COVID 19 Update
COVID-19 spread continues to escalate in the Treasure Valley. As reported on October 27: 60,923 cases in Idaho to date, 882 new cases confirmed and probable on 10/27. 585 deaths to date. The case data are based on surveillance system records provided by the public health districts. Governor Little announced on 10/26 due to accelerating cases and healthcare capacity constraints statewide Idaho would revert to Stage 3 stay Healthy Guidelines.
For more information: https://coronavirus.idaho.gov/
For Stage 3 Guidelines, click here.
Inbound Migration for Remote Workers
By Athena Savoglou
As we know too well, this year has been a life-altering time for all of us. Even if you were lucky enough to not have been affected directly by covid-19, a major component of this change has been to our work lives. Across the country, millions of workers have been working from home for the majority of the year. While some people are aching to get back to the routine of going into the office, others are loving the flexibility of remote work. Regardless of how you personally feel though, one thing is undeniable: the landscape of the traditional office has been changed for good.
While some offices are going back to normal as we speak, with their full workforce expected to return back to the office, 2019-style, there is reason to believe that a significant number of companies will be implementing long-term remote working policies. This is largely due to a decrease in overhead cost (rent, office supplies and maintenance), the advent of video-conferencing technology (Google meet, Zoom, WebEx), and flexibility to deal with any unexpected circumstances to come (let’s just not even go there).
So… What does this mean for you, as a real estate investor in the Treasure Valley?
Well, we know that Boise was ranked best place to live in 2019 by Livability due to the plethora of outdoor activities, job market, and top universities here. On top of that, crime is very low, and the cost of living is reasonable as compared to other major cities. And with more and more folks working remotely, they will be able to choose to live wherever they want in the country, all while keeping their job. As logic follows, why would you pay $3,000/month for a one-bedroom in San Francisco, when you could spend a fraction of that for more space in an area named the #1 place to live? As economic circumstances are difficult, city folk are sure to be looking for more reasonable options while maintaining a wonderful quality of life. As we know, that exists right here where we are.
Following the logic of widespread remote working, we think that the months to come are going to be great months for real estate investors. The likelihood of inbound migration can only mean good things for the value of your current properties, as well as your potential future real estate investments.
Livability link: https://livability.com/best-places/top-100-best-places-to-live/2019/id/boise
As a footnote to this article, Claire attended the Colliers Idaho’s 17th Annual Outlook Conference on October 27th. She has shared some of her notes below:
As reported by Jim Shipman, Managing Partner-Market Leader, Colliers International, Idaho.
- Idaho is experiencing 2% population growth per year
- Meridian is the 3rd fastest growing city in the nation
- Nampa is the 10th fastest growing city in the nation
- Idaho experienced the lowest job loss of any state in the last twelve months and has recovered 75% of COVID related job losses
- Economists anticipate 3.5% annual Idaho economic growth rate over the next 5 years
- Of the top ten states for net migration rate, Idaho came in first with a 195% net migration. New Mexico was second in the nation with 44% net migration.
- All indicators point to a healthy Idaho economy in the immediate future with continuing inbound migration population growth.
Realty Management Associates Holiday Schedule
The office schedule for the holidays will be as follows:
- Closed Thurs/Friday- 11/26/20 & 11/27/20 for Thanksgiving (we will close books prior to holiday).
- Closed early Friday 12/11/21 at 3:30 for staff Holiday party.
- Closed Thurs/Friday-12/24/20 & 12/25/20 for Christmas (we will close books prior to holiday).
- 12/31/20 work until 1:00 pm. Closed 1/01/21 for New Years.
Tenant Holiday Gift Cards
As we Approach Thanksgiving, we are reminded that the Holiday season is upon us. For several years now we have facilitated the distribution of gift cards to tenants on behalf of the landlord. We will have more information in our December newsletter, but this is just a reminder that this is coming up soon. I’m sure after such a stressful year, your token of appreciation for your tenant will be especially well received.
Southwest Idaho NARPM Vacancy Report – Q3 2020
The purpose of this survey is to show vacancy and rental rate trends among single-family homes and multi-family units in Ada and Canyon County. Survey results are displayed by type (single or multi-family) & bedrooms (1-5) for the respective county.
Click here to visit RMA’s blog and view the report.
Insurance Discounts for Professionally Managed Rentals
Safeco recognizes the risk benefits of a professionally managed rental. They have recently announced a Property Management Discount. Any Safeco client who uses a professional property management company that screens tenants, performs property inspections and/or provides guidance on lease clauses is eligible for their Property Management Discount. This is a new program and being rolled out at different times for different states. Idaho property is currently qualified for this discount. Call your insurance agent to ask for your discount!
Maintenance Updates
Final fall optional services for landscape clean up and lawn care will be completed the end of October through November.
The maintenance updates only apply to those of you who have pre-ordered these preventative maintenance services. If you didn’t opt in for a service you read about in this newsletter, and would like to schedule a service, just email MacKenzie at maintenance@rentalsinboise.com to let her know.)
Other questions? Please email maintenance@rentalsinboise.com or call: 208-514-4864.
Accounting Updates
Please remember that we need to have a current mailing address to send year-end tax information.
If you ever have questions about your statement, please contact your property managers:
Spencer Henderson, spencer@rentalsinboise.com
DaNay Salas, danay@rentalsinboise.com
If you have trouble logging into your client portal, please contact your property managers or Brandy Ker at RMAinfo@rentalsinboise.com.
Tenant Update
This month’s tenant newsletter informs tenants about the functionality of Homeowners’ Associations.
This month, we feature a crossword puzzle, the clues for which are hidden in our Reminders sections as well as the feature article. Check out our tenant newsletter this month: https://rentalsinboise.com/property-management-blog/november-20-tenant-newsletter/