The U.S. Census Bureau announced the following residential vacancy statistics for the third quarter of 2018.The National vacancy rates for the third quarter were 7.1% for rental housing.
As a general rule, 5%-8% vacancy is a good average although the city you are located in and rental market play a factor in this.
First Rate Property Management vacancy rate is currently 0.25%. The current vacancy rate for Ada/Canyon County is at 2.26%. Contributing factors that lead to these lower numbers are pre-leasing units that are currently on notice, marketing on several different levels (not just utilizing the internet platforms), constant communication with residents and interested parties, reasonable rent increases for both the owner and the resident, and quick response time for maintenance issues. These low vacancy trends we are seeing throughout the treasure valley are a great benefit for investors as property management companies will be able to push the rents. The demand for rental properties is far exceeding the supply.
Arica Elordi, Leasing Team Member
First Rate Property Management, Inc.
Boise, Idaho
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