Boise Multifamily Figures Q1 2025

Demand remained healthy with 496 units absorbed in Q1 2025, outpacing Q1’s 10-year net absorption average by 181 units.​

The overall occupancy rate decreased for the first time in three quarters to 94.9%.​

The average effective monthly rent increased by 71 basis points (bps) in Q1 2025 after decreasing in Q4 2024.​

1,714 units were under construction at the end of Q1 2025, a 73.1% decrease from the record 6,360 units that were under construction in Q2 2023.​

Deliveries totaled 645 units in Q1 2025, the lowest number of units delivered in a singular quarter since Q1 2024. This trend is expected to continue as the number of units under construction continued to fall.​

Vacancy increased in Q1 2025 for the first time since Q4 2023. However, this increase was marginal, and vacancy remained 160 bps lower than Q4 2023’s 10-year high.