Treasure Valley Rental Market Report Q2 2026 | Black Pine PM

If you own rental property in Ada or Canyon County, the question that matters most every quarter is simple: how easy is it to keep a unit filled, and at what rent? The SW Idaho Chapter of NARPM just released its Q2 2026 Vacancy Report, and the numbers give a clear, current answer for Boise, Meridian, Nampa, Caldwell, and the surrounding Treasure Valley.

At Black Pine Property Management, we’re a NARPM member ourselves, which means we don’t just read this data secondhand we’re part of the group of local, professional management companies whose portfolios make up the survey sample. Here’s what the second quarter of 2026 actually looked like, and what it means if you own or are thinking about buying a rental property here.

The Headline Numbers

The Q2 2026 survey pulled data from 10 property management companies managing 2,122 rental units combined across Ada and Canyon Counties. Of that total, 835 units were single-family homes and 1,287 were multi-family units.

Across both counties, the average vacancy rate landed at 2.21%, with 47 total vacancies reported at the time of the survey. For context, a healthy, well-functioning rental market typically sits somewhere between 3% and 5% vacancy enough turnover for tenants to have options, but not so much that owners are absorbing long stretches of empty units. At 2.21%, the Treasure Valley remains tighter than that healthy range, which is good news if you’re an owner and a tougher environment if you’re searching for a place to rent.

Ada County vs. Canyon County

The two counties told slightly different stories this quarter.

Ada County (Boise, Meridian, Eagle, Garden City) reported 37 vacancies out of 1,812 managed units, for a vacancy rate of 2.04%. Broken out by property type, multi-family units in Ada County ran even tighter at 1.55% vacancy, while single-family homes came in at 2.76%.

Canyon County (Nampa, Caldwell) reported 10 vacancies out of 310 managed units, for a vacancy rate of 3.22% noticeably higher than Ada, though still on the tighter end of what’s typically considered a balanced market. Multi-family vacancy in Canyon County sat at 2.96%, and single-family vacancy at 3.79%.

The pattern worth noting: in both counties, single-family homes are seeing higher vacancy than multi-family units. That’s a shift worth watching if you own a single-family rental, since it suggests slightly more competition for tenants in that segment compared to apartments and multi-family properties.

What’s Renting For Right Now

Rent data from the same survey breaks down by county, unit type, and bedroom count.

Ada County averages:

• Multi-family: $1,630 overall — 1-bed at $1,279, 2-bed at $1,541, 3-bed at $2,070
• Single-family: $2,386 overall — 2-bed at $1,748, 3-bed at $2,363, 4-bed at $3,048

Canyon County averages:

• Multi-family: $1,428 overall — 1-bed at $1,113, 2-bed at $1,450, 3-bed at $1,720
• Single-family: $2,393 overall — 3-bed at $2,158, 4-bed at $2,620, 5-bed at $2,400

A few things stand out here. First, Ada County commands a premium over Canyon County across nearly every unit type and bedroom count, which tracks with the higher cost of living and stronger job market centered around Boise. Second, single-family rents in Canyon County are surprisingly close to — and in the case of 3-bed and 4-bed homes, not far off from Ada County pricing, which suggests Canyon County single-family rentals may be undervalued relative to demand, or that renters priced out of Ada are increasingly looking at Nampa and Caldwell as an alternative.

The Longer Trend Line

The NARPM report also tracks historical vacancy data going back to Q1 2022, and the trend is worth understanding in context rather than just this one snapshot. Vacancy rates spiked notably in late 2023, with multi-family vacancy briefly climbing above 8% before settling back down through 2024 and into 2025 and 2026. Since that spike, both single-family and multi-family vacancy rates have generally hovered in the 2–4% range, with Q2 2026’s 2.21% sitting toward the tighter end of that multi-year pattern.

What this tells us: the current tight vacancy environment isn’t a one-quarter fluke. It reflects a market that’s largely stabilized after the volatility of 2023, and one where well-priced, well-maintained rentals are continuing to lease quickly.

What This Means If You Own a Rental Here

A sub-2.5% vacancy rate in Ada County is a strong signal for owners, but it doesn’t mean every property rents itself. The properties still sitting vacant longer than they should tend to share the same handful of issues: rent priced above what the current data supports for that neighborhood and bedroom count, deferred maintenance that shows up in listing photos, or a listing that simply isn’t getting in front of the right renters quickly enough.

This is also where the county-level averages can be misleading if applied too literally. A 3-bed single-family home in the North End rents differently than a 3-bed single-family home in Nampa, even though both fall under this same survey. County and even city-wide averages are a useful starting point, but setting the right rent for your specific property means layering in the neighborhood, the school zoning, the condition of the home, and what’s actually competing against it right now — not just applying a countywide average.

That’s the piece we spend the most time on with owners: translating a report like this into an actual number for your specific address, not just repeating the county-wide average back to you.

FAQ

Is a 2.21% vacancy rate good for landlords? Yes. Vacancy rates below 3% generally indicate strong tenant demand relative to available inventory, which supports faster lease-up times and gives owners more room to hold firm on rent during renewals.

Why is Canyon County’s vacancy rate higher than Ada County’s? Canyon County (Nampa, Caldwell) has historically had a larger and more affordable rental supply relative to demand than Ada County, though the gap has been narrowing. Job growth and commuting patterns between the two counties also play a role quarter to quarter.

How often is this vacancy data updated? The SW Idaho NARPM Chapter publishes this vacancy and rent survey quarterly, pulling data from member property management companies across Ada and Canyon Counties.

Does this data include short-term or vacation rentals? No. This survey reflects professionally managed long-term rental units only, which is also where Black Pine focuses exclusively.

Want to Know What This Means for Your Property Specifically?

County-wide numbers are a helpful starting point, but they can’t tell you what your specific property should rent for, or how quickly it will lease in today’s market. If you’d like a rent analysis specific to your property’s neighborhood and condition, reach out to our team we’d be glad to walk through it with you.

Data source: SW Idaho Chapter of NARPM, Q2 2026 Quarterly Vacancy Report (April 1 – June 30, 2026).