Last updated on February 14th, 2024 at 08:19 am
You’ve arrived here at the right place if you’re searching for the most incredible places to purchase a rental property in Idaho. In this article, we’ll go over the significant rental real estate markets in Idaho and what you can anticipate discovering in each one.
We’ll begin with Boise, Idaho’s capital city, which is frequently regarded as one of the most significant locations for real estate in the United States. The city boasts a rising economy and a diversified population, making it an excellent location for rental property investment. We’ll also mention a few other Idaho areas worth considering for your investment portfolio.
5 Best Cities in Idaho You Should Buy Real Estate
1. Boise
Since this economy is performing well, you might acquire a rental property in Boise. The jobless rate is low, and there are plenty of job opportunities. As a result, many people end up relocating to the city searching for work. More people migrate to Boise, and rental property demand rises yearly.
You most likely wish to make an investment that will create income and provide a speedy return on your money. Purchasing a townhome in Boise allows you to do precisely that; you could lease it out for a reasonable sum for several years and then flip it for a massive profit margin later on.
Year over year, the price of homes in Boise has increased by 24%. Boise’s median house price is $534,806. This is a 24% increase in price over the previous year. A home’s average rent is approximately The average monthly rent in Boise is $2,004. It has risen by 19.36% in the last year.
2. Blackfoot
The community of Blackfoot has a rich history, a booming potato trade, and a plethora of annual festivals. Blackfoot is an excellent area to acquire real estate and lease it out. The city boasts a robust economy and low living costs. This makes it an ideal location for rental property investment. Blackfoot also has one of the state’s lowest property taxes, with an average price of $1,262.
Because rental units are popular in Blackfoot, you can be comfortable that your team will be rented quickly and at a reasonable price. The median property value is approximately $124,100, and the median gross rent is roughly $598. This makes it an excellent location for purchasing a rental property and earning a solid passive income over time and into retirement.
3. Twin Falls
Twin Falls is quickly expanding, with the population predicted to quadruple in the next two decades. The expansion is offering new chances for real estate investment. The median property price in the city is $200,000. Twin Falls townhomes typically rent for roughly $825 per month.
The usual lease period for a Twin Falls townhome is 12 months, but some townhomes may rent for as long as 24 months. Over the last ten years, home values have increased by 136.7%. As a result, the rental property can be sold for a significant profit after a few years.
4. POCATELLO
Pocatello is an excellent choice for any first investors wishing to expand their holdings and generate passive income. The local economy is prospering, and investment opportunities abound in this region. The job market and demographic are both growing, and there are a variety of vibrant communities to select from.
The average home value in Pocatello is $310,995, with property values increasing 20.4% in the last year. Not to forget that the median rent is roughly $720, up 157% yearly. By investing a little bit in decorating your rental properly you can also charge more rent to potential tenants. As a result, Pocatello is an excellent place to invest in real estate.
5. Meridian
Meridian is an excellent spot to invest because home prices have been consistently growing over the last few years and are predicted to continue. The market is also quite accessible, with an extensive range of houses available at all price points.
The city is situated just northwest of Boise and has an estimated population of 90,000 people. Meridian has a typical house value of $330,000 and a median family income of $85,000. Meridian’s rental is also robust, with many new condos and townhomes being created recently.
Meridian has a massive market for rental units and a low vacancy rate. Meridian’s monthly rent for a one-bedroom apartment is $1,200, and $1,500 for a two-bedroom unit. The rental market is strong, and rental apartments are in high demand.
Final Thought
When looking for the ideal rental home in Idaho, remember that location is crucial. You should select a city with a booming economy and a robust job market. This will assist ensure that your renters can pay their rent.
Don’t forget to consider the cost of living in the area. This will assist you in determining how much rent you can charge while still turning a profit. If you keep these factors in mind, you’ll be able to select the ideal rental property in Idaho. With a little due diligence, you may be well on your way to generating a favorable return on your investment.
