{"id":504565,"date":"2023-11-29T14:00:00","date_gmt":"2023-11-29T19:00:00","guid":{"rendered":"https:\/\/www.rent.com\/research\/?p=504565"},"modified":"2023-11-29T11:35:04","modified_gmt":"2023-11-29T16:35:04","slug":"boise-rents-mountain-west","status":"publish","type":"post","link":"https:\/\/www.rent.com\/research\/boise-rents-mountain-west\/","title":{"rendered":"Boise\u2019s Zoomtown Boom Tempers Amid Sharp Declines in Mountain West"},"content":{"rendered":"\n
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Amid the COVID-19 pandemic, Boise witnessed an unprecedented influx in out-of-state migration coupled with historic rent spikes. Today, however, the City of Trees\u2019 breakneck ascent into the Mountain West limelight is cooling, marked by notable declines in median rent rates and stubbornly high home prices.<\/p>\n

Nestled in the bucolic foothills of the Rockies, Boise\u2019s allure \u2014 from its mid-size city livability, affordability and easy access to abounding nature \u2014 was a win-win for out-of-staters, including an \u201cuntethered class\u201d of remote workers seeking respite from pricey West Coast metros.<\/p>\n

But Boise\u2019s pandemic-propelled growth has proven unsustainable. The city\u2019s housing boom has since subsided. Property values remain elevated, pricing first-time home buyers out of the market, all amid a rental shortage. To make sense of it all, Rent. has mined the data, and the story it tells may be an early indicator of what to expect in the near term throughout the Mountain West region.<\/p>\n

Current snapshot<\/h2>\n

With a population<\/a> of 236,634, Boise \u2014 Idaho\u2019s capital and the largest metropolitan area in the state \u2014 remains a magnet for newcomers. Low crime, high quality of life and a welcoming business environment have positioned the city as an appealing choice for a broad range of transplants, and are helping it secure its status as an emerging tech hub.<\/p>\n

But despite what seemed like unstoppable growth just a few short years ago, rents in the region have cooled faster and sooner than most major metros in the nation. As of October, median rents in Boise stood at $1,723, marking a decrease of -19.75 percent compared to last year, when the rents were $2,147 \u2014 and a far cry from pandemic peaks, when rent prices soared to unprecedented highs.<\/p>\n

Statewide in October, Idaho witnessed a \u22127.74 percent year-over-year decline in rent prices, according to Rent.com\u2019s November 2023 Rent Report<\/a>.<\/p>\n

Pandemic-era booms<\/h2>\n

This year\u2019s rent declines in Boise will no doubt offer a welcome respite for renters after a spell of rising rents during the pandemic. Between October 2020 and October 2021, average rents shot up by 74.69 percent, from roughly $1,651 to $2,885, as a professional class of remote workers flocked to Boise from pricey West Coast enclaves in California, Washington State and elsewhere in the country.<\/p>\n