Boise Rental Market & Vacancy Rates

Overview

The average rent in Boise, ID, is $1,935 per month. Boise rents have increased by 11.8% over the past year and 2.9% over the past three years. The current vacancy rate for all residential rental properties in Boise is 1.62%, down from 1.81% one year ago.

Average Rents in Boise by Property Type

In Q4 2024, the average rent in Boise, Idaho for all property types—including both single-family and multifamily units—was $1,935, representing a $205 increase or 11.8% year over year compared to Q4 2023. While this marks a solid increase over the same quarter last year, rents are holding relatively steady compared to Q3 2024.

Looking more closely at single-family properties, the average house rent rose to $1,930, a modest $43 gain or a 2.3% increase from Q4 2023. Rent trends by bedroom size showed a wide range of movement.

Two-bedroom single-family homes saw the most significant decline, dropping from $1,425 to $990—a 30.5% decrease, though this figure should be interpreted cautiously due to an unusually low sample size. In contrast, rents for three-bedroom homes rose sharply to $2,245, an increase of $247 or 12.4%, making it the second-highest average on record. Four-bedroom rents climbed to $2,555, up $317 or 14.2%, while five-bedroom homes reached $2,995, a $700 increase, or 30.5% year over year. It’s worth noting that five-bedroom homes tend to exhibit more volatility due to their limited availability in the market.

For multifamily properties, the average apartment rent in Boise rose to $1,586, up $201 or 14.5% from Q4 2023. One-bedroom units climbed from $1,147 to $1,300, a 13.3% increase. Two-bedroom apartments now average $1,552, up from $1,431—a $121 gain or 8.5%, making this the highest recorded average rent for two-bedroom multifamily units in Boise. Three-bedroom multifamily units saw the largest jump in this category, with rents rising from $1,576 to $1,907, a $331 or 21% increase compared to the same quarter last year.

Boise Rental Vacancy Rates

Vacancy rates in the Boise rental market continue to trend low by historical standards. The average vacancy for all property types stood at 1.62%, a slight improvement from 1.81% in Q4 2023.

Single-family vacancy rates rose from 1.74% to 2.36%, while multifamily vacancy rates dropped sharply from 1.88% to 1.09%, suggesting increasingly tight conditions in the apartment segment. These figures reinforce the narrative of strong demand, particularly in multifamily housing, when comparing year-over-year changes.

Current vacancy rates remain well below the typical healthy rental market threshold of 5–6%, signaling ongoing demand pressure as we move into 2025.

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Sales Prices by Property Type

In the fourth quarter of 2024, the median home price in Boise, ID (metropolitan area) stood at $533,232 for single-family properties. The median per-unit sales price for duplexes during this period was $287,500, and for fourplexes, it was $205,000. For apartment buildings with five or more units, the median per-unit sales price was $241,029.

Income and Rental Affordability

In the Idaho rental market, verifiable monthly income is a key factor in determining tenant affordability and eligibility. Property management companies typically require a tenant's monthly income to be at least two and a half to three times the rental amount.

The federal government defines affordable rents as those that do not exceed 30% of a household's income. According to U.S. Census data, the median household income in Ada County is $88,907, which translates to a monthly rent of $2,223 at the 30% affordability threshold.

It's also worth noting that Boise's strong local economy and job market contribute to both rising median household incomes and the stability of the rental market.

Boise Multifamily Market Report - Supply

In 2023, Ada County experienced a decline in the issuance of permits for new multifamily units despite continued strong demand from potential renters. The total number of permits dropped to 2,543 from 3,332 in the previous year. This decrease was primarily due to rising interest rates, which significantly hampered new construction activities.

Estimated Apartment Projects Under Construction in 2024

• Boise = 1,676 units
• Meridian = 794 units
• Eagle = 0 units
• Garden City = 24 units
• Nampa = 275 units
• Kuna = 49 units
• Star = 0 units
• Caldwell = 810 units
• Middleton = 0 units

Building Permits Issued for Multifamily Units by County

Boise Rental Units by Structure Type

Keep in mind that the Boise area still has fewer apartment buildings than a typical metro area this size. Single-unit properties, primarily houses, comprise more than half of the Boise rental market.

Boise Residential Income Property Capitalization Rates

The capitalization rate, also known as the "cap rate," is a good starting point for comparing Boise investment opportunities quickly. Many more factors need to be considered, such as the growth or decline of the potential income and the increase (appreciation) in the value of the property.

Capitalization Rate = Yearly Net Income/Total Value

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*This We Know Boise Rental Market Report is based on a survey of 3,204 rental units. It covers the city of Boise and the surrounding areas of Meridian, Eagle, Kuna, Star, and Garden City. Select data were obtained from the Intermountain MLS, the Community Planning Association of Southwest Idaho, and the 2024 SW Idaho Vacancy Report Q4 from the Southwest Idaho Chapter of the National Association of Residential Property Managers.