Boise Vacancy Rates Remain Low Even in the Winter
January is typically a lackluster month for real estate in Idaho. Very few leases are up for renewal and although online rental search traffic is about 50% more than December, it is still only a small fraction of typical summer traffic. This January went down as the 3rd coldest January on record here in Boise, so perhaps everyone was too frigid to move. The January vacancy rate topped out at 1.28% as a few newly added properties were being rented out.
Boise Renewal Rates
As I’ve mentioned many times, I strategically avoid winter renewals as much as possible with good reason. This year, only 2% of our inventory was up for renewal in January compared to 0% last year. Although it’s motivated by getting better returns for investors, it sure was nice almost entirely avoiding showing houses while there’s a foot of snow on the ground. Here’s hoping it will soon be time to start showing off those lawns again! Boise Renewal Rate Chart