What were the Magic Valley's 2024 multifamily rental rates and what is the outlook for new development in 2025?

Rental Rates: Over the past year, rental rates for 1 bedroom and 2 bedroom apartments in the Magic Valley have seen a decline. The average rent for a 1 bedroom unit is now $1,081 per month, while 2 bedroom units are averaging $1,449 per month.

Fundamentals remained healthy for the Retail market at the end of Q3. Total vacancy ended at 4.3 percent, marking September as the 7th consecutive month where vacancy has remained below 5 percent. Overall vacancy is anticipated to stay tight through the remainder of the year, which will ultimately keep lease rates on the rise.

Over the past 12 months, the market has seen the delivery of more than 4.3 million square feet of new industrial space. This increase in supply has ultimately caused overall vacancy to remain elevated at 8.6 percent. Multitenant vacancy is currently at 23.2 percent, slightly below the record high of almost 24 percent seen at the end of June. Overall months of supply has also increased to 18.7 months, up from 12.6 months at this time last year. 

Northern Idaho has long held a captivating allure, especially with the picturesque background of the Selkirk Mountains and the world-renowned Lake

North Idaho's Industrial market saw over 630,000 square feet of new Class A space come online with over 90 percent delivering in Post Falls. A large portion of this is attributed to the buildings at 140 & 150 Beck Road that completed earlier this year and added more than 400,000 square feet of space to the market. All the new space has pushed total vacancy up to 19.5 percent.