Rents in Boise increased last year at one of the nation’s highest clips, according to an online rental agency.
Apartmentguide.com lists Boise at No. 5 among cities showing the largest percentage increases during 2018.
The cost of an average one-bedroom apartment increased 14.4 percent and now rents for $1,062 per month, according to Apartmentguide’s analysis of the nation’s 100 largest cities. With a population of 226,570, Boise ranks 98th on the list.
The average two-bedroom apartment in Boise rents for $1,344, up 20.2 percent from the year before. Studios rent for $1,194, up 6 percent.
Based on U.S. Census Bureau data, the report said Boise’s cost of living is 2.1 percent lower than the national average. Housing costs are 7.3 percent lower, groceries 5.1 percent lower, utilities 12.7 percent lower and transportation costs 17.1 percent higher.
The seven-story Fowler apartments opened at 505 W. Broad St. last March. Rent for a one-bedroom apartment starts at $1,363, about $300 higher than the Boise average reported by Apartmentguide.com. Photo credit: The Idaho Statesman
Boise apartments are still cheaper than those in Reno, where rents for one-bedroom apartments increased 10.6 percent, to $1,135, the site said. Rents in Portland saw a 4.4 percent decrease, to $1,644.
Idaho’s continued growth helped fuel the price increases, the report said. Between July 2017 and July 2018, the state’s population grew 2.1 percent. More than 35,000 people moved to the state, boosting Idaho’s population to 1.8 million.