Boise, ID Multifamily Market Overview
The multifamily market has persistently low vacancy and high net absorption, despite multiple years of record-setting construction. Apartment construction has exceeded 1,– units in each of the last three years (and was 1,500+ units in two of the last three years), more than any previous year on record. As a result, the complexion of the local market has change noticeably. Meridian, one of the metro area’s fastest growing suburbs, previously had only a handful of apartment complexes, most of them 20+ years old. Now Meridian has over a dozen large, upscale projects with amenities and rents in excess of $1,000 per month.
Source: Integra Realty Resources. Reprinted with permission. All rights reserved.