Apartment rents kept up their rapid ascent across the Treasure Valley in the first three quarters of 2016. Rents for houses in Ada County soared, too.
The latest report from the Southwest Idaho chapter of the National Association of Residential Property Managers show:
▪ Average rent rates for two-bedroom homes in Ada County increased 14 percent from 2015 to $913, up one-third percent from 2012. In Canyon County, the average two-bedroom homes rose 7 percent to $750 — a 39 percent increase since 2012.
▪ The average rent for a two-bedroom apartment in Ada County increased 8 percent from 2015 to $798, up 30 percent since 2012. In Canyon County, two-bedroom apartments averaged $770, up 15 percent from last year and 46 percent from 2012.
After a lull in apartment building after the Great Recession, new apartment complexes have been springing up around the valley the past few years to meet demand. Vacancies are rising but remain low:
▪ In Ada County, the vacancy rate for single-family homes rose from 2.8 percent to 3.7 percent in the third quarter. In Canyon County, the rate doubled to 5.2 percent. In the past several years, below-5 percent rates have driven up prices and made house-hunting a challenge, especially in the lower end of the market.
▪ The total rental market remained tight. Ada County had a 2.6 percent vacancy rate for apartments and homes, with just 114 vacancies. Canyon County’s rate was 2.7 percent, with 152 vacancies.
“If population and employment continue to grow, I don’t see any indications that the rental market will slow in 2017,” said Tony Drost, associate broker at Swope Investment Property in Boise.