Vacancy rates moved slightly up to 3.2% for the 4th quarter. This is an increase of .6% from last quarter. The largest increases in vacancy rates from last quarter, was multi-family homes in Ada County with a 1.1% increase and single-family homes in Canyon County with a 2.6% increase.
Rental rates in Ada County increased slightly from last quarter. The increase in rental rates in Ada County has been in all areas of the rental market, from single-family to multi-family. The increase in rental rates averaged out to be $33 over last quarter.
Rental rates in Canyon County also showed a slight increase. The rental rate increase in Canyon County was in both the single-family and multi-family homes. The increase in Canyon County rental rates was very minimal and averaged out to be $7 over last quarter.
Although, the rental rate increases in both counties were minimal, they are very significant. To be able to show an increase in rental rates, in both Ada and Canyon County, during the most challenging time of year to rent a home, is exceptionally remarkable. In addition, we have been able to maintain the vacancy rates and historically high rental rates, for yet another quarter. This shows we are still maintaining an incredible balance between our supply and demand of rental properties, in both the Ada and Canyon County markets.
-National Association of Residential Property Managers