Longmont rents are about the same as they were in April of last year, indicating slower rent growth in the city and across the U.S. than previous years.
According to the latest report from Apartment List, overall median rent in Longmont is $1,643 for a two bedroom and down half a percentage point from last month. Year-over-year, prices are down 0.3% in Longmont.
For comparison, rents are up 1.4% in Colorado and 1.7% nationally over last year. Rent across the U.S. was up 0.5% in April, which is slower growth than previous years.
April rent growth nationally was 1.1% in 2022 and 1.7% in 2021. Even before the pandemic, April rent growth was higher across the U.S. than it was this year, the report noted.
Longmont rents in April are about the same as they were at the start of the year, a slower rate of growth compared to what the city was experiencing at this point last year — from January to April 2022 rents increased 3.2%.
From January to December 2022, rents in Longmont grew by 2.6%, compared to 21.5% in 2021. Since the start of the COVID-19 pandemic in March 2020, citywide rents have risen a total of 19.1%.
