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

Q4-2023

Single Family Homes

Here’s what is happening in the Treasure Valley single family rental market.

The fourth quarter of 2023 saw rents soften in most of the Treasure Valley city’s median rent.

One thing to note is furnished rentals are often listed on Zillow. With a slow down in AirBnB’s, we’re seeing more and more owners interested in transitioning to mid-term furnished rentals. Typically furnished mid-term rentals will be listed at higher rent rates than their long-term counterparts. If you have a long-term rental, keep in mind these median rents may be inflated since they also include mid-terms.

BOISE

Boise’s median single family home rental price saw a decrease in August to $2200, a drop from a high of $2300 in the earlier summer months. Throughout the last quarter of the year, rents hovered around that $2200 mark. Average days on market ranged from the mid-30’s in October and nearly reached 50 in December. The number of available single family homes decreased by about 20% over the quarter. The lower supply and longer days on the market are a signal of the seasonality of our rental market.

EAGLE

The Eagle market dropped in September/October but has been picking up steam in the later months of the year. Median rents jumped from $2,575 in September to $2650 in December. Eagle has far fewer single family homes available to rent, around 10-20% of the supply compared to Boise. Generally speaking, Eagle commands a premium when it comes to home sales, and rentals follow a similar trend.

MERIDIAN

Meridian rental prices tend to fall in a tighter range with less fluctuation than other cities in the Treasure Valley. Meridian saw rents tail off in the later part of the year, recovering only slightly towards the end of the year. Throughout the quarter, Meridian median rents fluctuated around $2,300 plus or minus $50, not nearly as large of swings as seen by Eagle.

NAMPA

Nampa’s median rent was strong during the early summer months of 2023, dropping and then holding steady the last quarter of the year. Like Meridian, Nampa’s median rents held a fairly tight range the last quarter holding right around $2,000. This is down from a recent high of $2195 in June 2023.

STAR

For a small town, Star has higher rents than nearly any other area of the valley except for Eagle. The last quarter of 2023 saw an increase to a median of $2650 in October, dropping to $2495 and $2500 in the last two months of the year. While rents have held high, Star’s average days on market is steadily climbing from around 50 at the beginning of the quarter to 79 at the end of December. Some of this is being pushed up by national builder/investor which is building build-to-rent neighborhoods that account for a large percentage of the rentals in the area. At the time of writing (Jan 2024) this built-to-rent community accounted for over half of the available single family homes for rent in Star.

KUNA

Kuna’s median rent has trended down from a high in the early summer months of 2023, dropping to right around $2100 the in October, November and December.

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 data.

[SOURCE: Zillow]