Here is what stood out to me this past April. Supporting charts are at the bottom.
Eagle, Idaho, 83616
Of all the zip codes I track, this was the only one to have a drop in median rental prices (down 3.7% from March). However, this doesn’t mean it is cheap to rent here. Eagle is still the highest rent in the Treasure Valley, fetching $1.32 per square foot each month.
Meridian, Idaho, 83642 and 83646
The rental inventory dropped considerably from March, as the city ranks right behind Eagle for asking rent. Investment properties continue to appreciate from 28% to 36%, depending on the area of town you are considering. I will be keeping an eye on rent rates to see if the lack of inventory continues to push rents up.
Nampa, Idaho, 83686 and 83687
Nampa is the tale of two zip codes. While both zips provide a high level of affordability ($1.15/sf and $1.20/sf) there is a big difference in rent rates between the two; over $300 depending on where you are looking. In both cases, rent has jumped significantly since March.
Kuna, Idaho, 83634
Kuna continues to be a desirable place to live, pushing rents up $150 from March (7.3%) and seeing investment homes appreciate over 42% compared to last April.
Boise, Idaho (83704, 83709, 83713, 83714)
Throughout these zips that were tracked, the asking rent range was pretty narrow. We did see a jump in the 83713, up $237 (12.7%). But inventory held steady.
Property Management companies
Home River Group continues to be the highest volume company while Realty Management Associates climbed the list from #3 in March to #2 in April.
Next month (looking back at May), we will also bring in a look at individual property owners that are self-managing.
The Best MLS listings
Looking for potential investments? Check out these options, the top three I found on the MLS this weekend.
If you have a little patience on this one, 10688 Copper Street in Nampa could eventually fetch about 5.6% for a cap rate. The caveat is that it currently has a tenant with a lease through mid-July (at $1,850/mo). This is below the market in the 83687 zip. It is listed at $430,000 and has originally listed on 5/13/2021. You can see more of this property here: https://vincehordemann.com/listing/132484615
675 Whitbeck Street in Kuna is a new build, which means that the list price is likely what you can get it at. This one is done by Hubble Homes at a list price of $446,990. It would probably need about $8,000 in additional landscaping to complete it. Anticipating taxes around $3,600 and the first year HOA of $820 the initial cap rate is around 5.5%. You can view the home here: https://vincehordemann.com/listing/132553396
This one at 3074 W Silver River in Meridian is currently tenant-occupied. It has been on the market for over 2 weeks (an eternity in the current market) and did a price drop last week. As a reference, the property across the street is up for rent, 3061 W Silver River Street, for $2,950 (it is 500 sf bigger). This house has real upside since it is newer, has 4 rooms and a 3 car garage. Listed at $520,000 with an initial cap rate of 5.3%, you can see more here. https://vincehordemann.com/listing/132231709
Information deemed reliable but not guaranteed. Remember, I’m not a financial advisor or lawyer. Just a real estate agent that loves numbers!
Coming in June, the May report will include more zip codes and more information on property management.
My goal is to keep improving these reports every month. Let me know what you would like to see in future reports.
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