Downtown Boise grows up, and up, and up
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.
Apartmentguide.com looked at the apartments listed for rent on its site for its data. It lists 370 apartments available in Boise.
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.
Boise apartments are still cheaper than those in Reno, where rents for one-bedroom apartments iincreased 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.
Last March, Forbes named Boise as the fastest-growing area in the United States among the nation’s 100 largest. Its population grew 3.08 percent in 2017.
The Idaho Statesman has written numerous stories on Boise’s housing crisis. A woman lost her apartment after rent rose during her tenancy from $575 per month to $750. (She later found another place.) Another woman was evicted after an out-of-state couple bought the duplex where she lived with plans to remodel it and charge higher rent. A Beverly Hills company has bought up several apartment complexes in Boise, renovated them and raised rents.
For 51 straight months, dating back to fall 2014, the number of existing homes for sale in Ada County has decreased. The median home sales price last year was $314,000, a record.