Rental prices increasing in eastern Idaho
Prices for renting homes and apartments around eastern Idaho are showing a steady increase from 2012.
Ever since the housing market crashed in 2008, local property managers say more people are reluctant to buy a home, so they’re renting instead which is causing rental prices to go up.
A home is supposed to be a place of comfort but the cost of living is increasing for residents of Madison County.
“The city has changed a lot, a lot of apartments. We’ve growing steadily,” said Val Christensen, director of community development in Rexburg.
Anjanette Delahoyde is a full-time student at BYU-Idaho, she said her rent is much more than she would like.
“We’re paying almost $800 a month,” said Delahoyde.
She lives in one of the more expensive complexes in the city because they are one of the few that allow pets. Delahoyde said she’s looked at moving to Rigby or Idaho Falls, but when she factored in the cost of gas and the commute time, it kept her from making the transtion.
Madison county has one of the highest rental costs in eastern Idaho. A one-bedroom apartment is most expensive in Bingham county and cheapest in Bannock county. Bonneville county falls in the middle at $488 per month for a one bedroom apartment.
Jared Duncan is a property manager at BMG Rentals. The company manages 700 properties in Idaho Falls.
“The American dream has started to shift a little bit from owning your own home to renting your home to start with,” said Duncan.
Duncan says rent has steadily increased in Idaho Falls because the demand continues to go up.
“Most people have seen someone who’s gone through a foreclosure or know a friend or a neighbor that has, so with that they want to make sure they’re ready before they jump into a property,” said Duncan.
He added renters should keep monthly rent at 30% of the gross monthly income.
