Q2 NARPM Vacancy Survey Results and Vacancy Outlook
The SW Idaho Chapter of NARPM vacancy survey showed a major increase in rents. With a 7.49% average increase in rental rates, all segments realized increases with the strongest increases in Ada County.
Will we continue to see these rent increases for long? Given relatively low rent increases in recent history even while vacancy rates remained low, there is a case to be made for at least a portion of the rent increases to be part of a market correction. Furthermore, estimated new construction within the next year marginally outpaces expected household formation from population growth, which means vacancy rates are likely to stay low in the near future.