MARKET SNAPSHOT

2026 Montana Forecast

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2025

FORECASTED ANNUAL CHANGE

2026

$1,397

Q4 AVG. EFFECTIVE RENT

ANNUAL CHANGE

$1,432

Q4 Avg. Effective Rent

92.6%

Q4 AVG. OCCUPANCY

ANNUAL CHANGE

92.6%

Q4 Avg. Occupancy

551

2025 COMPLETIONS

10 Yr. Avg. Annual Completions

-3

2026 COMPLETIONS

226

2025 NET ABSORPTION

10 Yr. Avg. Annual Absorption

319

2026 NET ABSORPTION

Source: CoStar

Key Market Themes for 2026

Supply conditions are exceptionally tight as new development has effectively stalled and no new completions are expected in 2026, which will reduce competitive pressure and support improving fundamentals.
Pricing power remains above trend with annual rent growth projected to finish 2026 around 2.5%, outpacing the national forecast of 1.5% and most regional peer markets.
Demand and occupancy are positioned to firm with net absorption projected to rise in 2026 and occupancy expected to recover through the year, led by tightening in Missoula and improving conditions in Billings while Great Falls remains the softest node but still improves.

MARKET OUTLOOK

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Montana’s near-term rental market outlook is supported by a constructive demand backdrop and a complete lack of recent construction activity in Billings, Great Falls, and Missoula, which should keep fundamentals on a steady path toward tightening...