For more than a decade, HomeRiver Boise has participated in the SW Idaho chapter of NARPM (National Association of Residential Property Managers) quarterly survey of local property managers to capture the vacancy rate of residential rental properties in the Treasure Valley. In Q1 of 2021, over 9200 rental units were surveyed and the result is the lowest vacancy rate we've ever seen. Under 1% vacancy in Ada and Canyon county.
So what does this mean?
- Rent prices will continue to rise as demand outpaces supply.
- Increased competition for renters in finding a home.
- More tenants will likely renew their leases and stay longer because of fewer options to move.
Overall, the population growth and low unemployment rate has created a competitive housing environment and, in turn, steadily driven prices up.
Author
David Fisher, CPM
Business Development Manager
Dynamic property management and real estate professional with over 25 years of industry experience. Certified Property Manager (CPM) with expertise in single-family and multifamily property operations, acquisitions and dispositions, financial analysis, due diligence, development and construction, marketing and leasing. Highly motivated and personable with outstanding communication skills and leadership abilities. United States Marine Corps veteran.
