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Boise rent continues dropping but many say not fast enough

Apartment List data shows Boise rent prices decreased 3.5% this past month - but current renters are not noticing a difference.

BOISE, Idaho — Although people love Boise, they do not love its sky-high rent prices.

“How are you supposed to afford living by yourself when your rent is your entire paycheck almost,” Ky Jensen said.

On paper – there is some good news. Boise rents dropped 3.5% this past month, according to an Apartment List report

So that means, if you were to rent a two-bedroom apartment in November, it would cost about $45 less than it would have last month.

But despite the slight drop, many Boise renters are still struggling. Any decreases in rent are offset by other rising costs, said Deanna Watson, Boise City/Ada County Housing Authorities executive director.

“If you look at inflation, you look at what our grocery prices are, what our gas prices are… pretty soon whatever advantage they might have found in the rents coming down, has been offset by the increases in the other costs that they don’t have help paying for,” she said.

The median rent for a one-bedroom apartment in Boise is $1,118; the median rent for a two-bedroom apartment is $1,321, according to the report. But many people are paying more than that.

Tyler Thompson moved to Boise five months ago. He lives in the North End and pays $2,200 a month for a two-bedroom, two-bath apartment.

“When you're young and trying to get your career started, it is a little challenging to try and, you know, pay rent every single month,” Thomspon said.

While experts report rent is now dropping, it is still significantly more expensive than before the pandemic – rental prices have increased almost 37% since March 2020, according to Apartment List.

“[Prices] haven’t yet come back down to that,” Watson said, “and they most likely never will.”

There is rental assistance through organizations like Boise City/Ada County Housing Authorities. But Watson said they are only able to help 20% of people who need assistance.

That leaves a lot of people stranded – those who qualify for assistance and those who do not. Even with rent prices dropping, she said it will take a while for current renters to feel any impact.

Jensen said rent prices are disheartening. She does not want to move out of Boise, but it is difficult to make ends meet.

“What can you do if you don’t want to have five roommates,” Jensen said. “Or if you don’t want to just live in the lowest or the worst condition house that you can afford?”

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