In 2023, Boise, Idaho, experienced notable shifts in its rental market, influenced by factors such as population growth, economic developments, and housing supply dynamics. Here’s an overview of the key trends and insights:
Median Rental Prices
Throughout 2023, Boise’s median rent exhibited a slight downward trend. In January 2023, the median rent was $1,940, decreasing to $1,750 by December 2023. This represents a $25 reduction compared to the previous year. (zillow.com)
Year-over-Year Changes
Comparing December 2023 to December 2022, the median rent decreased by $25, from $1,775 to $1,750. This indicates a modest decline in rental prices over the year. (zillow.com)
Rental Price Distribution
In December 2023, rental listings in Boise spanned a wide price range, from $650 to $12,000 per month. The distribution of available rentals was as follows:
- $600: 4 listings
- $700: 6 listings
- $800: 5 listings
- $900: 10 listings
- $1,000: 12 listings
- $1,100: 38 listings
- $1,200: 58 listings
- $1,300: 81 listings
- $1,400: 78 listings
- $1,500: 67 listings
- $1,600: 61 listings
- $1,700: 32 listings
- $1,800: 46 listings
- $1,900: 64 listings
- $2,000: 39 listings
- $2,100: 56 listings
- $2,200: 42 listings
- $2,300: 42 listings
- $2,400: 38 listings
- $2,500: 25 listings
- $2,600: 12 listings
- $2,700: 15 listings
- $2,800: 9 listings
- $2,900: 16 listings
- $3,000: 12 listings
- $3,100: 9 listings
- $3,200: 8 listings
- $3,300: 1 listing
- $3,400: 6 listings
- $3,500: 7 listings
- $3,600: 4 listings
- $3,700: 5 listings
- $3,800: 5 listings
- $3,900: 7 listings
- $4,000: 5 listings
- $4,400: 1 listing
- $4,500: 1 listing
- $4,900: 4 listings
- $5,000+: 10 listings
Comparisons with National Averages
In December 2023, Boise’s median rent of $1,750 was approximately 15% lower than the national median of $2,100. (zillow.com)
Factors Influencing Rental Prices
Several factors contributed to the fluctuations in Boise’s rental market:
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Population Growth: Boise’s appeal as a desirable living destination led to an influx of new residents, increasing demand for rental properties. (ktrents.com)
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Economic Developments: The city’s growing job market in sectors like technology, healthcare, and education attracted more individuals seeking housing. (ktrents.com)
- Housing Supply: Developers responded to increased demand by constructing new apartment complexes, adding 820 homes to Boise’s rental market. (idahostatesman.com)
Conclusion
In 2023, Boise’s rental market experienced a slight decline in median rent prices, influenced by factors such as population growth, economic developments, and housing supply. While the market cooled compared to the rapid increases during the pandemic, it remained competitive, with a diverse range of rental options available to prospective tenants.
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