For weeks we've seen some signs that the rental market is softening to a more traditional rental market. We're over a month away for SW Idaho's NARPM 2nd quarter rental market analysis report, but we suspect we'll see increased vacancies and lower rents.
We're seeing longer days on market which increases vacancy. Rents are also being challenged and most landlords are opting to offer move-in credits over rent decreases. Other than filling new construction, move-in-credits have been something in the past. Move-in credits are the preferred approach as they protect the price point for renewals and other similar units that were just rented months prior at the same or higher rent. However, FRPM has done some testing and we are seeing a lower rent price point is converting better than the move-in specials.
For years Boise Landlords have been rewarded by being a bit aggressive with rents, but for the moment, FRPM is not recommending an aggressive approach. This could change in a month or two, but for now, FRPM is recommending that Landlords focus on rents to reduce days-on-market and lost rent.
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