Rent Trends in Boise, Eagle, Meridian, Nampa, Star & Kuna

Q2-2023

Single Family Homes

Single-family home rental market data for the Treasure Valley isn’t easy to get. Unlike real estate sales, there’s no MLS for us to pull from. When you do get data, it’s often aggregated between multifamily and single-family information.

This rental market update is an attempt to simplify single-family rental market data into meaningful information for rental owners. We’re not economists, and this is not investment advice. We’re property managers who use this data and want to share it with others that may find it helpful.

It’s a way to answer the question we get asked most frequently – What’s going on in the rental market?

Drumroll please….

The answer is a resounding ‘it depends’. Mostly, it depends on what city your rental is in. In short, median rents declined in Q3 across the Treasure Valley with one exception – Star, Idaho, whose median rents have held from a high in July.

To dig in deeper, we’ve separated out graphs for each of the above cities. Each one shows median monthly rent for single family homes between January 2022-September 2023, though the analysis solely focuses on 2023. Each graph includes the 3 month moving average as well. This line shows the average of the monthly data for the most recent 3 months.

BOISE

Boise’s median single family home rental price has stayed relatively consistent throughout the year. In fact, between February and July of this year the median rent price only fluctuated $30, bouncing between $2,295 and $2,325. While July’s median rents maintained the trend, coming in at $2,295, August and September each experienced subsequent drops, to $2,200 and $2,195.

EAGLE

Considering how steady Boise’s median monthly rent has been in 2023, Eagle’s more closely resembles the outline of your favorite Idaho mountain range with higher peaks and valleys than its neighboring cities. That being said, while it’s seen more fluctuation, the area also commands a much higher price point- even on it’s down months. Eagle’s average median rent, year to date is $2,677 – about $400 more than Boise and $300 more than Meridian per month.

Eagle’s median rent picked up steam early in the year, seeing a jump in the February and March months before dipping in late spring and rebounding in the summer months. August saw a median monthly rent of $2800 before a relatively steep decline in September to $2,550.

MERIDIAN

MERIDIAN

Meridian’s median single family home price bounced between $2,350 and $2,400 for much of the year before seeing its first decline outside of that range in August, when the median home rented for $2,325. September saw a further reduction in the median home rental price to $2,295.

NAMPA

NAMPA

Like Eagle, Nampa’s median rental price fluctuated since the beginning of the year. Overall Nampa’s median rents are lower than other areas in the Valley. Nampa’s median rent broke the $2100 mark in the summer months and has since dropped in August and September. September saw a slight uptick over August of $2,075 compared with $2,050.

STAR

Star’s median rents surpassed all areas of the Treasure Valley apart from Eagle. Unlike Eagle, Star has seen consistent median rents throughout the year. Surprisingly, May and June’s median rent was the lowest since the year began, dropping to a low of $2395 in June before rebounding to the $2,495-$2,500 mark where it’s hovered at the remainder of the year.

KUNA

Kuna’s median rent has floated between Nampa and Boise throughout the year. Kuna’s median rent fluctuated between $2,100 in January to a high of $2,250 which it hit at a few points throughout the year. However, Q3 has seen a steady reduction in price from a high of $2,250 in June to $2,195 (July) $2,175 (August) and $2,145 (September).

[SOURCE: Zillow]