As summer reaches its height, we look at how the housing market performed in 2019’s second quarter. With record-breaking home prices and falling sales numbers for existing homes, the Treasure Valley is seeing a market that favors rentals and incentivizes new construction. Appreciation rises across the state, but can new developments maintain affordability?
The continued rapid expansion of Boise means challenges, and the city has rolled out strategies and initiatives to best handle the growth. The Grow Our Housing and Energize Our Neighborhoods initiative seek to build density, community, and accessibility to maintain Boise’s livability, and property managers can help. From spreading the word to managing accessibility, property managers can gain community trust and support.
With out-of-state companies and individuals buying up more and more of the Treasure Valley’s hot investment properties, property managers face a market with increased distant ownership. This means a wider market base of owners that will find property management services invaluable, but it also means unique challenges in communication and tenant-owner relationships. This week 208.properties takes look at exactly what more out-of-state owners means for property managers.
New developments are coming to the Valley all the time, with bigger business and a diversity of housing options representing opportunities for property managers and tenants alike. In the near future, the Treasure Valley will change and grow with the addition of three large housing projects, in the form of Boise Hunter Homes’ Dry Creek Ranch and CBH Homes’ Locale and Springhill developments. We bring you all the details here.
The increasing popularity of the Boise area doesn’t just mean higher home prices, it also means valuable opportunities for property owners to market their homes as vacation rentals. 208.properties explores the changing market for short-term rentals, Idaho tourism revenue, and marketing strategies for Treasure Valley destinations. Idaho is trending, and potential vacation hosts can capitalize on profits by playing to the values that make the Gem State home.
The rental market in the Treasure Valley is notoriously competitive. With low vacancy rates and high rent, many in the Boise metro area are struggling to get their foot in the door with landlords and property managers to secure lease agreements. This week, we discuss the best strategies for approaching potential landlords as a renter, from building an understanding of the market to always maintaining a standard of professionalism and honesty.
Speculation into a slowing housing market has been common recently, with industry reports that Idaho’s high home prices are not sustainable. Overvaluation is determined by changes in prices in comparison to changes in income, and Idaho is not keeping up with its neighbors in terms of income growth. This disparity is causing industry analysts around the nation to question the sustainability of the market, though growth continues at high rates. This week, 208.properties explores the market to determine if a slowdown is around the corner.
In answer to the increasing popularity of accessory dwelling units (ADUs), the Boise City Council recently voted on decreasing limitations on these units. While the maximum size and number of bedrooms in ADUs has gone up, these units can still only be rented if the property owner lives on-site. Increasing the maximum size of ADUs opens up a market for many Treasure Valley residents priced out of other home options and gives home owners further incentives to build and rent such properties, but are ADUs a real solution to accessible housing or just more density?
Both Boise and Idaho Falls defy the trend seen in most other parts of the nation. Outpacing most of the country in market appreciation, theses two cities are growing extremely fast. Among an array of other top ten lists, Boise and Idaho Falls continue to gain interest and sustain a steep, but steady, increase in population.
Historically multifamily housing units have been utilized in highly populated areas and have brought high turnover for Property Managers. As Boise continues to grow and housing options diversify, multifamily units are becoming more and more appealing to Property Managers and tenants alike. Major multifamily developers are setting their eyes on Boise and the opportunity for expansion.