Demand remained positive in Q3 and momentum held in select areas, with Missoula rebounding even as statewide absorption trailed deliveries. Occupancy stood at 93.8%, slightly below long-run norms, but signs of stabilization are emerging as performance gaps narrow across submarkets.
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Pricing is resilient yet affordable. Average rent rose 2.6% year-over-year, outpacing the national 0.5% while remaining well below the U.S. average of $1,743. This affordability supports in-migration and leaves room for additional gains.
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New completions have been consistent, but supply-side relief is in sight with no units in the pipeline for Billings, Missoula, or Great Falls. As deliveries taper, the market is positioned for gradual tightening into 2026, provided demand stays steady.
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MARKET OUTLOOK
Montana’s short-term outlook points to gradual tightening as the new supply wave fades and demand steadies...
