Vacancy Report Q3 2023

Introduction

The purpose of this survey is to show vacancy and rental rate trend among single-family homes and multi-family units in Ada and Canyon County. Survey results are displayed by type (single or multi-family) & bedrooms (1-5) for the respective county.

Property status was surveyed as of September 30, 2023.

The survey participants are property management companies affiliated with the SW Idaho Chapter of NARPM and are considered to be the representative sample of the inventory of professionally managed rentals in Ada & Canyon County.

Survey Respondents

Data statistics below:

*The accuracy and reliability of this survey is improved with an increased sampling.

ADA VACANCY REPORT

Vacancy Rate 6.8% | Multi-family 7.9% | Single 5.50%

CANYON VACANCY REPORT

Vacancy Rate 8.46% | Multi-family 9.33% | Single 4.82%

Source: www.narpm.org

October Market Report

ADA COUNTY

Median Sales Price ($)

New construction led the charge in many ways this month, including in MOM changes for Median Sales Price (MSP) — up $34,600 compared to last month.

Days on Market

Existing home’s Days on Market remained steady this month while new construction rebounded to a similar pace we saw in May to July this year.

Inventory

Single-family inventory dipped, month-over-month, for the first time since Feb 2023.

CANYON COUNTY

Median Sales Price ($)

Oct 2023 marked the 11th consecutive YOY ease for median sales price, down approximately $6,000.

Days on Market

Nine days were shaved off Days on Market for single-family homes this month, compared to the same month last year.

Inventory

While unable to compete with last October’s selection of 1,253 homes available, single-family home inventory was able to make a slight recovery this month compared to Sep 2023.

Provided by Boise Regional REALTORS® | Data from the Intermountain MLS

September Market Report

ADA COUNTY

Median Sales Price ($)

Resale homes in Ada County saw its first positive boost in MSP since Aug. 2022.

Days on Market

Ada single-family homes’ Days on Market have decreased year-over-year for the first time in 23 months.

Inventory

Inventory’s belt has tightened, year-over-year, for five months in a row while monthly growth is in the black.

CANYON COUNTY

Median Sales Price ($)

Days on Market

Inventory

Provided by Boise Regional REALTORS® | Data from the Intermountain MLS