IRR Viewpoint | Mid-Year Multifamily Report

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.

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Source: Integra Realty Resources. Reprinted with permission. All rights reserved.