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Multifamily Demand Slowed By Job Losses

BOISE, ID-Third-quarter multifamily vacancy in the market was 7.4%, according to a report by Hendricks & Partners, while the average monthly market rent is at $654, up $20. Low mortgage rates also crimp demand.

By John Rebchook | Updated on December 17, 2001

BOISE, ID-Decreased demand for apartments is forcing vacancy rates up, although the average rent growth remains steady, according to a report by Hendricks & Partners. The local economic slowdown, as well as low mortgage rates that are increasing home ownership, is taking its toll on the Boise apartment market, shows the report.

At the end of the third quarter, employment growth was 2.5%, down from 4.7% from a year earlier.

Even with the lower employment growth, the area shows a net gain of 5,600 jobs. At the same time, layoff continues at major employers such as Albertson’s and Hewlett-Packard, while Micron Electronics has a hiring freeze, which is hindering employment growth, according to the report.

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