RENTING V PURCHASING:
I came across a very interesting article and stats from ApartmentList, (a great website for all the latest news and insights on the rental market) published in January 2024.
Rents Continue to Dip, While Home Prices Rebound to All-Time Highs
“The U.S. rental market got very expensive very quickly in 2021 and 2022, with year-over-year rent growth topping out near 20 percent. But for-sale home prices were rising even faster, and by the end of last year the cost premium of owning instead of renting was higher than ever before. The gap has widened further in 2023, as home prices rebound quickly from a brief dip, while rents are down year-over-year and continue to soften…”
This full article contains a lot more current data, on a US National Level, and can be found here:https://www.apartmentlist.com/research/rents-continue-to-dip-while-home-prices-rebound
ARE YOU INTERESTED IN THE CURRENT LOCAL RENTAL MARKET?
As of February 2024 ~ As a broad statement; Rentals in the Boise area, under $2000 per month, are in hot demand, homes above this amount are more easy to find, subject of course, to how specific you are in what sub-division you wish to rent. Homes accepting pets, and RV’s etc are always in high demand.
I work with an excellent property management company, as I have quite a few Investor Clients, for whom I oversee their properties. We have been fortunate with full occupancy, but as I mentioned before, I do use an excellent Property Management Company! Many investors have purchased homes in large new sub-divisions, and here we find they are looking for >$2000 per month, and it is perhaps taking a while to find tenants. We have seen a lot of new townhomes and apartments built over the past few years, so our rental pool is strong, but options under $2000 per month more challenging!
CURRENT BOISE AREA RENTAL RATES: Zillow and other rental websites will give you a good idea of the current rental prices, and availability. So for ‘market research’ these sites are very helpful. However, if you are actively looking for a rental, or to rent your rental, I strongly suggest using a reputable Property Management Company. As a renter, your will hear about properties in advance of them being listed on the public websites. Thus this is the way to go! For property management, many a Realtor has started out wanting to manage their properties themselves, and not long thereafter hands it over to a property management company. Having a third party manage your property is well worth the investment. They have excellent screening systems, lease contracts, insurance policies, maintenance staff, and most importantly they are not ’emotionally attached’ to the property. So for the rates they charge, their services are a blessing!
As your local realtor, I am always striving to assist you and provide value. So please feel free to reach out to me with any of your real estate questions, including finding out the current market value of your home… I look forward to working with you!