Property manager talks southern Idaho's rising rent costs

TWIN FALLS, Idaho (KMVT/KSVT) Places like The Falls Apartments have managed to stay below a steadily increasing cost of rent for those living in apartments across the city.

The city's average cost per month for a one bedroom or two bedroom apartment in Twin Falls is more than $750. That's more than a 35 percent increase in cost per month for one bedroom apartments in Twin Falls since 2018.

"Here, a one bedroom is $550 to $595 and two bedroom is anywhere from $650 to $696 per month," said property manager of The Falls Apartments Teara Larson.

Bailey Bingham is a student at the College of Southern Idaho and shares the cost of a two bedroom apartment at The Falls with a roommate. He says he's not sure if he could afford a one bedroom apartment on his own right now, and he has some ideas as to why the increases have been happening.

"It's certainly eye opening as to what the growth might be," Bingham said. "Obviously that seems to be as a result of people moving into that valley. That makes me kind of grateful as to the fact I kind of got locked into my rate and haven't experienced that increase."

And obviously the increase in the cost of rent impacts renter and owner differently.

"I guess it depends which side you look at," said broker and owner of Magic Valley Realty Bryan Newberry. "If you're a landlord, it's great. If you're looking to rent a place, it's a little bit tough. "

The reason for the steady increase in rent prices can be attributed to a number of factors, such as population. It can probably be summed up best in two words.

"It's supply and demand,"Newberry said. "As house prices go up, people get placed out of the market."

And Larson seems to agree.

"There's more of a demand here in Twin Falls,"Larson said. "The population is growing and the structures aren't getting built in time."

But according to Newberry there's still several reasons to consider living in Southern Idaho top notch.

"We have some of the lowest utility rates. Not just in the state, but in the entire country. We're still a very walkable community." said Newberry.



 
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