Is Idaho a Landlord Friendly State?
When choosing to invest in property, location is paramount! Location of the property in relation to businesses, entertainment, and schools, and the state it’s in. We’ll cover how Idaho is a landlord friendly state and what makes it landlord friendly.
What Does Landlord Friendly Mean?
A state defined as landlord friendly will have specific qualities that favor landlords like laws, no rent control, low price of entry, low property taxes, low unemployment or high job property, and in-migration. Here’s how each of these qualities work in Idaho. Idaho also has few limits on fees and other charges like security deposits.
Landlord Friendly Laws
In Idaho, the law doesn’t limit how much a landlord can charge a tenant. A landlord will still have to follow state and federal laws for a cap on residential units’ security deposits. Once agreed upon between the tenant and landlord, Idaho law dictates that a landlord reimburses a deposit within 30 days after the tenant has vacated. If both parties haven’t agreed and the tenant left, it’s up to 21 days.
Idaho law is explicit about when a landlord can terminate a rental agreement. There are three types of eviction notices in the state. One of them is an unconditional 3-day quit notice. Tenants have three days to cure the violation. If they don’t, the property owner can file an eviction hearing. A landlord can also give an eviction notice if the tenant has substantially damaged the property, violates a clause in the lease, is dealing drugs, etc.
Idaho law has no rent control laws. It does explain that your lease should include how tenants should pay rent, when it’s due, the amount due, and the number of extra fees if the rent check bounces. A landlord must give a 30-day written notice if there are any changes in a month-to-month agreement.
Low Price of Entry
Idaho is booming now, which makes it the perfect time to buy property! Buy property while prices are still low to make a profitable rental property.
Low Property Taxes
Idaho has a property tax rate of 0.72%. This percentage makes Idaho the ninth-lowest in property taxes in the United States!
Job Growth
More people are relocating to Idaho and sometimes for work, causing the home prices to increase. Jobs in Idaho are expected to grow 1.5% annually through 2022. That growth outpaces the national economy. The 2021 U.S. News Best States gave Idaho No. 1 for economic growth. It also ranked high for its business environment, growth, and employment.
In-Migration
More people are moving to Idaho than people are leaving. According to the latest Census data, Idaho’s population grew by almost 17% between 2010 and 2020. In the past year, the population increased by more than 2%, making it the largest net migration of any state in the country! This creates demand for property and homes for the new residents.
If you’re ready to own property in this landlord-friendly state, contact us ! Call (208) 957-0870 or email Info@BoiseTurnkey.com. We’d be happy to start and guide you through your Boise investing journey.
