Boise, ID Multifamily Market Report | Lee & Associates | Q4 2025

Market Overview

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Boise/Treasure Valley closed 2025 with clear momentum. Net absorption reached 2,528 units for the year, more than double the 1,155 units delivered, driving vacancy down to 7.7% from a 2024 peak of 10.6%. Asking rents edged down slightly to $1,540 per unit quarter-over-quarter but posted nearly 1% growth year-over-year. Sale pricing averaged $233,000 per unit with cap rates holding at 5.24%, and buyer competition remained active despite moderated transaction volume. Developers took notice, pushing units under construction up to 1,861. Sustained in-migration and improving fundamentals keep the market's trajectory pointed upward.

‍About Lee Associates

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Lee Associates is a nationwide commercial real estate brokerage serving investors, owners, and occupiers across property types. Their Boise Q4 2025 multifamily market report tracks absorption, vacancy, asking rents, and capital markets activity to help investors and owners assess market conditions. To read the full report, click here.