Prospective tenants competed in the second quarter for the few rental apartments and houses on the market.
Only 3. 5 percent of Valley rentals were vacant, according to a survey conducted by the Southwest Idaho Chapter of the National Association of Residential Property Managers — well below the 5 percent to 6 percent vacancy rates of normal rental markets.
Brandon Morgan, chairman of the survey, says price increases are making up for a stagnant period during the recession.
“Now that employment and wages are up, that releases the hand brake,” Morgan says. “It’s market normalization.”