Montana Q2 2026 Market Report

Key Takeaways

• Demand continues to outpace supply across Montana’s primary markets, with trailing four-quarter absorption of 350 units exceeding 263 units delivered, supporting healthy fundamentals even as performance varies notably between Missoula, Billings, and Great Falls.
• The pipeline has fully contracted across all three primary markets, with trailing 12-month construction starts falling to zero and no units under construction, eliminating near-term supply pressure statewide.
• Rents are recovering with 0.7% year-over-year growth, and occupancy of 93.2% reflects a broadly balanced market, though Great Falls stands out with the state’s strongest rent growth paired with its lowest occupancy, an unusual combination worth watching.

Market Outlook

Montana’s multifamily market has entered a favorable phase of its supply cycle. With zero units under construction…