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Boise Rental Market Update

Below is the updated vacancy rate graph. As you can see, the last 3 weeks have trended upward. I believe the major cause of the increase in vacancy is that this is the month with the highest turnover so there is some down time as all of these tenants move from one place to the next. I suspect that the trend will either level out or hopefully even decrease. We have been increasing rents and that could be a factor as well, although I put more weight on the time of the month and year as tenants make their summer moves. Our single family homes are doing very well. Overall, I am very pleased with the current market.

(click to enlarge)
Ada County Duplexes and Four Plexes:
As you know, I sell investment properties for Swope Investment Properties. In fact, the brokerage is #1 in sales production of Residential Income Properties within Ada County. One of the things the office does is track the four plex and duplex sales. June was a huge month in 4 plex sales within Ada County. If it weren’t for the knowledge that I have that more four plexes are coming to foreclosure within the next few months, I’d say that we might be close to seeing values finally stabilize. But my guess is that those foreclosures will keep that from happening. Not to sound like a broken record, but my opinion is that it is a great time to buy.

Annual Accounting Audit:
Next week we have our annual accounting audit. I hire a 3rd party company to dig into our books and make sure that everything is posted right. I do this to make sure that your bookkeeping is dead on as well as my own books. We also purge old data and install updates once the audit is complete and that requires everyone to be out for a day or two. So please excuse the girls if they have to wait a day to respond to any accounting questions next week.

Useful Information:
I got a lot of great comments about last week’s post on the average expenses. If you ever have any questions or think of a good subject line, please just reply back or post a reply post on the blog and I’ll get something written up. I enjoy writing these and I want to keep all of you up to speed of the market conditions and any changes First Rate Property Management is making.

Tony Drost
Boise Area Rental Market

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