![]() ![]() The latest increase in rents is trailing home value appreciation, but not for long. Landlords have found themselves in a position of power in Idaho, and their asking prices reflect as much.Īccording to the latest data released by Apartment List, the median rent in Idaho has increased 21.8% in the last year and now sits around $1,164. ![]() Since more people are priced out of the buying market, we see more renters than average competing over fewer available properties. As a result, a large contingent of people want to buy but can’t, which inevitably leads to more rental demand and higher rents. Higher home values and a lack of listings prevent many prospective buyers from participating in the market. Landlords have been able to ask for more money just about every month throughout the pandemic. Real estate home values in Idaho have increased so much that rental properties are now growing in a similar manner. Prices will most likely rise until more inventory can be brought to market, which still appears to be a ways out. Competition is higher than ever, and homeowners can increase their asking prices accordingly. The added attention has dramatically cut into the state's already low inventory levels. It is also safe to assume prices will continue to increase. The added attention increased home values by as much as 45.1% since COVID-19 was officially declared a global emergency. With most people able to work remotely, many people flocked to Idaho searching for more spacious living arrangements, lower home values, and more outdoor activities. Again, the Idaho housing market became one of the most popular markets in the country. The most significant changes, however, have taken place over the pandemic. Homeowners have been able to increase asking prices in the face of competition. Nonetheless, there aren’t enough homes to meet the growing demands of today’s buyers. If for nothing else, more buyers can actively participate in the market thanks to improving working conditions, opportunities, and wages. The incredible momentum witnessed in the Idaho real estate market is directly correlated to the same factors increasing prices across the country: growing optimism in the real estate sector, a strengthening economy, and a distinct lack of available housing. To put things into perspective, median home values across the United States managed a much more modest 89.0% increase over the same time. Since then, Idaho real estate prices have increased by 209.8%. Median home values bottomed out at around $141,000 in the first month of 2012. Not unlike the rest of the country, Idaho was hit hard by the housing bubble. Over the course of a decade, Idaho has seen dramatic price variances. Real estate in Idaho had to overcome plenty of obstacles to get to where it is today. Idaho homes are now valued higher than they have ever been every price increase represents a new record in 2021. Whereas rehabs have been the preferred exit strategy for years, today's landscape seems to favor investors with long-term interests.Īccording to Zillow’s latest Home Value Index, the median home value in the Idaho real estate market is $436,922. Not unlike everywhere else, Idaho is now becoming prohibitively expensive, which begs the question: Is Idaho suitable for an investment property? The answer is unequivocally yes, but the means to the end has shifted in favor of long-term rental properties. However, it should be noted that the added attention real estate in Idaho is receiving is simultaneously increasing prices and restricting already low inventory levels. No longer bound to living within close proximity to work because of remote trends, homeowners across the entire country have routinely traded the expensive, restrictive confines of primary cities for a more affordable market with much less congestion. Since the first quarter of 2020, Idaho's relatively affordable housing and wide-open spaces have become a commodity in the wake of COVID-19. For the better part of two years, the entire state of Idaho has been the beneficiary of an influx of homebuyers. Few states have experienced more of a significant change in their housing sectors throughout the pandemic than the Idaho real estate market. ![]()
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