Below is the 2014 second quarter report from the SW Idaho Chapter of the National Association of Residential Property Managers. The report shows that the combined vacancy rate, for single-family and multi-family rentals, stands at 4% at the end of the second quarter 2014 (June 30, 2014). First Rate Property Management's rental data is included in the SW Idaho Chapter of NARPM survey. We provide our vacancy information up to the last day of the quarter to participate in the survey.
The First Rate Property Management vacancy rate for the second quarter 2014 is 2%, which is a record low for us for the last several years. Properties are renting quickly because there isn't much out there, and rents have been increasing during the past couple of years as the market allows. We expect our trend of historically low vacancy rates and elevated rents to continue for the foreseeable future. The only rental practice that First Rate Property Management has adjusted -- due to the recent vacancy and rent conditions -- is to offer longer-term leases at a market rent and if tenants want a shorter lease they pay a bit above market rent.
For property owners, we have seen that people often cannot sell their houses at their asking prices, so they are wanting to rent them out until the market is better for selling. The properties are renting up quickly because of the low supply of rentals in the Boise area.
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 June 30th, 2014.
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.
Data from a total of 11 property management companies were included in the survey results, which accounted for a total of 4143 homes: 1607 single-family and 2536 multi-family. The accuracy and reliability of this survey is improved with an increased sampling.
Vacancy rates moved significantly up, by 2.5% from last quarter. Comparing summer to summer, the surveyed vacancy rate increased from 3.5% for Q2 of 2013 to 4.2% for Q2 of 2014, with a large increase of single-family vacancies for the quarter.
Rental rates also rose from last quarter. The largest increase in rental rates has been in the smaller units, such as, 1 bedroom and 2 bedroom units. This explains why the multi-family market carried the majority of increase, in rental rates. However, the largest increase in vacancy rates was in the single-family. Therefore, the increase in rental rates and the increase in vacancy rates, may have no direct correlation.
Summer rate increases are historically higher than the spring months. However, comparing the historical data, we have currently reached record high rental rates.
The SW Idaho Chapter of NARPM thanks 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 improved.
View the SW Idaho NARPM Vacancy Report Q2 2014 Report as original PDF file.
Contact Angela Post at 208-585-3256 with any questions and to learn how you can contribute and benefit!
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