Rent went up just 0.6% in Longmont in June, putting the city at a rent price about 3% lower than this same time last year.
According to data from ApartmentList.com, rent prices are cooling faster in Longmont than in Colorado or the U.S., which saw rent averages at the same price point last month as in June 2022. National year-over-year rent growth fell to zero for the first time since the early pandemic.
“Rents are still trending up month-over-month, but much more slowly than usual,” the report said. “Rent growth is normally peaking at this time of year, but right now, it's cooling during what should be the busy season.”
From June 2021 to June 2022, rent had gone up 15% in Longmont. From June 2022 to June 2023, rent has gone down 3%. Since the start of the COVID-19 pandemic, rents in Longmont have risen a total of 18.8%.
Six months into the year, rents in Longmont have risen less than 1%. This time last year, from January to June 2022, rents had increased 7.1%.
According to Apartment List, overall median rent in Longmont stands at $1,639 a month. The report also noted that, on the supply side, nationwide vacancy has matched the peak availability from the height of the pandemic.
