So, what can a smart investor do with all of this information about real estate and rental trends in Idaho Falls?
Rental rates are going up an average of 8-9 percent in this market. There’s also a lot of ongoing development, which will eventually create new opportunities for investors. Entering the market early is highly advisable.
Snake River Landing and The Falls
With 450 acres of partially developed land off Whitewater Drive, Snake River Landing offers a fantastic multifamily investments opportunity. Kartchner builders have built and continue to own and manage the community.
The Falls currently offers homes with one to three bedrooms, open living plans, and amenities such as a poo, spa, community fire pit, fitness center, game room, and playground.
Rents begin at around $1,090 to $1,160 for a one-bedroom unit, $1,245 to $1,415 for two-bedrooms homes, and $1,520 to $1,540 for three-bedroom apartments.
The Teton Mesa Apartments
The Teton Mesa Apartments is a proposed new construction project located at 855 Lomax Street. The multifamily property will offer a total of 72 units across five acres.
The Housing Company, is developing this section 8 project, which includes four separate three-story residential buildings, a single-story clubhouse, a playground, and green space. When you drive past you can see that construction is well underway.
Each residential building will have 18 units, and 90 percent of those homes will be designated as affordable housing units.
Big Sky Patio Homes
Big Sky Patio Home Apartments will offer another great opportunity for Idaho Falls. Found off Big Sky Way, the community was built in 2017 and features 85 single-level patio homes with attached garages.
The community is pet-friendly, and each unit offers a private patio with a back door, laminate wood flooring, washer/dryer hookups, air conditioning, heating, and yard maintenance services.
Typical rental rates in the first quarter of 2021 ranged from $900 to $920 for one-bedroom homes and $1,030 to $1,050 for two-bedroom homes. There are also ADA units available.
These are just a few of the multifamily properties we are excited about in Idaho Falls today. Check out our additional blogs that take you further into the full market report that we recently published. Or click here to download the full market report.