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. On the other hand, rents for 3 bedroom apartments have risen, with the average rate now at $1,768 per month.
Development Trends: Uncertainty in the broader economic environment has made developers more cautious in their investment decisions. As a result, while there is demand for multifamily housing, the pace of new development in the Magic Valley has slowed drastically. One of the most significant multifamily projects currently under construction in the Magic Valley is the Adler Apartments, being developed by The Housing Company, an Idaho-based non-profit organization. This development will feature 72 residential units and is expected to be completed in 2025, according to the Idaho Business Review.