While the housing bubble hasn’t burst, there has been a slight leak.
The Treasure Valley housing market is currently experiencing a slight slowdown with some price adjustments. While the national housing market has seen a decline in prices since mid-2022 due to high interest rates, a sudden and drastic crash is unlikely based on the current market conditions. Read more
In today’s digital age, online reviews play a crucial role in shaping consumers’ decisions, and this holds true for the property management industry as well. Property management companies often face challenges, one of which is dealing with negative reviews from tenants who may be dissatisfied when asked to adhere to the terms of their signed agreement. However, despite this hurdle, positive Google reviews hold immense value for property management companies, and here’s why:
As we step into the heart of the summer, the Treasure Valley rental property market has been bustling with activity, offering both opportunities and challenges for property owners and managers. June proved to be an extraordinary month for “affordable” property rentals in the Treasure Valley. We experienced an impressive surge in rental demand for properties priced at $1,500 per month or less. Comparing the numbers to previous years, June 2023 saw a significant increase in the number of “affordable” properties rented, surpassing all records for this month. The rising appeal of the Treasure Valley, fueled by its vibrant communities and thriving economy, has undoubtedly contributed to this unprecedented rental demand. Read more
Pinata rewards: We are happy to announce that we have recently partnered with the best in class renters rewards provider, Pinata! All of our residents are now able to earn rewards with on-time rent payments that can be used in many major retailers. This is a value addition that is being added to our amenity package at no additional cost to you. If you are currently paying for the monthly amenity package, all you need to do is download the Pinata app and create an account with your email address that Johnson Property Management has on record for you! A QR code for the app download is on the flyer attached to this email, or can be downloaded from their website located at https://www.pinata.ai. In the future, JPM has plans to roll out various incentive programs through Pinata, that you can participate in to earn additional Pinata cash. We sincerely hope that you all take advantage of this offering to further realize value in our amenity services package. Read more
The Treasure Valley rental market, already grappling with soaring prices and tenant affordability concerns, is now bracing for the impact of the conclusion of the federal Emergency Rental Assistance Program (ERAP). Created in response to the financial hardships caused by the COVID-19 pandemic in 2020, the program has provided vital support to tenants in need. However, as the funds from this program are expected to run out within a couple of weeks, the future of many Treasure Valley residents who rely on rental assistance remains uncertain. Read more
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. Read more
Winter greetings from the Treasure Valley in March! It has snowed here at some point each day during March, and our average temperatures have been 10-15 degrees below average this month. This has not helped us rent properties thus far in March, as cold temperatures force many people to stay inside instead of getting out and looking for new rental properties.
We wanted to briefly discuss our current efforts in “tenant retention”, and why we feel this is necessary during 2023. In late 2019, and early 2020, the U.S. economy was strong and chugging away at a record pace. In Spring of 2020 COVID19 hit, and everything came to a screeching halt. In an unprecedented effort to stop a financial crisis, the US Government and Federal Reserve made a series of decisions to print over 6 trillion new US dollars. It was distributed into the money supply through a series of programs such as the ERAP program, PPP program, tax credits, etc. The consequences of this measure have arisen in full strength in 2022 and early 2023 as inflation has been anywhere between 6% and 9%.
As property managers, we are truly managing a large investment product for our owner clients – real property. Just like other financial investment products (stocks & other monetary investment portfolios) need to be rebalanced and reworked from time to time, real property is no different. Vacancies are a wonderful opportunity as managers to make improvements to our client’s investments, ensure rent rates are at current market levels etc. However, with the rise of pricing on materials and labor, and the large amount of inflation that we’re dealing with recently, the turnover process can be very expensive which may end up harming owners investments. Finding a balance between tenant retention and managing costs on vacancies is critical. Read more
I have been fortunate in that I have worked with multiple family members inside our office, as well as some friends of our family. We have also had some employees that have been hired externally, but our communication tactics have remained fairly consistent among all of our employees over the years. I like to think of this strategy as ‘family style communication’, as it resembles the way we might interact with various members of a family unit. I don’t wish to assume that all families communicate with each other in the same way, but I refer generally to a feel of communication that is based on openness and support. My attempt to follow these few simple strategies of inter-office communication have yielded positive results for our company over the years, and using some or all of them regularly in your office may be beneficial for your company as well. Read more