TITLE: “2005 KOOTENAI COUNTY RENT SURVEY”

DATE: 20 June 2006

Date                Market Vacancy        Rent Rate       Rent/NRSF

Jun-05                       7.9%                    $645                $0.687
Mar-05                      3.2%                    $546                $0.655
Dec-04                      4.7%                    $534                $0.649
Sep-04                      3.2%                    $493                $0.607
Sep-03                      6.7%                    $510                $0.614

Rents continue to climb to an over-all average rate of $0.687/SF in Kootenai County.  Rising land values and building costs together with extreme demand have pushed the average sale price of a single family residence to nearly $240,000.00, thereby causing upward pressure on rents in the area.  In response to a sharp increase in apartment new construction permit activity however, the vacancy rate has spiked in 2005 to 7.9% over-all.  That number should improve for the balance of 2006 and into 2007 as vacant units are absorbed and fewer multi-family permits are issued in response to today’s rising interest rates.

Resources:

“The Real Estate Report”, regional research on Spokane and Kootenai Counties, Coeurd’Alene Association of Realtors, and Washington Center for Real Estate Research.