The SW Idaho Chapter of the National Association of Residential Property Managers (NARPM) just published their 1st quarter rental rate and vacancy report. As we have reported before, this survey information is a good guide to follow trends. The sample size this quarter is a little low and First Rate Property Management believes that it could result in skewing some of the reports. Nonetheless, it is safe to say that the Boise area rental market continues to remain very strong.
Vacancy
We believe that the vacancy percentages reported are representative of the market. We assume that most companies are experiencing lower vacancies, like FRPM, and these numbers are a bit higher due to higher vacancy with companies taking on many of the newly built properties during the initial rent-up period. On page two is a line graph that is not properly labeled. Series1 (blue) represents multifamily rentals, Series 2 (red) represents single family home vacancies, and Series 3(green) represent the combined or overall vacancy in both Ada and Canyon Counties.
Multi-family rents
This is where we believe that the small sample size is really showing the skewed numbers. As you see, based on the data, NARPM is showing average rents to be higher in Canyon County for both 1 and 2 bedroom units. Perhaps that is true, as these numbers only represent the average rent for vacant units but Ada County rents have always been stronger than Canyon County. Additionally, the averages are much higher than market rents and we assume that is because of the vacant new construction is renting at much higher rent levels due to their upgraded finishes.
Single family rents
Here we see the typical spread in average rents between the Boise area versus Canyon County. Notice there were no reported vacant two bedroom single family homes in Canyon County. The average 4 bedroom rental home within the Boise area seems a bit high, but perhaps reflected of some higher end homes. The 2 and 3 bedroom homes rent averages seem inline to what FRPM is seeing in the market.