Rental House Market Booming in Boise Area

Interesting highlights from an article about rentals in Boise from the KTRV website.

Boise, Idaho -- A lot of people who have gone through the foreclosure process have turned to the rental market for housing. There are slim pickings out there since many former owners are transitioning to renting.


"Everything seems so unstable. People have lost a lot of faith in the economy and renting is really hassle free," said Julie Suitter, co-owner of Apex Property Management.


Hassle free enough that it seems more people than ever are renting.


"Renting is a lot more appealing than home buying right now. For a lot of people , home ownership is a large commitment," said Suitter.


Suitter oversees more than one hundred single family homes. Only three percent of her company's properties are available to rent.


"At the beginning of the month, we had a about 14 available properties. And now, we're down to three," she said.


That's typical in the home rental market in Ada and Canyon Counties right now. There's only a little more than two percent vacancy rate. Compare that to nearly 11 percent back in the first quarter of 2006. Suitter says half of the people she rents to have come from some sort of home ownership problem, whether it be foreclosure or short sale.


"There are just a lot of people who can't qualify to buy a home anymore. So, they do need to get into rentals for a while before they can clean up their credit and become homeowners again," said Lindsay Dofelmier, owner of the real estate company Urban Agent Team.


Dofelmier and her company are just getting into the rental management game as home sales remain soft.


"I think that's where the market is headed. Really, ultimately," said Dofelmier.


Dofelmier's company only manages three properties right now. Plans are in the works to bring on more. They would like to generate more business by renting to people and then helping them when they're ready to become homeowners again.


"Hopefully we can gain their business on the buying end as well," she said.


The average rent for a three-bedroom single family home in Ada and Canyon Counties runs about $907 per month.

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