Longmont rent has dropped for the second month in a row, despite May being peak season for the rental market.
Nationwide, rent growth remained sluggish in May, according to the most recent data from Apartment List. Nationwide, rent went up 0.5% month-over-month, similar to April and slightly lower than March.
Rents are up 1.9% in the U.S. so far in 2023, but down 0.4% in Longmont. This point last year in Longmont, rents had increased by 5% from January to May.
According to Apartment List, in nearly half of all big cities, prices at the end of May were lower than they were one year ago.
“Of course, regional variation exists, and a handful of markets continue to boom, but the national numbers speak to a continued, broad cooldown of the rental market,” the report said.
Year-over-year rent growth in Longmont is down 2%, compared to going up 15% a year ago. Longmont’s rent growth has been slower over the past year than both the state at a 0.6% increase and nationally at a 0.9% increase.
Since the start of the pandemic in March 2020, citywide rents have risen a total of 18.8%.
Apartment List puts the median rent in Longmont at $1,340 for a one bedroom apartment and $1,553 for a two bedroom.
