Demand weakened in Q2, with net absorption across Montana’s primary markets well below historical norms. Only Missoula posted positive absorption over the past year.
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While deliveries have slowed from the 2023 peak, they remain elevated. Missoula accounted for most of the new supply, and Billings is now the only metro with active construction.
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Despite less favorable supply-demand dynamics, overall average rent growth accelerated to 3.0% annually, outperforming national trends, yet occupancy declined to 93.6% under pressure from recent supply, with Great Falls lagging.
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MARKET OUTLOOK
Looking ahead, Montana’s primary rental markets are likely to follow diverging near-term paths...
