average rent
average occupancy rate
NET DEMAND (YTD: 142)
YoY rent change
yoy occupancy change
NET COMPLETIONS (YTD: 208)
The Billings, MT apartment market is undergoing a dynamic transition, marked by opportunity that is fueled not only by local demand but also by Montana’s faster-than-average population growth. According to the latest U.S. Census data, Montana’s population expanded by 1.5% between July 2021 and July 2022, ranking it sixth in the nation for growth. This uptick has been primarily driven by new residents moving into the state.
In Q3 2023, the Billings market introduced 208 new apartment units, increasing the total inventory by 2.6%. However, occupancy rates experienced a slight drop, settling at 95.4% year-over-year. Rent saw a modest annual rise of 0.5%, falling short of the five-year average growth of 6.6%. Looking ahead, Billings has a record 1,059 apartment units under construction, 839 of which are slated for Spring 2024 delivery, that will fundamentally alter the inventory of apartments in Billings.
Average Monthly Mortgage Payment
Average Monthly Rent
* The Average mortgage payment is based off a median home sales price of $411,000 as reported by the National Association of Realtors as of Aug 2023.
*Most Active Buyers and Sellers are based on the sale volume of apartment units.
* Trailing 4Q average PPU
* Preliminary Data from RCA – Individual transaction $2.5M +
August Annual Jobs Created
August 2023 Employment growth
August 2023 Unemployment rate
3.8% us AUGust rate
| Sector | Change from Aug 2022 to Aug 2023 | Percent Change |
|---|---|---|
| Professional and business services | 700 | 7.1% |
| Leisure and hospitality | 500 | 3.7% |
| Education and health services | 0 | 0.0% |
| Mining, logging & Construction | 0 | 0.0% |
| Other services | 0 | 0.0% |
| Manufacturing | 0 | 0.0% |
| Information | 0 | 0.0% |
| Financial activities | 0 | 0.0% |
| Government | -500 | -5.5% |
| Trade, transportation, and utilities | -500 | -2.3% |
