3 Ways to Navigate the Sun Valley, Idaho Real Estate Rental Market in 2021
With summer already on the horizon, the Wood River Valley is gearing up for what could be another record-breaking season.
And although real estate inventory is expected to remain low throughout the next few months, part-time residents and tourists are due back to the valley starting in early June. With many searching for short-term rentals in an already limited market, the busy summer season will continue to drive prices (and property values) higher and higher.
3 Ways to Navigate the Sun Valley, Idaho Real Estate Rental Market in 2021
Historically-low inventory levels matched with rising property demand makes for a challenging real estate market. Compared to last year, new listings for 2021 have plummeted by nearly 18%. And with many homeowners holding their breath as they decide whether or not to sell, rent, or stay put, other Wood River Valley locals—as well as prospective future residents—are caught in limbo.
If you’re searching for a rental property this summer, here are three ways Stephanie Reed Real Estate can help you navigate Sun Valley’s real estate market.
Have a clear understanding of the kind of properties you’re looking for—and the ones you’re not
Remember to stay flexible and keep your options open
Work with a local agent to find the properties that are right for you
Have a clear understanding of the kind of properties you’re looking for—and the ones you’re not
If we know anything about the current real estate climate, it’s that properties move fast. Which means that for both buyers and renters who aren’t able to keep up, they’re almost always going to lose out on the deal. In this market, a few short hours worth of hesitation can be the difference between getting a property, or letting it slip away.
Listings are not only receiving multiple offers within the first 24 hours of going live, but they’re also closing at well over asking price. And in such a competitive environment, it’s important to know what it is you’re looking for, as well as what could be a “deal breaker.”
Having a short list of criteria—from the number of bedrooms and bathrooms to the location, amenities, and neighborhood—will help you narrow your search. When properties do become available, you’ll be able to make a decision quickly and act fast.
Remember to stay flexible and keep your options open
With limited inventory available, it’s also important to keep your options open. When putting together your initial “wishlist” criteria, you’ll want to be realistic. What are the items that you could do without? Are there some that are non-negotiable? Chances are, you may not find the property that checks all of your boxes. Try to stay open-minded and know that your expectations might evolve as your search continues.
Work with a local agent to find the properties that are right for you
Trying to navigate the Sun Valley rental market on your own can be challenging, and popular websites like Zillow and Rent.com only index a portion of all available listings.
Working with a local agent like Stephanie Reed Real Estate is both an effective and efficient way to canvas the entire valley to find properties that are right for you. Our office has access to exclusive databases and local contacts to help us find our clients the best possible listings—even if those properties are not yet publicly available.
What to Expect for Sun Valley, Idaho Rental Properties This Summer
The expectation across the industry is that available properties will continue to remain low as we get closer and closer to peak season. And with the added pressure of tourism and second-home owners making their way to town this summer, the rental market will be strained like never before.
With homebuyers and sellers continuing to jockey against each other and sway the powers of supply and demand, the next few months might just be some of the most tumultuous we’ve ever seen here in Sun Valley—but only time will tell.