We continue to see a slowdown in the rental market for single family and townhomes.
Consider these numbers.
- Days on market continue to increase since June, going from 13.4, 16.3, 19.1, 22.0, 24.4 days each month, respectively.
- Rents have averaged $2,321, $2,338, $2,288, $2,304, and $2206 in October, the lowest since June and a 4.3% drop since last month.
- Meanwhile, new inventory in June was 388 units (single family and townhomes), July 374, August 399, September 450, and October 486.
Nampa, northern Boise rents continue downward trend
If you dial into specific areas that are seeing a decline, it appears that part of Nampa (83687) and the northern parts of Boise (83702 and 83703) have been trending down for several months. You could lump Meridian’s 83646 in there as well, though the decline is less pronounced.
Meanwhile, south Boise (83709) and west Boise (83713) have held steady.
Meridian inventory rockets up while days on market creep
In Meridian, Idaho (zip codes 83642 and 83646) we saw a boom in inventory as opportunities to rent went up 46% and 24%, respectively. At the same time, we continue to see the days on market in this area continue their creep higher.
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