Rent Trends in Boise, Eagle, Meridian & Star

Q2-2024

Single Family Homes

Q2 single family median rents in the Treasure Valley didn’t all follow the “up and to the left” trajectory that might be assumed going into the spring months. Eagle and Meridian each saw a peak in April before falling in May and June. Conversely, Nampa and Star each saw a more consistent increase in early spring before peaking in May. Boise’s rents were strongest in March and April before dropping in May and rebounding in June.

BOISE

BOISE

April’s median rents stayed fairly consistent with March before dipping by almost $50 in May. It then rebounded in June to a high of $2330. This dip almost mirrors last year’s exactly, except this year saw it happen in May versus April.

EAGLE

April hit a high in Eagle rents of $3180 before falling back to rents more similar to last year in May and June. Eagle is still one of the highest rent cities in the Valley, with May and June’s single family median at $2745 and $2795.

MERIDIAN

Meridians rents stayed very consistent in 2023, hovering between $2250-$2450. The meridian market has been gaining steam since January and peaked in April with rents jumping to $2650. This increase didn’t hold, however, with May’s rents reducing to $2500 and June’s at $2395. The spring months in Meridian followed a very different path compared to neighboring Boise and more closely aligned with Eagle’s high in April with drops in May and June.

STAR

Star peaked in January then dropped in Feb/March before coming back stronger in April/May. AMH continues to account for a significant portion of Star rentals with its build to rent community. At the time of writing about 38% of the single family home rental market. Generally, rental prices seem fairly consistent with a grouping of rental homes East of 16 and South of State Street with asking prices over the $3k/month mark.

About the data:

We decided to publish this market data after noticing that almost all the market updates for the rental market combine both single family and multi-family datapoints. And while we’re always interested in what’s going on with our multifamily brethren, we wanted a place where single-family data can stand on its own.

The other thing we noticed is that many of the market updates lump the entire Treasure Valley into one datapoint. While helpful from a 20,000-foot view, it’s less helpful when you’re trying to understand the market dynamics for a rental property in Eagle versus a rental property in Kuna.

We created this quarterly market update for single family homes in the Treasure Valley based on publicly available Zillow listing and rental data along with our observations.

This is not investment advice and is for educational purposes only.

[SOURCE: Zillow]