The median price of a house sold in Ada and Canyon Counties gets a lot of attention these days – both at BoiseDev and elsewhere. While the market for houses sold is shifting and changing, a metric that’s also key to the health and affordability of the housing market is the average price to rent an apartment.
According to ApartmentList.com, the average cost of an apartment in Boise stood at $1,447 in July. That’s up just slightly from the same month a year ago when the average price stood at $1,434.
The July average is also very slightly lower than the all-time record, set last year in September at $1,453.
ApartmentList keeps data back to 2017, and you can see a yearly hammock shape in the charts, with prices rising each summer, then declining in the fall and winter before starting to rise again in the spring. That seasonal trend was present in 2021 as well, but instead of a relatively slight increase from the cold of winter to the warmth of summer, prices zoomed, with a dramatic uptick in the average.
From 2017 to 2020, the average rent price in Boise increased 19%. But from 2020 to 2021, the average shot up 25.7%. That means rents went up more in one year than they did in the previous four years combined.
So far in 2022, the rents aren’t rising nearly as quickly – but there’s no sign of a decline either. Comparing the average for the first seven months of 2022 to the average for 2021 shows an increase of 6.8%. The caveat here is that the seasonality can leave a false somewhat of a false impression since rents have generally declined in the last part of the year. But rents are clearly not zooming up as fast as last year.
If you’re wondering about the broader picture for Idaho, the trend is similar. ApartmentList’s statewide data shows an average rent of $1,275 for the month of July, up just a bit from $1,239 in July of 2021.