Despite High Prices, Boise Sees Nation’s Largest Rent Decrease
It might make absolutely no sense to the average Boise resident, especially if one is a renter, but Boise is seeing a decrease in rent prices and it's the sharpest in the nation.
Over the past couple of years, and really just before COVID-19 took over our lives, rent was a real problem in the Treasure Valley. That isn't to say that it isn't any longer--it's just that the statistics are showing a decrease in prices.
Boise, for the longest time, was the hottest housing market in the nation. For renters, this meant that buying a home was nearly impossible and it seemed that landlords and property management companies were taking advantage. Just because small, outdated units were going for unheard of monthly payments did not stop anyone from renting them out--they were going to be rented out no matter what so why not take the cash?
We can also recall a time when despite businesses and industries being shut down due to COVID-19, landlords gave little to no break for renters that didn't have usual income coming in.
Needless to say now, the housing market has slowed down and with that has come a decrease in monthly rental costs. A recent survey done by Apartment List--a rental statistic and aggregation website--shows that rents in Boise decreased by 3.5% month-over-month in September-- that is the nations largest decrease among top 100 cities ranked by population.
It seems "too good to be true", reading news like that. We took a look on Zillow rentals and while there are still some overpriced properties--we did find some deals, like a duplex in Boise's "expensive" and popular North End for just under $1,300. That is an unheard of price point as of late.
Renters are obviously welcoming this "relief" but with this market, there's no telling how long it will last.
Have you noticed lower rent prices or rental units staying vacant for longer than usual across the Treasure Valley? Check out the study and the stats for yourself, HERE.
Here Is The Most Luxurious Apartment For Rent In Boise
We Found 7 Rental Services That Need To Exist In Idaho Now
Idaho's Most Expensive Rental House is a Whopping $17,500 Per Month