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