|
Rental Housing
<br />According to ACS data, the median rent in Louisville was $1,831 in 2021, around $150 higher
<br />than Boulder County overall. Of comparison geographies, Longmont has the least expensive
<br />median rents, which may reflect its more remote position in the county. Erie has the most
<br />expensive rents in the County, as well as the lowest amount of rental housing stock.
<br />Exhibit 50: Median Rents, Louisville and Comparison Geographies, 2021
<br />Source: ACS 5-Year Data Tables, 2017-2021
<br />$1,538 $1,694 $1,711 $1,733 $1,831 $2,162 $2,564
<br />Longmont Boulder Boulder Lafayette Louisville Superior Erie
<br />County
<br />Because rents can often increase faster than ACS data is reported, we typically prefer to include
<br />an analysis of local rents from multiple data sources. According to Costar data, the average
<br />multifamily unit rent in Louisville was $1,715, slightly lower than reported by ACS data.13 As of
<br />2023, CoStar reported the average rents in Louisville as $1,961, just slightly higher than the
<br />County as a whole. Unlike home sales price trends (in which Boulder was the most expensive
<br />city), rent trends for comparison geographies more closely reflect median income trends for the
<br />respective geographies.
<br />Exhibit 51: Average Multifamily Rents, Louisville and Comparison Geographies, 2023
<br />Source: CoStar
<br />$1,665 $1,867 $1,917 Zoi,ye� $2,078 $27406 $27442
<br />Longmont Lafayette Boulder Louisville Boulder Superior Erie
<br />County
<br />Like home sales prices, rent rates rose significantly across all geographies over the past decade.
<br />According to Costar data, Louisville multifamily rents increased by $721, or 58%, from 2012 to
<br />2023.
<br />Exhibit 52: Change in Average Multifamily Rents, Louisville and Comparison Geographies, 2012-
<br />2023
<br />Source: CoStar
<br />1
<br />Superior $1,507 $2,406
<br />$899 60%
<br />Louisville $1,240 $1,961
<br />$721 58%
<br />Longmont $1,107 $1,665
<br />$558 50%
<br />Boulder County $1,310 $1,917
<br />$607 46%
<br />Boulder $1,470 $2,078
<br />$608 41%
<br />Lafayette $1,330 $1,867
<br />$537 40%
<br />13 CoStar reports rents for multifamily rental units (properties with five or more units), whereas ACS includes all
<br />housing types in its median rent calculations. While 57% of Louisville renters live in
<br />multifamily housing, it is
<br />possible that differences in rent rates for single-family or plex housing is also contributing to rent data differences
<br />between the two sources.
<br />ECONorthwest
<br />41
<br />I:
<br />
|