South West Idaho Vacancy Report - Quarter 2

Here's the most recent quarterly report for the rental market in Ada County and Canyon County. These numbers are gathered from a conglomerate of property management companies in the area.  Keep in mind they're averages so they're pulling from a very broad range of rental markets to come up with these numbers.  They're not a replacement for a rental market analysis on your Boise rental home.

This report comes from the Southwest Chapter of the National Association of Property Managers.

Introduction

"The purpose of this survey is to show vacancy and rental rate trends among single-family homes and multi-family units (2-15) in Ada and Canyon County. Survey results are displayed by type (single or multifamily) and bedrooms (1-5) for the respective county. Property status was surveyed as of June 30th, 2016. The survey participants were property management companies affiliated with the SW Idaho Chapter of NARPM and are considered to the representative sample of the inventory of professionally managed rentals of less than 16 units.

Survey Respondents

Data from a total of 16 property management companies were included in the survey results, which accounted for a total of 6118 homes: 2130 single-family and 3988 multi-family. The accuracy and reliability of this survey is improved with an increased sampling. 

 

Courtesy South West Idaho Chapter NARPM

Courtesy South West Idaho Chapter NARPM


Single Family Rentals

Courtesy South West Idaho Chapter NARPM

Courtesy South West Idaho Chapter NARPM


Multi-Family Rentals

Courtesy South West Idaho Chapter NARPM

Courtesy South West Idaho Chapter NARPM


Summary

Vacancy rates on average for both counties increased slightly from 2.6% to 2.7% for the 2nd Quarter of 2016. The largest increase in vacancy rates from last quarter were Canyon County single family homes which increased from 1.9 to 2.4. Overall, Ada County rental rates decreased by $15 per rental unit from the first quarter in 2016. . Ada County single family homes monthly rents decreased on the average of $42. Ada County multi-family unit rents decreased by an average of $13 per month. Canyon County showed an average decrease of $66 from last quarter.

With that said, overall vacancies are down from 3.8% to 2.7% in Ada County and from 4.3% to 2.6% in Canyon County when compared to the 2nd quarter of 2015 which is a more accurate look due to the lack of participation in the 1st quarter survey of 2016. Rental rates are also up from that 2nd quarter 2015 overall all at $34 for both Ada County and Canyon County.

Both Ada and Canyon County experienced decreased vacancy for the 2nd Quarter in 2016 continuing the year on a very high note. Q2 vacancy rates are historically higher so the increased vacancy for this quarter is nothing alarming. It’s still very good.