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Staying on top of the market is key to making smart investment decisions, and we’re here to help! That’s why we’re excited to be back with the The CNW Multifamily Market Insider - your go-to source for the latest trends shaping the real estate landscape in the Treasure Valley and beyond.

For the past 24 years, Commercial Northwest Property Management has been helping property owners maximize returns and navigate market shifts with expert management. Check out the latest updates below!

📈 Boise Multifamily Has Hit an Inflection Point. Here’s What Investors Should Be Watching.

Last week, we shared that CNW is continuing to watch early signs of strengthening rental demand across Idaho — including faster application activity, healthy renewals, and stronger move-in rents in select parts of the market.

This week, we’re looking at a bigger market signal:

🏗️ Supply Signal: The Boise Multifamily Pipeline Is Shrinking

One of the most important signals investors should be watching right now is the Boise multifamily pipeline.

According to TOK Research, the Boise metro currently has approximately 2,055 units under construction and only 672 vacant units in lease-up.

Both figures are down significantly from where the market was just six months ago.

That matters.

For the past few years, Boise apartment owners have been operating through one of the most active delivery cycles the market has likely ever seen. Between 2023 and 2025, approximately 8,700 apartment units were delivered across the market.

That delivery wave put pressure on leasing, concessions, occupancy, and rent growth in certain submarkets.

But the market is changing.

The number of units actively under construction is declining. Lease-up inventory is much lower than it was during the peak of new supply. And as fewer new units enter the market, existing properties will face less competition for renters over the next 12–24 months.

This does not mean every property will benefit equally.

But it does suggest that the supply pressure apartment owners have been navigating is easing.

👀 What We’re Seeing at CNW

At CNW, we are seeing this shift play out in real time.

We are currently managing a 300-unit lease-up in Nampa, and leasing activity has been strong.

The property is currently 54% occupied among the units available to lease, signed 21 leases last month, and is on track to exceed that number this month.

That kind of activity matters because it shows that demand is still actively absorbing new inventory, especially when a property is well-positioned, priced appropriately, presented clearly, and supported by strong leasing follow-up.

For investors, the takeaway is not just that supply is slowing.

It is that well-managed assets may be positioned to capture stronger leasing velocity as the market tightens.

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📉 Delivery Signal: 2025 Deliveries Dropped 45% from the 2024 Peak

The slowdown becomes even clearer when looking at annual deliveries.

Boise multifamily deliveries reached approximately 3,700 units in 2024, then fell to 2,037 units in 2025 — a 45% decline from the 2024 peak.

For investors, that is a meaningful shift.

During periods of heavy new supply, properties often compete harder for renters. Owners may need to offer concessions, adjust pricing, increase marketing, or move more cautiously on rent growth in order to protect occupancy.

But as deliveries slow and excess supply is absorbed, the market begins to reset in favor of owners. Fewer new units, stronger occupancy, and steady demand create a more favorable environment for rent growth over the next 12–24 months.

Want to Know What This Means for Your Property?

Every asset responds to market shifts differently.

A well-located property with strong presentation may be ready to capture more rent growth. Another asset may need a more cautious approach to protect occupancy, reduce turnover risk, or improve leasing performance before pushing rents further.

That’s why we look at the data property by property — not just market by market.

If you own apartment units in Idaho and want a clearer read on where your rents, renewals, occupancy, and leasing velocity stand today, our team would be happy to take a look.

Whether you’re already working with CNW or simply watching the market, we can help you understand what the current leasing signals may mean for your property.

​Talk With CNW About Your Property​

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