Boise Rent Trends

2024 Market Recap

Single Family Homes

Let’s face it—rent data can feel like a slog when you zoom into every city across the Treasure Valley. The ups, the downs, the inconsistencies between cities. So, what’s the big takeaway? Let’s break it down:

Fluctuations are the name of the game. Rent prices ebb and flow throughout the year. We tend to see some version of a bell curve with prices lower during the colder months and heating up in the summer. People tend to try to avoid moving when there’s snow on the ground, over the holidays, or even when school is in session. We do see some spikes in pricing in the spring, which we attribute to renters signing leases in the spring for an early summer move in.  In short, the rent you see today might not be the rent you see two or three months from now. If you’re planning to list a property, make sure to do a current rent assessment as close as possible to your listing date. Timing is everything.

City-by-city highlights. Here’s what you need to know:

    • Eagle: Eagle consistently commands the highest rents in the Valley. In 2024, median single-family home rents peaked at $3,180 in April, with an average median rent for the year at $2,830.
    • Star: Believe it or not, Star takes second place for highest rents. Development is booming, with subdivisions popping up everywhere. Inventory is ticking up, and it’ll be interesting to watch whether this impacts rents in 2025 and beyond. Average median rent: $2,505.
    • Meridian: Steady as she goes. Meridian rents are typically just below Star’s, but they’re more steady. Think of Meridian as the stoic friend that consistently shows up. Average median rent: $2,409.
    • Boise: Boise rents, on the other hand, are a mixed bag. While the median rent is $2,242, that number doesn’t tell the full story. Premium neighborhoods like the North End and SE Boise see much higher rents, while others fall below average. If you own or are considering a rental in Boise, dive deeper to understand your specific area’s trends.

Before we dive in remember these numbers are based off of median rents for single family homes.

BOISE

Boise Rentals: A Closer Look

Boise rents followed a predictable pattern in 2024: starting low in January, climbing in spring and summer, and tapering off into late fall and the holiday season.

One notable trend? Rents have settled since their 2022 highs. If you’re expecting another post-COVID spike, it’s probably time to adjust those expectations. Q4 rents dipped slightly from Q3 and leveled off by November and December.

Here’s where it gets interesting: Days on market are comparable to last winter, but available inventory is 10% lower. Yet rents have remained stable. This tells us the market may be softer than last year, despite reduced supply.

Sneak peek: January 2025 is off to a slower start, with rents averaging $50 lower than this time last year.

EAGLE

Eagle: The Enigma

Eagle keeps us on our toes. Its rental market didn’t follow typical trends in 2024. Prices rose early in the year, dipped during the usually busy summer months, and rebounded in the fall.

Q4 rents held steady through October and November before dropping in December. Days on market and inventory were both slightly higher than last year.

Eagle’s smaller rental market means its median rent can swing significantly due to high-end or furnished properties entering and exiting the market. To price effectively, check active comparables one month before your lease term ends and consider a three-month moving average when you price.

MERIDIAN

Meridian: Consistency Wins

Meridian’s rental market, the Valley’s second-largest, is all about predictability. Aside from a spring spike, 2024 rents mirrored the last few years: steady and less dramatic compared to other cities.

Q4 saw rents decline, as expected for the season, with both days on market and inventory slightly under last year’s levels.

STAR

Star: One to Watch

Star remains fascinating, largely due to the influence of the built-to-rent community dominating the rental landscape.

In 2024, Star followed a classic bell curve—slower winter months, a spring and summer surge, and a decline in fall. However, Q4 brought a curious shift: Days on market dropped sharply from 51 to 18 in two days in mid-November. This wasn’t due to a rental frenzy but rather likely the quirks of technology resetting listing timelines in the build-to-rent community.

By year’s end, Star had more inventory and a slightly lower median rent than the same time in 2024, indicating a slightly softer market.

About the Data

We created this market update to give single-family home data the spotlight it deserves. Most rental reports lump single-family and multi-family data together or generalize the entire Treasure Valley into a single point. While helpful for high-level views, it’s less actionable for specific markets.

Our insights are based on publicly available Zillow listings and rental data, combined with boots-on-the-ground observations.

Note: This information is for educational purposes only and not intended as investment advice.

[SOURCE: Zillow]

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