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.