Longmont rents are increasing faster than the state’s but slower than the nation’s, according to ApartmentList.com’s August rent report.
Longmont rents have increased 0.7% over the past month, the report said, and up by 11.5% compared to the same time last year. Median rents in Longmont are $1,408 for a one-bedroom apartment and $1,642 for a two-bedroom, according to data compiled by Apartment List.
Year-over-year, Longmont’s rent growth is higher than the state average of a 10% increase but less than the national average of 12.3% compared to the same time last year.
Rents have been increasing across Colorado throughout the past year. According to Apartment List, Westminster is the most expensive of Colorado’s major cities with a median two-bedroom rent of $2,111. Thornton and Boulder have some of the highest median rents of the major cities, at $1,950 and $1,940 for a two-bedroom apartment respectively.
Fort Collins has seen the fastest increase in prices at 12.4% year over year, followed by Aurora and Longmont.
Longmont’s median rent for a two-bedroom sits above the national average of $1,358. Apartment List’s National Rent Report rose by 1.1% over July, which is a slightly slower rate of growth than observed in June.
The report said this year rents are increasing more slowly than they did in 2021, but faster than the years immediately preceding the pandemic. The report said nationwide, rent has increased by 6.7% over the first seven months of 2022.
Year-over-year rent growth stands at 12.3%, which is down since the start of the year from a peak of 18%.
National vacancy has held steady at 5% in July, gradually easing from a low of 4.1% last fall. The report added that the easing appears to be leveling off at a rate that remains well below pre-pandemic norms.