Boise, Idaho, has been one of the fastest-growing cities in the United States in recent years, and its real estate market has reflected that growth. However, the market has recently taken a significant turn, with a drop in investor purchases and an increase in inventory. This trend has led to more vacancies and, in turn, more opportunities for renters to negotiate lower rents.
According to Redfin, investor purchases of multifamily units in Boise dropped by 30% in the third quarter, leading to a decline in demand for rentals. As a result, there is more inventory on the market, giving renters more options and leverage to negotiate lower rents. Shelby Talbert, a subscriber to the Good News Real Estate Channel, was able to negotiate $200 less per month on his rent by staying informed and researching the market.
Zillow reports that the average rent in Boise is $1,785 per month. However, the local market may be higher than that. With more inventory available, it’s possible for renters to find deals by negotiating with landlords. This trend is expected to continue, with more sellers converting their listings into rentals. According to a graph put together by John Burns Real Estate Consulting, 14% of sellers converted their listings into rentals in November, up from 1% in July.
It’s important for renters and landlords in Boise to understand the trends in their local market. Despite the decline in rent prices, this information is not being widely reported in the national media. By staying informed and watching real estate channels like Good News Real Estate, viewers can make more informed decisions.
In conclusion, the Boise rental market is currently in favor of renters, with more inventory on the market and opportunities to negotiate lower rents. Staying informed and understanding local trends is essential for both renters and landlords to make informed decisions in today’s market. If you’re a renter in Boise, now may be the time to consider renegotiating your lease and saving money.
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