Longmont rents went up in March, following national trends with a rental market indicating it may be returning to pre-pandemic conditions.
Nationwide, Apartment List found in their monthly report that rents increased 0.5% from February to March and 0.6% in Longmont. The latest data suggests that the market is returning to patterns seen before the COVID-19 pandemic disrupted rental trends for over two years.
Price growth in March is similar to that of March 2018 and 2019, while occupancy rates are normalizing as well, the report said.
“If the typical seasonal patterns hold, prices should continue to rise for the next several months; but a healthier supply-and-demand balance should prevent the runaway rent inflation that we saw during 2021 and 2022,” the report added.
This time last year, rents in Longmont were up 1.1% over the previous month. Rent in the city is up by 19.9% since the pandemic.
Rent has increased over the past year in Longmont by 1.3%, compared to 2.1% in Colorado and 2.6% in the country. March typically marks the start of the busier rental season, when rent prices tend to go up.
Apartment List found that the median rents in Longmont currently stand at $1,362 for a one bedroom apartment and $1,580 for a two bedroom.
