Despite US apartment rental prices being up 2.8% from January 2022 to January 2023, Idaho’s multifamily rental prices have declined in the same period. According to Beekin’s Recent Movers Rental Price Indices, Idaho apartment rent prices dropped 1.5% in the 12 months up to the end of January 2023.
Furthermore, Idaho has seen a month-on-month multifamily rent price change of -0.2% from December 2022 to January 2023.
While the reason for the decline is unclear, this data highlights the current state of Idaho’s multifamily rental market. It is important for investors and renters to pay attention to these trends and monitor the market closely to make informed decisions.
The historical trend of Idaho’s multifamily rental market can be analyzed through Beekin’s Recent Movers Rent Price Indices, which has data tracking the market from Q1 2015. Since then, Idaho’s quarterly multifamily rent price change has been mixed.
Notably, from Q1 2019 to Q3 2021, there was significant growth in Idaho’s multifamily rental prices, with a 12-month increase of 17.9% in Q3 2021 compared to Q3 2020.
The recent drop in multifamily rental prices in Idaho could be a natural market correction following years of rapid growth. In the past, Idaho’s rental market experienced significant growth, with rental prices steadily increasing over time. However, it is not uncommon for markets to experience a correction as supply and demand dynamics shift.
Idaho’s multifamily rental market is currently experiencing a decline in rental prices despite the overall booming multifamily housing market. As a company that provides rental price data and revenue management software, Beekin closely monitors the market and provides valuable insights to its clients to help them make informed decisions.
If you’re a rental housing developer, investor, operator, or lender in the US, it’s crucial to stay up-to-date with the latest trends and data in the market. By partnering with Beekin, you’ll gain access to the most accurate and reliable rental price data, automated valuation models, and revenue management software, which can help you optimize your rental strategy and stay ahead of the competition. Contact Beekin today to learn more about how we can help you succeed.