The 3rd quarter Narpm vacancy survey is out and it shows that vacancy dropped quite a bit from the 2nd quarter but that is to be expected. It is the time of year when things slow down for the rental industry. The vacancy for Ada County is at 1.53% and Canyon County is at 1.99%. First Rate’s vacancy is currently at .88% and will continue to decrease as the winter gets closer. Rents are still holding strong but any vacancies now, especially single family homes, will likely need a slightly lower rent or a move in special to get filled as the activity decreases. First Rate’s strategy for single family homes that are vacant now is to sign a shorter term lease and then look to get them back to market rent come spring or early summer. We anticipate the 4th quarter to be pretty quiet and then things will start to pick up after the first of the year towards the end of the 1st quarter of 2020.
Read full report here: http://pm101700.pmws11.com/files/112.pdf