Rents have gone down slightly in Longmont for a third month in a row, keeping pace with national trends.
According to a report from ApartmentList.com, the median rent for the city stands at $1,373 for a one-bedroom and $1,591 for a two-bedroom after falling 0.9% last month.
Nationally and in Longmont, rents have fallen for the third straight month, the report said. A 1% price decline nationwide in November is the single largest drop in the history of Apartment List’s index, which goes back to 2017.
Prices are still up 3.5% year-over-year, compared to a 16.8% increase from November 2020 to November 2021. Longmont’s rent growth over the past year is lower than the state average of 3.7% and falls below the national average of 4.6%.
Eleven months into the year, rents in the city have risen 4.3% and gone up by 21% since the start of the pandemic.
Rents fell in 93 of the nation’s 100 largest cities, according to the analysis, pointing to the continued widespread cooldown of the rental market.
