The average cost of rent in Boise continues to rise — faster than anywhere else in the country.
In February, we told you about how Boise rents increased faster than anywhere in the US in the past year. At that time, according to an ApartmentList.com study, Rent in Boise jumped 12.4% from January 2020 to January 2021.
Now, the latest data shows rent in Boise is up 39 percent since March 2020.
In Ada County in the first quarter of 2021, only 1.2% of rental units were vacant, according to the Southwest Idaho chapter of the National Association of Residential Property Managers. In Canyon County, the vacancy rate was even lower at 0.89%.
Boise’s average rent increase is far ahead of any other city in the US. The second-highest increase in rent is Spokane, Washington with prices up 32 percent. The third highest is Fresno, California with an increase of 26%.
Rent varies nationwide
While rent in mid-sized markets like Boise increased, larger cities experienced a decrease.
This month, the median price for a 2-bedroom apartment in San Francisco dropped to $2,708. That is compared to Boise with the median cost at $1,307. That means rent in San Francisco is just 2.1x higher than Boise.
“While still a significant price difference, the affordability gap has narrowed substantially, and even as rents in San Francisco have rebounded in recent months, Boise has continued to grow even faster,” the ApratmentList.com study notes.
Year-over-year, rents are down 1.2% nationally, the report showed.