Boise, ID Multifamily Market Report | Lee & Associates | Q1 2026

Market Overview

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The Boise/Treasure Valley multifamily market carried its momentum into Q1 2026, with quarterly absorption of 517 units running just below the 563 units delivered. Vacancy held steady at 7.8%, a meaningful improvement from the 2024 peak of 10.6%, while average asking rents rose to $1,568 per unit, reflecting 2.3% year-over-year growth. Transaction activity picked up, with average pricing climbing to $236,464 per unit and cap rates holding firm near 5.24%, even as construction activity remained elevated at 2,342 units underway. The market remains well positioned, supported by stable vacancy, accelerating rent growth, and sustained investor demand.

About Lee & Associates

Lee & Associates is a nationwide commercial real estate brokerage serving investors, owners, and occupiers across property types. Their Q1 2026 Boise multifamily market report tracks net absorption, vacancy, asking rents, sale pricing, and top transactions to help investors and owners assess current market conditions. To read the full report, click here.