First Rate Property Management Blog

Q3 SW Idaho NARPM Vacancy Report 2021

Kat K. - Friday, October 29, 2021

Closing out Q3 of 2021, vacancy reports from the National Association of Residential Property Management indicate the rates have increased to 3.3%. However, looking back at the 3rd quarter of 2020 to the 3rd quarter of 2021, rates have decreased overall by 1.22%. First Rate averaged an overall vacancy rate of .7 percent for the duration of the Q3. We expect this trend to continue, as we move into Q4 and approach that vacancy rate plateau seen in years passed. 

The average rental rate in Q3 for Ada County was $1,638. Marketed SFH rental rates decreased this quarter by $24 per unit in monthly rent cost. Multifamily increased by an average of $84.00 in rent per month in the 3rd quarter of 2021. 

As the valley continues to grow exponentially, new construction of large, 4-to-5-bedroom SFHs in the Nampa and Caldwell areas has also soared. This increased availability is directly reflected in the Canyon County data, with the average price for a rental rising $238 in Q3 to $1,681.

Click here to read the full article! Q3 NARPM Vacancy Report


How Rising Boise Rents Affect Renewal Rates for Tenants

Beny W. - Thursday, September 30, 2021

Now that the busy rental season of summer is ending, I thought we’d take a look at how First Rate has navigated this unprecedented market, as well as explain the Who, What and Why of FRPM’s renewal strategy. Idaho has seen an average increase in rent of 25% over the last year, and Boise has seen a 29.5% growth.[1] Compare Boise’s rent increase to the national average of 12.4%, and you know something crazy is going on here in the City of Trees!

Who has this growth in rents affected? Renters, property managers, and property owners – basically, everyone! Both in the rental market and real estate market, demand is far exceeding supply because of the increased population. Though Boise’s median rents are still below other major Western cities’, the steep incline we’ve experienced in the last year has been a financial challenge for renters. Consider: the average hourly wage of a worker in Ada County has only increased 5.4% between the first quarter of 2020 and the first quarter or 2021; the national average increase was 5.6%. Additionally, Ada County’s average wage ranked 190th in a list of the 343 largest U.S. counties.[2] On the flip side of the coin, the rise in property values means property taxes are also going up for our owners, and this year saw a 25% increase in valuations.[3] Also, maintenance and cleaning vendors are seeing higher demand with the population increase, which makes it hard for property managers to get appointment availability when a property is vacated. The increased demand also means increased rates for many of our vendors, which just adds to owners’ expenses.  

What does this all mean for renewing leases? For renters looking to move, not only is there a lot of competition because of a lack of supply, the cost of owning property is also rising, leading to higher and higher rents. When tenants move out and properties become available, FRPM compares listings for similar units in order to find the market rate. However, for our renewing renters, First Rate has been finding the market value, and then splitting the difference between what tenants are currently paying and what market is. We always try to give the tenant 60 days’ notice of what the rate increase will be so they have ample time to weigh their options. Though some tenants have had large increases in rent this year, the vast majority are still below market and are saving money by not moving to a different, comparable property.

Why does First Rate stay below market for renewals? This is to benefit everyone; the tenant, the owner and FRPM – it’s a win-win-win! The tenant receives a discount for remaining at the property and renewing their lease, the owner avoids the costs involved with turning over the property such as advertising and maintenance, and First Rate benefits by being able to provide continued service to our tenants and owners. 

First Rate takes our commitment to both tenants and owners seriously, and finding a balance between the owner’s expenses and the tenant’s renewal rate is always our goal. If you are a tenant or an owner that has questions about our renewal process, do not hesitate to reach out to me! Beny@frpmrentals.com

[1] Apartment List’s Boise rent report as of 9/21/21: https://www.apartmentlist.com/id/boise#rent-report

[2] U.S Bureau of Labor Statistics News Release: https://www.bls.gov/regions/west/news-release/countyemploymentandwages_idaho.htm

[3] Idaho Press article, “Boise property values up 25%: Ada County assessor; homeowners to see property tax increase”: https://www.idahopress.com/news/local/boise-property-values-up-25-ada-county-assessor-homeowners-to-see-property-tax-increase/article_cbdde30e-b78b-537d-8c18-540b71ee0e14.html


Q2 NARPM Vacancy Report for the Treasure Valley

Melissa Sharone - Tuesday, August 3, 2021

The SW Idaho Chapter of NARPM just released their Q2 Vacancy report and the results are to be as expected in this hot market.  The vacancy is still very low considering the time of year and rents are still climbing.  The vacancy is still at a record low for this quarter over the last 5 years.  We are seeing a more significant rent increase and rates for the 3 and 4 bedrooms houses in this past quarter.  FRPM vacancy rate has remained at 1.2% or lower the entire summer which is also a record over the past 5 years. The demand for rentals is higher then the supply, which leads us to believe that the low vacancy and increasing rent trends will stick around. 


To view the full report click the link below:

NARPM Q2 Vacancy Survey 


Melissa Sharone

Melissa@frpmrentals.com

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 

melissa@frpmrentals.com


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 :https://boise-rentals.com/files/116.pdf

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!


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