The SW Idaho National Association of Residential Property Managers has released the latest vacancy reports for Q2 of 2023, for Ada and Canyon County. This data, collected from a total of 5,616 rental units, indicates that vacancy rates in both counties increased from Q1, to Q2 of 2023. Overall, vacancies went up by 3.37%, for an average rate of 5.11 % for single and multifamily homes.
In Ada County, the average vacancy rate overall was 4.40%. Single family homes saw a slightly higher vacancy rate in comparison to multifamily units. In Canyon County, multifamily units had a much higher vacancy rate in comparison to single family homes, sitting at 12.94%. The vacancy rate for single family homes in Canyon County was 3.19%. Because Canyon County continues to experience exponential new construction, and growth, we can deduct this is a major contributing factor in the large number of vacancies we saw in the Nampa/Caldwell areas.
With vacancies up in both counties, the rental market became saturated with available listings in Q2. In response, we saw the average rents start falling to create competition. For single family homes in Ada County, the average rent was $2,093, and in Canyon County, the average was $1,793. For multifamily homes in Ada County, the average unit rented for $1,483 and in Canyon County, the average was $1,307. Rental market inventory is holding strong as we near the end of Summer. With school about to start, we are in a prime window of opportunity to find prospective tenants and it is recommended that owners be very aggressive with rents to avoid vacancy costs. We are in a much different market in the post COVID era, and owners should expect lower rent rates and more turnovers in the future, as renters have many options!
Link to full report here!