Investors are out looking to capitalize on the current housing market here in Boise. I field questions weekly about what’s available and if I think now is a great time to buy. My perspective is its a great time to be buying because there are so many amazing deals in Boise right now. Of course the real estate agent says that though. But there’s more to the story. As we all know, many people have suffered through foreclosures and the loss of their homes these past couple years. Guess what? These same people still need a place to live and still want to live in a house–not a fourplex–with their family. They need a good rental.
But maybe there are plenty of rentals available, right? Well, truthfully, I didn’t know. I didn’t have any numbers to find out either. But, as fortune would have it I recently got to sit down with Mark Barnard, a fellow Keller Williams Realty Boise agent, who also just happens to be the Survey Chair of the Southwest Idaho Chapter of The National Association of of Residential Property Managers. Guess what? The numbers are his job!
It turns out that the numbers are extremely good for people who are wondering if they should be getting into the landlord business (or having a great property management company get in that business for you). You can view the report and see for yourself.
The short of it is, rental vacancy rates are around 3.1% for single family homes. In other words, if you are looking to rent a single family home, good luck because its competitive right now! Of course, that’s only good news if you are the owner who is wanting to rent the property.
Have questions? Looking to buy some investment properties? I’m assuming you know where this is heading… contact me today!