Population Boom during COVID:

Boise experienced a remarkable population boom during the COVID-19 pandemic, largely driven by people relocating from California and Washington. So much so, that it was widely considered the most overvalued market in the country. As remote work became more prevalent, individuals and families sought out cities with a high quality of life, lower cost of living, and abundant outdoor recreational opportunities. Boise checked all the boxes and quickly emerged as a top destination for these transplants. This influx of new residents created both challenges and opportunities for investors. The surge in population brought about an increased demand for housing, driving up property values and rental rates. For property investors, this meant excellent returns on their investments.

Stable and Diverse Economy:

One of the key factors that made Boise an attractive market for investors is its growing economy. The city has seen consistent job growth in various sectors, including technology, healthcare, and manufacturing. Boise serves as a regional hub for businesses, offering a favorable business climate, lower operating costs, and a skilled workforce. This economic stability provides investors with confidence in the long-term viability of their investments.

Favorable Regulatory Environment:

Investors in Boise benefit from a favorable regulatory environment that supports real estate investment. Idaho has landlord-friendly laws, which provide protection and flexibility for property owners. Additionally, the state has preferred tax laws when compared to others like California. These factors contribute to a conducive investing climate.

Quality of Life:

Boise's appeal extends beyond its economic opportunities. The city offers a high quality of life with a strong sense of community, an abundance of outdoor recreational activities, and a thriving arts and culture scene. The proximity to national parks, including the iconic Sawtooth Mountains is paradise for outdoor enthusiasts. Plus, Boise's excellent schools, low crime rates, and family-friendly neighborhoods make it an ideal location for families and professionals alike.

Affordability:

Although some locals will scoff when they hear Boise is affordable, for those coming from nearby states on the coast, it still can be. It's hard to imagine a market can experience over 300% appreciation in 10 years and still seem inexpensive for some. However, that is the reality and the reason why it is still attractive to out of state investors. Here's a great article on just how the growth has been received by locals: Idahoans Concerned About Growth.

Although many professionals and "enthusiasts" like to look into their crystal ball and warn of the catastrophic and imminent Boise housing crash. It is important to consider the fundamentals of what made Boise so desirable. The pandemic can be viewed as a wake-up call to how people want to live their lives and where they want to raise their kids. Not just a flash in the pan that will subside and life will return to normal. The state's incredible quality of life, beauty and affordability, coupled with a favorable regulatory environment, means the migration to Boise, although slowed, is not over. All the reasons why people moved here in droves, remain. This is why the long term growth of Boise is hard to ignore. Usual market conditions and factors will ebb and flow. However, for those buy and hold investors that can hold onto their property for decades, Boise remains an extremely appealing opportunity. The attractiveness of the Boise market was compared to 21 other cities by Michael Cembalest, chairman of market and investment strategy for JPMorgan Asset & Wealth Management. Read about it Here.

Disclaimer: This blog post is for general informational purposes only and does not constitute legal, financial, tax, real estate, or investment advice. Because laws, regulations, and market conditions change and each situation is unique, you should consult a qualified professional before making any decisions based on this content. Bluebird Property Management makes no guarantee as to the accuracy, completeness, or applicability of the information provided.