First Rate Property Management Blog

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