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

Investors hold a significant 20.7% share of the single-family residential market in Lewis County, with a total portfolio of 228 properties out of 1,099 total SFRs.

Individual investors are the definitive force in the local market, owning 193 properties, which accounts for 84.6% of all investor-owned homes, compared to the 40 properties (17.5%) owned by companies.

A strong preference for all-cash ownership is evident, with 161 properties (70.6% of the portfolio) held without financing, suggesting a well-capitalized and lower-risk investor base.

The investor landscape is composed of 290 unique landlords, where individuals vastly outnumber companies with 260 entities compared to just 30 corporate entities, reinforcing the mom-and-pop character of the market.

Of the investor-owned portfolio, 219 properties are confirmed as rented, indicating a primary focus on providing rental housing to the community.

Investor purchasing behavior saw a dramatic price reversal in Q4 2025, with landlords paying an average of $224,215, a 47.9% premium over the $151,597 paid by traditional homeowners.

This Q4 activity stands in stark contrast to the rest of the year, where landlords consistently secured properties at a discount, including a significant 50.1% discount in Q3 ($159,600 vs. $320,016) and a 50.7% discount in Q1 ($154,580 vs. $313,771).

The sharp volatility in the price gap, swinging from a $160,416 discount in Q3 to a $72,618 premium in Q4, suggests highly variable market conditions or a shift in the type of properties being acquired by investors.

Overall price appreciation for landlord-acquired properties shows a slight increase, with the average price in 2025 at $205,407, up from $192,983 in 2024.

The pandemic-era (2020-2023) average price of $199,505 indicates that recent acquisition prices in 2025 remain elevated compared to the boom years.

Investor activity surged in Q4 2025, with landlords purchasing 3 of the 6 total single-family homes sold in Lewis County, capturing a dominant 50.0% market share.

The small, local investor is the engine of market activity, as mom-and-pop landlords (Tiers 01-04) accounted for 100.0% of all investor acquisitions this quarter.

Market entry for new investors was strong, with 4 new single-property entities making their first purchase, acquiring 3 properties and representing 75.0% of landlord buying volume.

Mid-size and institutional investors were completely absent from the purchasing landscape, with 0 properties acquired by landlords with portfolios larger than 10 homes.

Activity was concentrated at the smallest scale, with single-property landlords (3 properties) and two-property landlords (1 property) making up the entirety of Q4 acquisitions.

The investor landscape in Lewis County is overwhelmingly dominated by small-scale operators, with mom-and-pop landlords (1-10 properties) owning 98.8% of all investor-held SFRs.

First-time or single-holding investors form the bedrock of the market, as the single-property tier alone accounts for 165 properties, a 67.1% share of the total investor portfolio.

Ownership concentration rapidly decreases with scale; two-property landlords hold a 17.1% share (42 properties), while landlords with 3-5 properties hold 13.8% (34 properties).

The market shows a near-total absence of large-scale investors, with no properties held by entities in the mid-to-large tiers (51-1000 properties) and a 0.0% share for institutional investors (1,000+ properties).

This distribution highlights a market structure defined by local, small-scale investment rather than large corporate ownership, challenging broad narratives about institutional dominance.

Individual investors are the primary owners across every single portfolio size in Lewis County, demonstrating their foundational role in the local rental market.

Unlike larger markets, there is no crossover point where companies become the majority owners; individuals maintain a substantial presence even in larger small-scale portfolios, holding a 50.0% share of properties in the 6-10 unit tier.

The highest concentration of individual ownership is found among two-property landlords, where individuals own 39 of 44 properties (88.6%).

Company ownership, while a minority, is most concentrated in the 3-5 property tier, where they own 12 properties for a 35.3% share, their highest penetration level in the market.

The data shows a clear pattern: as portfolio sizes increase, company participation grows, but it never surpasses the level of individual investment in Lewis County.

Geographic concentration is a key feature of investor ownership in Lewis County, with the top five zip codes by count holding the vast majority of all investor-owned properties.

The zip code 83536 is the epicenter of investor holdings, with 106 properties, representing 25.9% of that area's housing stock.

High investor penetration rates are common in specific areas, led by the 83545 zip code where investors own 33.3% of homes. The 83536 (25.9%), 83555 (25.8%), and 83524 (21.1%) zip codes also show significant investor presence.

The top regions by sheer count and by ownership percentage overlap significantly, indicating that investors are targeting the same core areas within the county.

Two zip codes, 83543 and 83555, each contain exactly 40 investor-owned properties, highlighting pockets of focused investment activity.

Historical transaction data reveals a clear and sustained trend of portfolio accumulation among landlords in Lewis County.

In 2024, landlords were exceptionally strong net buyers, purchasing 25 properties while only selling 3, resulting in a net gain of 22 properties and an 8.33x buy-to-sell ratio.

This aggressive acquisition strategy has carried into 2025, with landlords buying 16 properties and selling only 3, for a net increase of 13 properties and a 5.33x buy-to-sell ratio.

The most recent quarter (Q3 2025) continued this pattern, with 4 properties purchased against 2 sold, confirming the ongoing strategy of growth.

Institutional investors (1,000+ properties) have recorded no buy or sell transactions, indicating their activity is non-existent and all market dynamics are driven by smaller investors.

Landlords played a central role in the Q4 2025 market, participating in 5 out of the 10 total transactions, for a 50.0% share of all activity.

The market's transaction volume is entirely driven by smaller investors, with 100% of landlord activity (5 transactions) coming from mom-and-pop tiers.

First-time investors were the most active, with single-property landlords conducting 4 transactions at an average purchase price of $217,759.

There was no inter-landlord trading this quarter, as 0.0% of properties purchased by investors were acquired from other landlords, suggesting investors are buying from homeowners or new construction.

A notable price difference emerged between the smallest tiers, with two-property landlords paying an average of $250,040, which is $32,281 more than the average price paid by single-property landlords ($217,759).