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Renting in Boise, Idaho
Happy Holidays To all our valued clients and customers Happy Hoildays and a wonderful upcoming New Year from the staff at First Rate Property Management!
Our Holiday schedule is as follows:
We will be closed the weekends of the 24th - 25th and the 31st – 1st of January. We will be open Monday through Friday with normal business hours.
More Multi-Family Properties Being Built
Last week I attended a Planning and Zoning Committee concerning the building of more four plexes in Meridian. In my discussion with all of those involved in this project, I learned of many more four plexes and apartments to come in the near future. And, I was surprised to learn of some apartments that were built in Meridian with more to come. So the word is definitely out that there is a demand to rent. Some of the benefits is that these builders are finishing incomplete complexes. That helps with association dues and really improves the overall appearance of the complexes. It’s also good in that these new buildings are providing some inventory to meet the demand to buy turn-key properties. These newer buildings are also selling for more, which should help improve values of residential income properties.
The potential downside is that the new construction increases the supply of rentals, which may soften the expected rent increases and reduced vacancies that we were predicting in 2012. Also, if priced similarly, or not much higher, tenants may prefer to rent something newer. Granite countertops, tile flooring, new appliances, and tile back splashes provide a lot of appeal, and if the rent isn't much more, I suspect many renters will be willing to make the move.
Is Renting Becoming more Glamorous?
The potential downside is that the new construction increases the supply of rentals, which may soften the expected rent increases and reduced vacancies that we were predicting in 2012. Also, if priced similarly, or not much higher, tenants may prefer to rent something newer. Granite countertops, tile flooring, new appliances, and tile back splashes provide a lot of appeal, and if the rent isn't much more, I suspect many renters will be willing to make the move.
Is Renting Becoming more Glamorous?
Below is a recent online newsletter from the National Apartments Association sent to me by several clients. There are a lot of interesting articles. One that I found interesting, was Recent Study Shows Renting Is Getting Glamorous where the Center for Behavioral Economics at the Federal Reserve of Boston showed that fewer young people think home ownership is preferable to renting. The study showed that a cultural shift is the reason young professionals are embracing renting in a destination-living community with multiple amenities. First Rate Property Management has some tenants with high income and great credit choosing to rent. However, we are still seeing many leaving the rental market to buy homes. My guess is that this is more prevalent in areas where housing is much more expensive than what we see here in the Boise area. However, this trend very well may increase in years to come.
12-21-2011
Tony Drost
Fair Housing
05-28-2014
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