Survey Chair for 2013
This year, I am serving as the Survey Chair for the SW Idaho Chapter of NARPM, and very much look forward to improving the reliability and usefulness of the survey in addition to participating in all of the local chapter’s contributions to the community.
Q4 2012 Vacancy Rates
Vacancy rates continued their show of strength through the end of 2012. Ada County came in with a 2% single-family and 3% multi-family vacancy rate, which is considerably better than the national average and such rates are generally considered to indicate a shortage in housing inventory. Canyon County had a healthy single-family vacancy rate of 3%, but had a 9% multi-family rate, which is more in line with national averages and was the weakest segment of the Treasure Valley within the survey.
Although vacancy rates were strong, rental rates continued to be relatively stable by most measurements with minor fluctuations that are within the typical fluctuations of the Boise winter market in which rents become more competitive. This is again one of the reasons Legerity Property Management avoids winter renewals as much as possible.
Much to my delight, there was also a 22% increase in properties sampled from last quarter, a trend that will hopefully continue throughout the year and provide even more accurate measurements of local market performance.