Boise City, ID Multifamily Market Report | Cushman & Wakefield | Q1 2026

Market Overview

‍Boise's multifamily market entered Q1 2026 with vacancy elevated but relatively stable as demand continued to absorb recent deliveries across the Treasure Valley. Total inventory reached 31,410 units following just 84 deliveries year-to-date, a sharp slowdown from the 2023 peak of 3,096 units, while 1,414 units remain under construction. Net absorption totaled 885 units, marking the 13th consecutive quarter of positive absorption, led by Meridian (322 units) and East Boise (273 units). Stabilized vacancy measured 5.4%, up 70 basis points year-over-year but below the late-2023 peak, while effective rents rose 3.2% year-over-year to $1,701 per unit, surpassing the prior market peak set in 2022. Concessions expanded during the quarter, with overall concessions rising to 9.2% of effective rent, reflecting heightened competition among higher-end properties. On the economic side, Boise led the nation in annual population growth at 2.1%, with median household income climbing to $93,800 and unemployment at 3.5%, ranking eighth lowest among U.S. markets.

‍About Cushman & Wakefield

‍Cushman & Wakefield is a leading global commercial real estate services firm with approximately 53,000 employees across more than 350 offices in nearly 60 countries, reporting $10.3 billion in revenue in 2025. Their quarterly Boise Multifamily MarketBeat report tracks vacancy, absorption, effective rents, deliveries, and construction activity across 14 submarkets to help owners, developers, and investors assess market conditions and opportunities. To read the full report, click here.