The first of four vacancy surveys expected from NARPM this year was put out today with some refreshing new changes. It comes with a revamped look and They have added new data for Canyon County and the sample size is the largest yet, improving the quality of the findings. Going with the trend of the last 12 months, vacancies continue to linger at record lows. However, the vacancy rate for multi-family units has bumped up a little. Most of which is likely do to the increased sample size of the survey.
I feel like I’m beating a dead horse here, but you’ll notice that single-family rental home prices remain stagnant, even with the lowest vacancy on record. According to basic economics, we should be seeing an increase in prices to match demand. My best guess is that this price-hike is delayed, but I believe a portion of it is the concern that increasing prices will lead to higher turnover of tenants. Whatever the reason may be, expect to see prices come up dramatically as the next three surveys come out. It may take longer, but it is certainly in our future.