Boise Investment Property for Sale - 2023 Rental Home Appreciation
The Boise real estate market is one of the hottest in the country. In fact, it’s listed as a top 20 market on PWC’s Emerging Trends in Real Estate 2022 report, along with Miami, Nashville, and San Diego.
Boise is listed in the report as a supernova magnet market. Why? It has a rapidly growing population with limited housing supply and high demand. Demand is so high that Boise averages only a month’s worth of housing inventory. In fact, homes for sale typically sell within 34 days.
The city’s growth, affordability, and home price appreciation should put it on any real estate investor’s list.
Boise's Attractive Housing Market
Real estate investors can find nearly every property type in Treasure Valley, Idaho. Whether you’re looking to invest in a condo, duplex, triplex, fourplex, or other multi-family housing units or a single-family home, the Boise area’s move-in ready income properties are for you.
Boise is home to many great suburbs for real estate investors to consider. They include Caldwell, Eagle, Kuna, Meridian, and Nampa.
- Caldwell: Caldwell is located about 27 miles northwest of Downtown Boise along I-84. It has a small-town feel with a rich agricultural history. It’s home to the Sunnyslope Wine Country and AgVenture trails. The median listing price in Caldwell is $259/sqft, and the median sales price is $459,990. The median rent is $1,400/month.
- Eagle: Eagle is located 10 miles northwest of Downtown Boise along Highway 26. It’s nestled in the Boise Foothills that rise above Treasure Valley. Eagle is known as a small suburb with lots of green space and easy access to hiking trails. The median listing price in Eagle is $350/sqft, and the median sales price is $975,000. The median rent is $1,800/month.
- Kuna: Kuna is located about 20 miles southwest of Downtown Boise along Highway 69. It’s one of the fastest-growing Boise suburbs and is known for its natural beauty and rich Native American history. The median listing price in Kuna is $275/sqft, and the median sales price is $506,990. The median rent is $1,650.
- Meridian: Meridian is located just west of Downtown Boise along I-84. It’s considered Idaho’s fastest-growing city (second largest in Idaho). It is known for its sparse suburban feel with many restaurants, shops, and parks. The median listing price in Meridian is $287/sqft, and the median sales price is $621,290. The median rent is $2,250/month.
- Nampa: Nampa is located about 20 miles west of Downtown Boise along I-84, just south of Caldwell. It’s the third-largest city in Idaho. Nampa is known for its rich history and family-friendly community. The median listing price in Nampa is $265/sqft, and the median sales price is $499,500. The median rent is $1,500/month.
Rental Home Appreciation in Boise
Boise is a magnet real estate market with affordable housing, steady home price appreciation, and a robust rental market.
According to Realtor, the median listing price in Boise is $324 per square foot with a median sale price of $585,000. Zillow’s Home Value Index reports an 11.1% change since last year. The median rent in Boise is $2,130 per month.
Boise’s population growth has driven demand for rental properties. In fact, 39% of households in Boise are renter-occupied, and the city only has a 2% vacancy rate.
Affordability, appreciation, and demand combine to present a great investment opportunity for home buyers, real estate investors, and property management companies to increase their cash flow.
Economic Growth in Boise
Boise’s real estate market isn’t the only thing booming. The city’s population grew by 8% from 2018 to 2021. That’s a faster growth rate than Fayetteville. Boise’s the largest city in Idaho, and its growth is projected to slow down anytime soon.
Domestic migration of people and businesses from the high-tax state of California is the biggest driver behind Boise’s growth. They’re drawn to the city’s affordability and idyllic location in Treasure Valley.
Boise’s primary industries are technology, manufacturing, food production, and energy. Hewlett-Packard, Boise Cascade, Amalgamated Sugar Company, and Idaho Power are the largest employers. These employers provide stable, well-paying jobs that fuel the city’s economic stability and growth. Boise’s unemployment rate is just 2.7%.
In Boise, population growth, affordability, and home price appreciation combine with a solid rental market and local economy to create tremendous investment opportunities.
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