First Rate Property Management Blog

Q1 NARPM Vacancy Survey

Melissa Sharone - Tuesday, April 27, 2021

The SW Idaho Chapter of NARPM just released its1st quarter vacancy survey and the results are record breaking.  The data collected indicates that the trends in Ada & Canyon county vacancy rates have decreased by 3.47% from the 1st quarter of 2020 to the 1st quarter of 2021. This is the lowest point vacancy rates have been reported in over 15 years that the SW Idaho Narpm Chapter has been collecting data.  First Rate has averaged a vacancy rate of .5 percent for the past 6 months and we see that trend continuing. Currently the only vacancy that First Rate is experiencing is the the time that it takes to get the turnover complete which is about 5 days.  Our average days on market right now is 10 days which is also at an all time low. 

Ada County single family marketed rental rates increased this quarter by $105.00 per unit in monthly rent cost. While multi-family units in Ada County increased by an average of $46.00 in rent per month in the 1st quarter of 2021.  The high demand and low supply is continuing to support rental increases across the board.  We expect this to get even stronger in the 2nd quarter. 

Click here to read the full report - 2021 NARPM Vacancy Survey

Melissa Sharone- President FRPM

SW Idaho NARPM Vacancy Report Q4 2020

Kat K. - Wednesday, January 27, 2021

Closing out 2020, Q4 Vacancy Reports from the National Association of Residential Property Management indicated the lowest vacancy rates that has been reported in over 15 years! As Idahoans continue to spend more time at home as a result of the lingering COVID-19 pandemic, low vacancy rates have been reflected across the Treasure Valley for single family and multifamily homes alike.

The overall vacancy rate reported for Q4 of 2020 was 1.02%, with Ada County sitting at 1.05% and Canyon County at .90%. Of these vacancies in Ada, 64% were single family homes and 36% were multi-family. In Canyon, 57% were single family and 43% were multi-family.

While vacancy rates may be at record lows, rent rates continue to rise across Ada and Canyon County for all property types.The overall marketed rent per unit increased by $42 in Ada County making the average marketed rent rate $1438 per month. In Canyon County, rental rates were marketed at an increased overall monthly rate of $120 putting the average at $1236.

As we continue to navigate unprecedented circumstances in an unpredictable market, FRPM will continue to find a balance in renewal rates until the Treasure Valley rental market acclimates to it’s new normal.

To view the full Report, follow this link :

Boise Housing Market Continues to Break Records

Kat K. - Tuesday, December 15, 2020

As the Boise housing market continues to break records for high prices and low inventory, local renters who are on the quest for homeownership are finding it more and more difficult to make the transition. In August 2020, the average median home price in Boise reached $400,000 for the first time in Idaho history! Even amongst a pandemic, this upward trend for home prices shows no signs of stopping with the Boise Regional Realtors Market Snapshot reporting $425,000 for the month of November. 

Interest Rates have also been setting record lows, alluring current homeowners to stay in place and refinance their homes instead of placing them up for sale. With the luxury of a lower mortgage payment and an outrageously competitive market, homeowners simply don’t want to take the risk of not being able to find a new home. 

Although low supply and high demand has driven the Boise market into uncharted territory, with help from a trusted lender and a Real Estate professional, locals still possess the tools to reach home-buyer victory! Regardless of the state of the current market, if you’re considering your options to rent, buy or sell - the most important component is a plan. Do your research, ask a professional and educate yourself on realistic opportunities within your market! 

SW Idaho NARPM Vacancy Report Q3 2020

Julie Tollifson - Friday, October 23, 2020

View Report Here

Quarter 3 Vacancy Report from the National Association of Residential Property Management indicated that Canyon and Ada County both had a slight increase in vacancy since quarter 2. Less than ½ a percent, but an increases none the less. 

Of these vacancies, it was reported that 27% are Single Family Rentals in Ada County, 28% are in Single Family Rentals. Historically, these percentages are higher than what we’ve seen in previous years during Q3. 

Rental Rates continue to climb in both Canyon County and Ada County overall, however we have seen Singe Family Rental rates decrease by $207 per house during Q3. This is to be expected because of the seasonality of the Single Family Rentals. We expect to see these rates increase again in the spring and summer. Overall the rent per unit decreased in Q3 by about $74 per unit in Ada County. 

Similar trends were noted in Canyon County.

For the year to date compared to 2019, rental rates have increased and vacancy rates continue to remain under 5%.

Eviction Ban Moratorium - What You Need to Know

Julie Tollifson - Wednesday, September 9, 2020

On the 1st of September, the Center for disease Control and Prevention (CDC) issued a nationwide moratorium to protect individuals from eviction upon non-payment of rent until the end of 2020. This order went into effected in the Federal Register on Friday, September 4.

Under the penalty of perjury the renters, in order to be eligible, are to swear they fall under specific income requirements, have made their best efforts to obtain all available government assistance, they have suffered substantial household loss of income, they are making best efforts to make timely or partial payments, AND eviction would render the renter homeless. All of these criteria are required to be met in order to be eligible for the ban on eviction.

                The CDC has a Declaration page that can be used for tenants to sign but any declaration with the same general verbiage can suffice.

                This new order impacts all residential properties. As an investor, if your property did not previously fall under the CARES Act, this order will now apply to said property.

                For landlords, there is still some power in this order. The written affirmation by the tenant must be signed under penalty of perjury by all adults on the lease and given to the landlord. The order does not affect the ability to evict for reasons other than non-payment of rent or the ability to continue to charge late fees. Tenants are still required to adhere to the terms of the lease.

                After December 31st, 2020, property managers and landlords should expect great delays in the eviction process for non-payment of rent.

 Please reach out to your local representatives to help support emergency rental assistance!

NARPM SW Idaho 2nd Quarter Vacancy Report

Julie Tollifson - Friday, July 31, 2020

The National Association for Residential Property Management; SW Idaho Chapter to have a 4.14% Vacancy for Q2 of 2020. The industry has been stagnant since Q1. Similar to last quarter, landlords are wanting to be proactive and anticipate a potentially higher vacancy. In order to combat this challenge, many landlords are minimizing increases or, in some cases, not even increasing at all. For this reason we are not expecting drastic changes in the seasonality of our vacancy, however, we do expect to see a lesser increase in average rental rates.

Last quarter, we predicted the affects of COVID-19 on the rental market. We anticipated vacancies to trend upward as a result of social distancing and stay-at-home-orders. While the trend did not increase, it also did not decrease. 

First Rate Property Managements vacancy rate for the past 12 weeks has been at an average of 1.83%. In our last report we indicated that First Rate Property Management recommends being less aggressive on renewal rates. This has proven to be successful in Q2. While the market has not taken the dip that we all anticipated in March, we are also seeing more people renewing their lease than usual. This has resulted in a well-balanced turnover to renewal ratio. 

In Q3 we anticipate the market to slow down in accordance with the usual property management seasonal trends. While we continue to try and navigate this unprecedented circumstances, we will continue to find a balance in renewal rates until the treasure valley market starts to acclimate to a new normal.

Maintenance by Season

Lacey Hofman - Monday, July 20, 2020

When looking at routine maintenance, proper planning can save time and energy. There are different projects a property manager or Landlord can focus on, depending on the time of year.  Planning and setting the expectations with the vendors prior to the work starting will help ensure there are less last-minute issues and changes. Investors with properties in areas like Boise, who have four seasons, should be planning their routine maintenance and improvements a year in advance. There is a lot of maintenance that should avoid wet and cold weather, so you plan those in the summer.

Spring is when irrigation sprinklers are scheduled to be turned on.  Spring’s cool temperatures with a fair amount of rain makes it a great time for landscaping projects and planting trees and bushes. Spring is also the time to have your HVAC serviced before the heat hits.

Some of the best projects to plan for Summer are exterior projects, such as: exterior building painting, sealing and restriping parking lots and fire lanes, power washing sidewalks and buildings, or cleaning gutters and flat top roofs. Since most of these projects require warmer temperatures to complete, having everything ready for the vendors to start will be important. Most won’t have time to sit down to plan, execute, and follow-up on any routine maintenance once the busy summer time hits.

Fall is a good time to do work on exterior projects that were not able to be finished during the summer months. Sprinklers are blown out in the fall. Landscape planting and tree and shrub trimming are best to be performed in the Fall or Spring. In fall, consider inspecting your properties and making a list of improvements and repairs for next year. Fall is also the time to have the HVAC serviced to make sure the furnace works for the cold temperatures to come.

Winter is slow, so this is a good time to make interior improvements. It’s also a good time to sit down and create your plan for next year’s routine maintenance for each of the seasons.

By planning ahead seasonally, Landlords will be able to better balance and handle their workload, which in return will allow them to properly care for their properties. Plus you won’t have to defer maintenance needs, which as you know is often a pitfall in property management!

Real Estate Investors Flock to Boise...but why

Tony Drost - Monday, June 1, 2020

Real Estate Investors Flock to Boise...but why?

Low Property Tax:

Property Taxes in Boise range from 1.1% to 1.8% of assessed home value, depending on location. Meridian is about 1.3% and Eagle is 1.1%.  Investors looking at Canyon County can expect to pay about 2% of the assessed property value.


Low Cost Housing:

Boise housing is still considered affordable, especially when considering where the cities migration is coming from. However, with the double digit appreciation year over year, it's creating a bit of a housing crisis for locals. Demand is high, supply has been an issue, and locals are often beat out by cash buyers from coastal states. 


Employment Growth:

Boise continues to be a national leader in both population and employment growth, which trips the national average. In the last couple of years, the population has increased, meaning jobs have been created to sustain the growing city. Boise is no longer being overlooked and has a lot to offer in regards to work and recreation. People looking to work in either education or health services might find great opportunities in the Boise area.


Boise's Strong Rental Market:

The employment and population growth as described above has created a shortage of rental housing. Also mentioned above, Boise median home prices are increasing. In fact, they are increasing far greater than wages. All these factors have caused rents to continually increase with record low vacancy. According the the SW Idaho Chapter of the National Association of Residential Property Managers, Ada County vacancy for the 2020 Q1 was 2.7%.


Even with the steep increases in rents, Boise doesn't boast the nations highest cap rates. It simply has the growth and overall desirability that many investors crave.


Idaho's capital city is also the home of the largest student market in the state of Idaho. Boise State University is the largest, with satellite campus contributions from the University of Idaho and Idaho State University.


Idaho Lifestyle:

The quality of life in Boise is said to be one of the best, but there are other contributors to Boise’s growth. When California suffered a wave of wildfires that burned homes to the ground, the slow response and regulatory red tape caused many folks to cash in their insurance check and move to other locations, like Boise. Many new Boise residents moved to escape the high regulatory metros. When cities like Portland, Seattle, and the Bay Area create new rent control laws and more regulation, the investors seem to flock to Boise which has reasonable landlord/tenant laws. Even COVID has created a demand to move to more rural Idaho.


Boise is considered a great place to retire. With the low cost of housing, those moving from the big metro areas can buy the home of their dreams. Boise’s access to the outdoors is one of the best, while the true four seasons offer a host of recreation. The winter brings snow sports and the summer is great for water sports and golfing  Which leaves plenty of time to bike, hike, rock climb, and hunt.


For now, Boise seems to be hitting all the marks for real estate investors:

Low taxes, strong employment growth, continued population growth, double digit appreciation, relativity low housing, and a strong rental market with low rental regulation.

Stacy McBain and Tony A Drost

$1 of Rent

Melissa Sharone - Thursday, April 30, 2020

Below is a very good graphic provided by the National Apartment Association that explains the value of $1 of rent.  It creates a clear transparent breakdown of where the money goes and in our opinion clears up the misconception that "landlords" take home large margins of profit. This is a valuable educational tool that landlords and property management companies should consider sharing with their investors and tenants.

Melissa Sharone

President, FRPM


Julie Tollifson - Friday, April 24, 2020


One of the unknown, inevitable, and scary parts of owning any property, not just an investment property, is unexpected expenses for repairs and replacements. Sometimes the expenses are small, but other times, they can be quite costly. 

Water heaters are an example of a costly expense for many owners. It is our job to help minimize the risk of these expenses. A brand-new water heater is expensive, but some find that replacing them before they go out is better than waiting until they go out. Unfortunately when a water heater goes out, it does not normally just stop making hot water, it starts leaking. Often times the water heater even continues to make hot water while leaking.   

To make matters worse, water heaters are usually found tucked away in a closet, garage, or even under a kitchen counter. While this may prevent a bit of an eye sore, it also can prevent residents from identifying the leak while it is minor. While putting in their lease and training our tenant during the move in walk through helps, tenants occasionally fail to notice and/or report leaks in a timely manner. As a result of the tenant-neglect or the fact that the water heater is out of sight out of mind, the leak can cause a great deal of damage that extends beyond the mere replacement of your water heater.  That is why some owners choose to proactively replace their water heaters. They would much rather sacrifice a few potential years of use with the existing water heater than pay the huge costs of cabinetry, drywall, or flooring. Another thing to keep in mind is that the potential flood/leak damage increases exponentially if the waters are on the second or third story.

Another cost to consider in this is lost rents. If your tenant doesn’t have access to hot water, this would constitute an uninhabitable property and would result in crediting prorated rent back to the tenants for the days in which it is considered uninhabitable.

Furthermore, many after-hours result in dispatching a vendor with “after hours billing” this is often much more inflated than normal business hour calls. It always seems like these water heaters never go out during regular business hours!

Most water heaters are sold with a 5-year warranty and are said to last about 10 years on average. 

But what if you have insurance? While having insurance is of the utmost importance to help mitigate your risk, most do not cover slow leaks. Most policies state they will only cover “sudden or immediate water losses”. 

So now you’re wondering, how can I minimize these seemingly inevitable costs? Here’s how:

  1. Make sure you know the limitations of your insurance policy, better to be proactive than reactive.
  2. Make sure you know where your water heater is located. First floor? Second floor? Garage? Is there a drain or pan underneath it? Is the pan plumbed to the outside of the building?
  3. Train your tenants on how to check for leaks and how often.
  4. Most of all, have a professional annually inspect and service your water heaters to ensure that they are functioning correctly. First Rate Property Management offers this service, among many others, annually in an effort to provide our clients with the opportunity to increase their profit margin by mitigating the risk of expensive repairs and replacements. 

Julie Tollifson, Leasing Team Leader

First Rate Property Management, Inc.
Boise, Idaho
Contact me for more information about this blog.

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