Dear Owner/Clients –
As we move through the month of April, the rental market in the Idaho Treasure Valley continues to see changes and shifts. One notable trend that has emerged is the resurgence of rental specials reminiscent of those seen in the years spanning 2005-2009, a period when the rental market was equally overbuilt. These promotions, designed to lure in prospective tenants, include free rent time, pet-friendly property status, and low security deposits. Large national property management companies such as Graystar, Coast Property Management, and Capstone are leading the charge with these promotions, signaling their eagerness to fill vacancies and maintain occupancy rates.
Amidst these developments, it is important to note that not all properties are created equal. While the aforementioned large complexes managed by national property management companies boast an array of amenities, the properties managed by other companies may not offer the same level of luxury. However, this does not mean that these properties are less desirable. Many high-quality tenants, who may not require the bells and whistles of a luxury complex, are looking for rental options that are well-managed and offer excellent value. Therefore, despite the differences in amenities, both types of properties are competing for the same pool of tenants.
As competition for tenants heats up, property managers are utilizing any means necessary to maintain their rates. The aforementioned rental specials are just one example of this tactic. By offering these promotions, property managers hope to secure tenants while simultaneously maintaining their high rent rates. This is a trend that is expected to continue as the rental market in the Treasure Valley remains competitive.
In conclusion, the rental market in the Idaho Treasure Valley is seeing a resurgence of rental specials reminiscent of those seen in the years preceding the Great Recession. National property management companies such as Graystar, Coast Property Management, and Capstone are leading the charge with these promotions. However, it is important to note that not all properties offer the same level of luxury, and many high-quality tenants are seeking well-managed properties that offer excellent value. With competition for tenants intensifying, property managers are utilizing any means necessary to maintain their high rent rates.
- Matt Johnson
- Johnson Property Management, LLC