The rental market in Longmont continued to cool through December.
Median rent in the city fell 1.6% over the last month, according to a report compiled by ApartmentList.com. While rents have gone down for the fourth month in a row, prices remain up 3.2% year-over-year.
The trend reflects pre-pandemic times with the market cooling down in the later part of the year, though this year’s declines are steeper than those of previous years, the report said.
Longmont’s rent growth over the past year is similar to the state’s, at 3.5%, and the country, at 4%. Rents were down in 90 of the nation’s 100 largest cities this past month, averaging 0.8% less nationally.
Rent growth for Longmont overall in 2022 was 2.6%, slower than 2021 when rents had increased 15.1% from January to December. Rents are up in Longmont by 19% since the start of the pandemic.
Apartment List said median rents in Longmont currently stand at $1,351 for a one-bedroom apartment and $1,567 for a two-bedroom.
