Bonneville (ID) Investor Pulse Report (2025-Q4)

In Bonneville County, investors own 4,228 single-family residential properties, which constitutes a significant 11.9% share of the total 35,612 SFRs in the market.

The market is overwhelmingly dominated by small-scale investors, with individuals owning 3,145 properties (74.4%) compared to the 1,157 properties (27.4%) held by companies.

This individual dominance is further reflected in the entity count, where 3,992 individual landlords operate, far outnumbering the 738 company landlords.

Investors in the region appear well-capitalized, as cash-owned properties (2,676) significantly surpass financed ones (1,552). This indicates that many investors are not leveraged and have substantial equity in their holdings.

The portfolio's purpose is clear, with 4,065 of the 4,228 properties (96.1%) being rented. This high concentration underscores that these properties are primarily held for generating rental income, not for personal use.

A dramatic and unexpected price reversal occurred in Q4 2025, with landlords paying an average of $781,032 per property—a staggering $343,654 (78.6%) premium compared to the $437,378 paid by traditional homeowners.

This Q4 activity breaks a consistent, year-long pattern of savvy purchasing. In the first three quarters of 2025, landlords consistently secured significant discounts, paying 11.8% less in Q3, 16.8% less in Q2, and 23.4% less in Q1.

The trend earlier in the year suggested investors were widening their pricing advantage, with the discount growing from $50,745 in Q3 to a peak of $96,678 in Q1.

The extreme Q4 price premium, despite low transaction volume reported for the period, suggests that any acquisitions made were likely for unique, high-value properties that do not reflect the typical investor purchase.

Overall price appreciation is evident when comparing recent activity to the 2020-2023 average landlord purchase price of $333,310, indicating significant value growth in investor-held assets over the past few years.

Investors captured a 10.6% share of the Bonneville County housing market in Q4 2025, purchasing 50 of the 470 single-family homes sold during the period.

The acquisition activity was dominated by mom-and-pop investors (1-10 properties), who were responsible for 39 purchases, or 75.0% of all landlord buying activity.

The market saw a healthy influx of new participants, with 38 new single-property landlords entering the market. These new investors alone acquired 25 properties, representing nearly half (48.1%) of all landlord purchases.

Institutional investors (1000+ properties) had a negligible presence in Q4, acquiring only one property, which accounted for just 1.9% of the investor total.

While small investors led the charge, mid-size and large landlords (holding 21-1000 properties) were also active, collectively purchasing 12 properties and demonstrating that acquisition activity is occurring across multiple segments of the investor market.

The investor landscape in Bonneville County is defined by extreme concentration at the small end of the market, with mom-and-pop landlords (1-10 properties) owning a staggering 94.5% of all investor-held SFRs.

Single-property landlords form the bedrock of the rental market, controlling 2,773 properties on their own, which accounts for 62.4% of the entire investor-owned portfolio.

The narrative of large-scale corporate ownership does not apply here, as institutional investors (1000+ tier) have a nearly non-existent footprint, owning just 5 properties, or 0.1% of the total.

Mid-size landlords, who own between 11 and 1,000 properties, collectively represent a very small portion of the market, holding only 5.5% of investor-owned homes combined.

Despite their minuscule current holdings, institutional investors' Q4 purchasing activity (1.9% of acquisitions) outpaced their overall ownership share (0.1%) by a factor of 19, signaling a potential strategic effort to expand in the region.

Individual investors are the undisputed owners of smaller portfolios, controlling 83.7% of single-property assets and 72.3% of two-property portfolios, highlighting their foundational role in the rental market.

A critical transition occurs in the 6-10 property tier, which marks the crossover point where companies (51.1%) first become the majority owners over individuals (48.9%). This suggests that as portfolios grow, investors tend to incorporate.

The trend of company ownership accelerates with portfolio size. In the 21-50 property tier, companies own a commanding 62.7% of properties, confirming that larger-scale investment operations are typically managed through formal business structures.

The smallest tiers are almost exclusively the domain of individual investors. In portfolios of 1-5 properties, individuals own 3,174 homes compared to just 804 owned by companies.

Even in company-dominated tiers, individual investors maintain a significant presence. For instance, individuals still own 37.3% of properties in the 21-50 property tier, showing that sizable portfolios can be managed without incorporation.

Investor ownership is highly concentrated by volume in Bonneville County's primary zip codes, with 83401 leading at 1,289 properties, followed by 83402 (1,041) and 83404 (742).

A key distinction exists between volume and penetration. Zip code 83428 has the highest investor ownership rate, where investors own 52.1% of all single-family homes, a rate more than four times the county average of 11.9%.

The areas with the highest property counts do not necessarily have the highest concentration rates. For example, 83401, the leader in volume, has an ownership rate of 10.5%, far lower than the rates in smaller, more saturated markets like 83285 (40.0%) and 83449 (38.2%).

This data reveals two distinct geographic strategies: high-volume investment in core population centers and high-penetration investment in smaller, possibly more niche sub-markets.

The degree of geographic concentration is extreme. The top five zip codes by property count collectively contain 3,975 investor-owned homes, accounting for 94.0% of the entire investor portfolio in Bonneville County.

Investors across Bonneville County are firmly in an accumulation phase, demonstrated by a buy-to-sell ratio of 2.76x in Q4 2025, with 69 properties purchased versus only 25 sold.

This strong net-buyer behavior is not a recent phenomenon. The trend was consistent throughout 2025 (222 buys vs. 88 sells) and 2024 (347 buys vs. 92 sells), indicating sustained confidence in the local market.

Institutional investors are also expanding their portfolios. In 2025, the 1000+ tier investors acquired 8 properties while divesting only one, signaling a clear strategy of growth in the region.

The market shows healthy liquidity, with a total of 94 landlord-involved transactions (69 buys and 25 sells) in Q4 alone, indicating active portfolio management and opportunities for both buying and selling.

The consistent net-positive acquisition trend across multiple years and investor types points to a deeply bullish sentiment among landlords regarding the future of the Bonneville County housing market.

In Q4 2025, landlords were involved in 9.3% of all market activity, purchasing 69 of the 738 total SFRs that transacted in Bonneville County.

A stark pricing gap reveals different acquisition strategies between investor tiers. Institutional investors paid an average of $230,140, securing a massive 50.1% discount compared to the $461,165 average price paid by first-time single-property landlords.

Small investors were the most active participants, with mom-and-pop landlords (Tiers 01-04) responsible for 55 of the 69 total investor purchases, or 79.7% of the transaction volume.

Institutional investors appear to target existing rental stock, sourcing 50.0% of their Q4 purchases directly from other landlords. This contrasts sharply with new landlords, who sourced only 13.2% of their properties from other investors, likely focusing on the open market.

The data clearly shows that purchasing power increases with scale. Average acquisition prices generally fell as investor tier size increased, suggesting that larger, more experienced operators can secure better deals.