Only one state in the United States has seen rent price drops instead of rent hikes in 2022. According to the August 2022 Average Rent Report from Rent.com, one-bedrooms in Idaho registered year-over-year price drops. 

                By                    Heather Taylor

Is it time to move to Idaho? Not quite. Despite the price drop, there are additional considerations to factor in before making a move in pursuit of cheaper rent.

Where Is the Rent Decrease Applicable?

Would this rent decrease be applicable to all apartments in Idaho or select units? The Rent.com report said only one-bedrooms in Idaho registered year-over-year price drops. No states in the United States, Idaho included, saw decreases in two-bedroom rents in 2022.

Outside of Idaho, there are cities that have experienced decreases in one-bedroom rents on a year-over-year basis. Some of these cities include St. Louis, Baltimore and Fort Lauderdale, Florida.

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Idaho’s Rental Market Is Cooling Off

This is especially true of cities like Boise, Idaho. In the early days of the COVID-19 pandemic, Boise made headlines for its hot housing market as professionals fled expensive cities in favor of a more affordable area. 

Since then, however, Boise has become “the most overvalued housing market in the U.S.,” according to researchers at Florida Atlantic University and Florida International. Soaring housing prices and back-to-office returns by employers mean Boise struggles to attract new residents now versus the start of the pandemic.

A Rent Increase Doesn’t Always Mean You Need To Move 

While we often tend to associate a rent increase with a need to move, this is not necessarily the case anymore. 

Renters experiencing a rent increase, according to our survey’s research, are finding other ways to cut back. The two most popular budgeting methods for an added expense among renters are cutting back on discretionary spending (19%) and working a side job or hustle (18%). 

It is possible for renters to explore additional strategies to keep rent hikes at bay. Renters are encouraged to negotiate a rent increase with their landlords to see if there’s any wiggle room or one-time concessions available. Renters may also revisit their lease terms to determine if they can stretch it beyond a 12-month term and receive a financial break for a longer lease term or ask if the increase may be delayed by a couple of months.

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