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%.