Rent Trends in Boise, Eagle, Meridian &  Star

Q3-2024

Single Family Homes

BOISE

If you remember Q2’s update, Boise’s market dipped in May then came back at a recent high of over $2300 median rent in June. Since June prices have been steadily falling by about $50/month. September came in at $2199, and at time of writing the downward trend has continued into early October. The 2023 and 2024 trend lines met in September, with early October dropping below last year’s rents.

EAGLE

Ah, Eagle Idaho. How you keep us guessing.

Eagle has a relatively small rental market compared with Bosie and Meridian. Roughly speaking, Boise has about 7x the amount of single family homes available for rent than Eagle.  That means that the median rent tends to vary more, from a high of almost $3200 to a low of $2600 this year, as high-end properties come on and off the market. Eagle often experiences the highest days on market in the valley, about 2 weeks more than other areas depending on the month. This year Eagle saw its rents peak in Feb-May, then drop off in the summer months. Not what you might expect. September saw a sizable increase in median rents, jumping from $2600-$2800. This is basically opposite of 2023, when the summer months saw some of the highest rents which then dipped in the fall.

MERIDIAN

Meridian is the second largest rental market in the valley, about 1/3 smaller than Boise.  Meridian’s median rents stayed pretty consistent through Q3, bouncing between $2400-$2450. With the exception of April, which peaked in both median rents and days on market, Meridian’s rents have followed a consistent path just slightly above 2023.

STAR

Star’s rental market hovers right around the size of the Eagle market. It also sees some swings in pricing, from a low of $2420 to a high of $2600 this year. Star saw an increase in prices coming into Q2, the reducing slightly in the later summer months before jumping in August to the high of the year. September saw a pretty significant jump in available inventory, and similarly is seeing days on market creep up as well as we head into Fall.

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]

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