The average price to rent an apartment in the Boise area rose just more than five percent last year – but the price slid for the last five months of the year, following a typical seasonal trend.
ApartmentList.com tracks the average rent for apartments in the Boise metro area. In December, the average overall price for an apartment stood at $1,342, up from $1,305 in December of 2022.
Prices hit an all-time high, according to the data, in June of 2022, with the average apartment fetching $1,437 per month.
For a one-bedroom, the average monthly rent price reported in December was $1,047.
Prices remain at elevated levels after a quick run-up as the COVID-19 pandemic roiled the overall Boise housing market. In February of 2020, the average price of a unit was $975 per month. Prices broke a usual trend of rising in the summer and dropping in the winter throughout the pandemic until the summer of 2021.
Looking at the average monthly prices across an entire year helps illustrate the trend. From 2018 to 2019, the average price rose $31 per month, or three percent. From 2019 to 2020, the average went up $43 or 4.3%. Then, from 2020 to 2021, prices zipped up $258 per month on average, an increase of 25%.
From 2021 to 2022, prices still rose significantly at $94 per month, but at a 7.2% increase, it was much less than that 25% figure the year before
Taking a longer view, the average Boise metro apartment in 2022 cost $1,384 during the year – or $395 more than in 2019. That’s an increase of nearly 40% in just three years.