Third Quarter NARPM Vacancy Rates Are In:
Ada County home rental vacancy rates continue to display great strength at 3% among 4042 units sampled. Canyon County still lags behind with rates more in tune with national averages: single-family at 4% and multi-family at 8% for an average of 6%. Although demand for rental homes was very high, rents in the survey remained relatively flat with marginal fluctuations reported for each home size. As seen in the chart, rental market vacancy rates have improved significantly in recent years for the greater Boise area.
The full report may be found here: 3q-sw-idaho-vacancy-survey-2012
Legerity Property Management Vacancy Rates
Our vacancy rate at this time of year is typically very low as we have very little turnover in the colder months. At the moment, our vacancy rate is 0% although we’ll be adding a few properties here soon. It is actually an odd feeling having no vacancies, so give me a call if you know someone that rents out their own properties or if you are looking to acquire new investment properties! I would be glad to be of service and help plan for next year and beyond. The 2011/2012 year-to-date vacancy chart below reflects an average vacancy rate of 1.09%(~4 days) for the year so far with the peak in the summer when most of our turnover occurs and we added some properties that were already vacant as we assumed management.
Summer Turnover
We’ve always made our best efforts to have the majority of our leases renew in the summer months as it was believed that it would not only allow us to fill vacancies faster being during the period of peak demand, but that rental rate evaluations would be more favorable in the summer months when move-in specials and the like are far less prominent. I am sure this is at least part of the reason that our rentals actually saw some rent increases this summer while the average among property managers was pretty flat.
