The single-family rental market in Boise has remained dynamic over the past year, reflecting both demand pressures and economic shifts that impact both renters and property owners. In this update, we’ll break down the trends in rental prices, vacancy rates, and available rental inventory, offering insights into the current state of the market.
TL;DR Summary:
Median Rent: Boise's median rent for single-family homes has ranged from $1,940 to $2,180 over the past year, currently sitting at $2,000.
Vacancy Rates: The vacancy rate has fluctuated between 3% and 6.6%, indicating a relatively balanced market, with a slight edge for landlords.
Rental Inventory: Inventory has been stable, with about 500 available listings on average, though demand continues to outpace supply in some areas.
Market Outlook: The rental market remains competitive, with steady rent growth and moderate vacancy, making it a favorable time for property owners to invest or optimize rental rates.
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Median Rental Prices in Boise
Over the past 12 months, the median rent for single-family homes in Boise has ranged from approximately $1,940 to $2,180 per month. The current median rent sits at $2,000.
Key Takeaways
Rent prices saw a spike in early 2024, particularly during the winter months when rental availability typically tightens.
A slight cooling in rental rates in recent months suggests that supply is meeting demand, although Boise remains a competitive rental market.
Vacancy Rates
The vacancy rate in Boise’s single-family rental market has fluctuated between 3% and 6.6%, with an average rate of around 5%. This is indicative of a relatively balanced market, though it leans slightly in favor of landlords.
Insights
A sharp decline in vacancy rates was noted toward the end of 2023, reflecting increased demand for rental housing during that period.
Rates stabilized in early 2024, with seasonal factors influencing fluctuations, such as families moving during the summer months for school reasons.
Boise Rental Inventory
Rental inventory has remained fairly steady, with an average of 500 active listings throughout the year. However, the Boise market remains undersupplied in comparison to demand.
Market Insight
The market has maintained moderate inventory levels, but with continued population growth in Boise, many renters face limited options in the single-family home rental space.
The availability of rental units tends to tighten during winter months, as fewer homes are put on the market, leading to increased competition among renters.
Conclusion
The Boise single-family rental market remains strong, with steady rent growth and moderate vacancy rates. For landlords, this is a favorable time to consider adding rental properties or adjusting rental rates to reflect current market conditions. For tenants, despite slight increases in rent, the market is relatively balanced, offering opportunities for finding a suitable rental.
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