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SW IDAHO NARPM VACANCY REPORT Q3 2023

SW IDAHO NARPM VACANCY REPORT Q3 2023

The purpose of this survey is to show vacancy and rental rate trends among single-family homes and multi-family units in Ada and Canyon County. Survey results are displayed by type (single or multi-family) & bedrooms (1-5) for the respective county.

Property status was surveyed as of September 30, 2023.

The survey participants are property management companies affiliated with the SW Idaho Chapter of NARPM and are considered to be the representative sample of the inventory of professionally managed rentals in Ada & Canyon County.

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Survey Respondents

Data statistics below: *The accuracy and reliability of this survey is improved with an increased sampling.

Property Management Companies:
20
Total Homes
7,077
Single Family
2,631
Multi-Family
4,446

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The data collected indicates that the trends in Ada & Canyon vacancy rates have increased by 2.22% from the 2nd quarter of 2023 to the 3rd quarter of 2023. The market vacancy rate increased from the 3rd quarter in 2022 to the 3rd quarter of 2023 by 3.49%. The vacancy rate for the 3rd quarter 2023 is 7.33%

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Ada County single family marketed rental rates decreased this quarter by $84 per unit in monthly rent cost. While multifamily units in Ada County decerased by an average of $98 in rent per month in the 3rd quarter of 2023. The overall marketed rent per unit decreased by $33 in Ada County making the average marketed rent rate $1944 per month.

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In Canyon County rental rates were marketed at a monthly rate increase of $150 this quarter putting the average at $1700. Canyon County single family homes increased by $25 per unit during the same time period from the 2nd quarter of 2023 to the 3rd quarter of 2023. Multi-family homes in Canyon County also increased by $215 per unit availale in the marketplace. Ada County multifamily rentals are averaging higher than their equivalent units in Canyon County. Rental rates in Canyon County rose overall while Ada County declined overall. Overall, vacancy rates increased, demonstrating a continued slowdown of the rental market.

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Click Here to Download the Full Report

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