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Boise Rental and Sales Market Update

Small Multi-Family:
Currently there are only 14 active four-plex listings in all of Ada County.  This is the lowest it's been in four years and equates to about a 2.5 month supply.  In recent months, we've had new construction hit the market, and at first, they were slow to go, but now with inventory as low as it is, their selling quickly at prices that we haven't seen for awhile.  With inventory low, great interest rates, and an increase in demand from those investors who now can see that we hit the bottom and values are recovering, I think we are going to see a shot in values.  With this increase in values, we're seeing cap rates taking a bit of dip, so instead of mid 6's and maybe 7%, we're seeing more closely to 6%.  With this shortage and increase in values, I will be listing three four-plexes, priced between $250,000 to $275,000 and a duplex at $149,900.

Single Family Rentals:
As I have explained in recent weeks, I've really struggled securing any for my investors.  I had explained that I kept getting in bidding wars and losing out to higher offers.  This week, I realized that price point had a lot to do with it as well.  Anything under $150,000 seems to be where the demand is.  Obviously, the lower the price, the more who could afford to go after it.

Rental Vacancies:
Spring must be close, because we saw a significant increase in notices to vacate at the end of March.  Current vacancy rate for the first week of March is 3.8%.  Overall, we had 1.8% of our inventory give notice to vacate.  The breakdown as to the reason to vacate is:  32% needing something bigger, 25% due to purchasing a home, 25% due to roommate issues/bailing out, and 18% due to moving out of town or state.

Tony A. Drost
First Rate Property Management, Inc
Boise, ID







Tony Drost
Fair Housing

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