Below is First Rate Property Management's current vacancy graph. Vacancy has spiked, just as it has in years past. This spike is the result of a number of factors.
- Most of FRPM's leases terminate in the summer months as the winter historically has been a more difficult time to rent up vacancies.
- FRPM has many rental units around Boise State University (BSU) and the time to turn those over is also during the summer break.
- The vacancy rate is a bit overstated. Most of these vacant units have already been re-leased, but the tenants have not yet moved in.
- All rental units turned over go through a thorough move-out inspection and receive painting, cleaning, carpet cleaning/replacement, and maintenance. This is all done between tenants and it takes an average of 5 days to complete that work.
Overall, we continue to see a strong rental market. Most multi-family is moving very quickly. Higher end homes with large rents are moving a little slower. Most tenants seem to be looking for the most amenities for the least rent. With the heat in full gear and a very recent increase in electricity billing, central air is a favorite for its efficiency and ability to keep all rooms cool. Although the need for heating is months away, it is very common for tenants' search criteria to include central heat. Units with wall or window A/C are still renting, but tenants are requiring a price differential.
Unless a hot topic comes up in the meantime, our next blog post will address deferred maintenance.
First Rate Property Management Rental Vacancy Rate
July 17, 2015: 2.46%
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