Finding a place to live may get more pricey in the Treasure Valley
BOISE, Idaho (KBOI) -- The changing economy could mean a tougher time finding a place to rent in the Treasure Valley.
Property manager John Davidson says in several years of renting out places to live in the area, he's never seen as big of a boom as there is right now. Of the nearly 400 units he rents out, he says only about two or three percent of them are open right now.
"I think if you talk to most property managers, they're probably running under four percent," Davidson said.
That means more than 95 percent of the rental market is full. So when a place does open up for rent, it gets filled up fast. Davidson says in the popular North End, a space could go up for lease and in as little as 15 hours already have renters.
That demand means property management companies are beginning to charge more.
"The rent for a single family home in one area was going for $950," Davidson saod, "I might be raising it up to $1200 now."
"We've seen the rental market tighten up because the houses aren't there to buy or to rent," said Karen Nelson, owner of Nelson Realty LLC.
Nelson says many home buyers are having to look outside of Boise because most places in town are off the market or are rental properties.
"We're seeing quite a bit of building going west of town, but that's because property values and places to build close to Boise are at a premium," Nelson said.
Davidson says looking outside of the center of Boise for rentals isn't a bad idea either, if you're looking for the best deal.
When dealing with rental costs, "It really depends from neighborhood to neighborhood," Davidson said.