In recent months, the average rent for apartments in the Boise area grew faster than anywhere in the country. Not anymore.
Data from ApartmentList.com notes rents in Boise have “declined sharply” over the last month – with a decline of 3.2% from the previous month. It’s the second month in a row with declines in average rates. It’s the sharpest decline of any city in the nation, according to ApartmentList.
However, rent rates are still up strongly from just a year ago, growing 21.4%.
The median rent for a two-bedroom apartment stands at $1,262, which is very slightly less than the national average of $1,285, according to ApartmentList.
Boise had been leading the country in rent gains since the beginning of the pandemic. However, Boise is the only city amongst the top ten to see and has dropped from first — to sixth.
“Boise saw the nation’s sharpest decline in rents this month, with prices down 3.1 percent from September to October. Boise has long been topping the list for fastest rent growth since the start of the pandemic,” ApartmentList said.
One factor driving the change may be added apartment inventory as long-gestating projects start to come online. The Boise market saw several new complexes come online in recent months, adding inventory. One, Jules on 3rd, added 174 new apartment units in Downtown Boise, and leasing managers are offering incentives to attract renters, including free rent.