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.
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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.
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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.
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MARKET OUTLOOK
Montana's multifamily market has entered a favorable phase of its supply cycle. With zero units under construction...
