Since the COVID-19 pandemic began impacting the US, all but two areas have seen average rents go up. But only a few places have seen rents rise faster than the Boise metro.
That’s according to data from ApartmentList.com, which tracks rental rates across the country.
Rents in the Boise metro rose by an average of 39.2% from March 2020 through April 2022. That’s behind only five other areas.
For the Treasure Valley, the average apartment rent stands at $1,387 this month, according to ApartmentList. The rate for a one-bedroom unit averages $1,081.
In March of 2020, the average was $973 overall. The average one-bedroom fetched $759.
Looking back even further, to March of 2017, the overall average was $799 while a one-bedroom snagged $623 per month on average. That means the average price for an apartment went up 73.6% in the last five years.
Apartment rental rates are another key factor in local housing affordability. Earlier this week, BoiseDev reported the median sales price of a home in Ada Co. hit $600,000 for the first time – after several years of fast increases.
According to ApartmentList.com, the only two metro areas to see rent prices go down since the beginning are San Francisco and San Jose, CA – though those prices are poised to move into the positive territory, the company noted.