How Fast are Boise Rents Actually Growing?Apr 13, 2019
You knew Boise was growing, but did you know how fast? Recent data is showing that growth in Idaho's Ada County (which includes the Boise Metro) is looking particularly strong in two areas: Rising Rents and Vacancy Rates. This is great news for us investors who have projects going up in places like Meridian and Nampa!
How Fast is Boise Growing?
"The Boise Apartment segment is continuing to thrive as Boise maintains its top slot in most desirable and fastest-growing cities. According to the City of Boise people are moving to Ada County at a rate of 34 new residents every day. The growth has been a benefit to the development industry specifically in the multifamily sector with a 41% increase in unit volume currently under construction or completed since 2015. A strong and diverse local economy, coupled with the high quality of life in the Treasure Valley, is pushing growth over 2% annually—a rate that is expected to continue for many years." - 2019 Multifamily Market Study [Colliers International Idaho]
Colliers report focused on 11 submarkets, including Southeast Boise, Downtown Boise, the North End, Garden City and Meridian.
What We Learned about Boise Rents/Vacancy:
- Boise ranks 5th in Nation for Rising Rents
- Average Rent Increase of 14.4% for One-Bedroom Apartments over the Last Year
- Average rent across all types of apartments is $983 per month – up from the $879. (11.8% increase since last year)
- Between 95% and 99.5% of all units have people living in them in every area – with the lowest occupancy in Southeast Boise at 95.5%
Boise is one of those markets where we're already starting to see the trend of millennials opting for rental units over homeownership. The market continues to show us that when it comes to quality of life for this generation, millennials are opting for amenities and convenience over the work and time investment that often accompanies owning a home.
Multifamily properties like Laguna Farms in Nampa, ID, as well as Entrata Farms in Meridian show a lot of promise going into the Boise market. We couldn't be more excited!
Here's recent drone footage of one of our already sold projects, The Brickyard at Meridian!