider this.
In 2002 we saw the government's plan to make the American Dream of being a home owner began. Slowly we saw new loan programs coming out by the hundreds and at one point I heard that there were over a 1,000 different kinds of programs out. With low rates and loan programs that made it possible for nearly anyone to buy a home, we saw renters leave the rental market and become homeowners. This hurt the rental market and rents went down. Not only did rents decrease, but vacancy between tenants increased and for the first time in my life as a property manager we saw move-in incentives that said, "How Much Free Rent Do You Want." Within the past few years we've seen rents finally improving and in most cases, it was until this last year or so that we saw rents finally meet and go over the rents that we saw prior to 2001.
But wait, there is more. Over that decade where rental income was down, the Boise investor saw increases in utilities, property taxes, and repairs. Paint, flooring, and roofing all have increased over this time. Even labor has increased. Yes, rents are on the rise, but it's been a long time coming.
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