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Report: Boise apartment rents are spiking, occupancy high

Tamarack Summer

A new report on the multi-family housing market in Ada County sheds light on the changing dynamics of apartment living in the Boise area.

Compiled by Colliers International Idaho, the report looks at trends impacting the more than 18,200 apartment units in Idaho’s largest county.

Rents are rising

The average rent across all types of apartments is $983 per month – up from the $879 the firm reported last year. That figures to an 11.8% increase in a year’s time.

It probably won’t surprise many that the cost of living in an apartment building is growing. But Colliers notes Boise metro area saw the fifth-highest increase in overall apartment rents in the country, using data from ApartmentGuide.com. Rents for a one-bedroom unit jumped 14.4% from the previous year, landing at $1,062.

[BoiseDev Project Tracker: Multi-family projects]

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More than 80% of all apartment units feature one or two bedrooms.

Most of the units are filled, according to Colliers. The report breaks the area down into 11 submarkets – including Southeast Boise, Downtown Boise, the North End, Garden City and Meridian.

Between 95% and 99.5% of all units have people living them in every area – with the lowest occupancy in Southeast Boise at 95.5%, and the highest in Eagle at 99.5%.

Trend coming to Boise?

Colliers predicts a new type of apartment project will come to the area, driven by an increasing number of Millenials opting to rent instead of buying.

“Developers are recognizing that the largest adult generation in the US is still renting but wants luxury amenities,” the report says. “In larger cities such as Seattle, San Francisco and New York City, coliving spaces give people amenities they could not afford in traditional homes. These spaces consist of a private bedroom and bathroom with shared common areas, like the kitchen, game room and media rooms. It won’t be long until we see that trend here in the valley.”

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