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School is in.  Tenants settle in as well.

Below is First Rate Property Management's vacancy chart for summer 2014. As we have reported all year long, 2014 has been a strong year. Rents have increased and occupancy hasn't been this good since the late 1990s and early 2000s. Now that school is in, we're seeing people wanting to hunker-in. Most have already made their move and won't start looking to potentially move again until late spring and early summer. This is a trend that we see in both single-family home buyers and tenants. With this being the case, the demand to rent or buy is slowing and will continue to slow the closer we get to the winter months. This is most evident in our single-family homes. The multi-family rental units are still moving at a nice rate. Therefore, single-family Landlords may need to look at slightly lower rents to get the few that are still willing to look at their home over others. I would even consider a move-in credit if the inquiry rate is slow. Rentals in November thru February are typically hard to move with the only exception being rentals near Boise State University that come available during the first and second semester break. All in all, I couldn't be happier with the team members at First Rate Property Management and how they have managed the lease renewals and filling vacancies this year.

Click to enlarge
FRPM vacancy rates August, 2014

Tony Drost
Boise Area Rental Market

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