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.
With a growing population under the age of twenty-two, sights are set on user-friendly applications to streamline every aspect of life. Over three quarters of the population are interacting through online interfaces each day, Property Managers must utilize technology in day-to-day operations. See how you can attack this market and save time and money in the process.
Our credit score sets the tone for almost every major decision we make. Buying a new car, home, opening a new financial account, or even a new career path is dependent on this one number. As a Property Manager, you play a role in the trajectory of your tenant’s future. See here what steps you can take to set your tenants up for success, while benefiting from responsible tenant behavior.