Missoula Montana Residential Rent and Rental Statistics
The median monthly gross residential rent in Missoula, MT (the Missoula metro area) was $909 in 2019 according to the Census ACS survey.1 Average gross rent in Missoula was $1,033 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Missoula median and average rent data will be released in September of 2021.
Data is also available below for Missoula rental vacancy rates, Missoula rent as a percent of median income and the fraction of renters in Missoula.
Real Gross Rent in Missoula Montana (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Montana Median Gross Rent | $831 | +0.61% | +7.09% |
| Missoula, MT Median Gross Rent | $909 | +4.24% | +6.07% |
Missoula, MT Real Gross Rent Trends
At $909, real median gross rent in Missoula was at its highest level in 2019 since the series began in 2005. At $1,033, real average gross rent in Missoula was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Missoula: Missoula MT Median, Missoula MT Average, Montana Median, US Median
Real Gross Rent History for Missoula
| Date | US Median |
Montana Median |
Missoula, MT Median |
Missoula, MT Average |
|---|---|---|---|---|
| 2019 | $1,097 | $831 | $909 | $1,033 |
| 2018 | $1,077 | $826 | $872 | $879 |
| 2017 | $1,043 | $783 | $807 | $859 |
| 2016 | $1,027 | $776 | $857 | $847 |
| 2015 | $1,017 | $809 | $817 | $833 |
| 2014 | $986 | $751 | $787 | $845 |
| 2013 | $953 | $727 | $818 | $873 |
| 2012 | $940 | $724 | $776 | $822 |
| 2011 | $941 | $702 | $786 | $810 |
| 2010 | $955 | $717 | $831 | $835 |
| 2009 | $960 | $715 | $762 | $841 |
| 2007 | $927 | $680 | $765 | $779 |
| 2005 | $910 | $690 | $803 | $849 |
Missoula Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2017 the rental vacancy rate for Missoula Montana was 3.79% according to Census ACS data.
Rental Vacancy Rate in Missoula Montana
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Montana | 7.08% | -0.36% | +0.90% |
| Missoula, MT | — | — | — |
Trends in Missoula, MT Rental Vacancy Rate
The rental vacancy rate in Missoula peaked in 2006 at 7.92%. Since then it has fallen by 4.13% to 3.79%. Data records for this series originated in 2005. From a 2008 post peak low of 2.96%, the rental vacancy rate has increased by 0.83%.
Rental Vacancy Rate: Missoula MT, Montana, US
Historical Rental Vacancy Rate data for Missoula
| Date | US | Montana | Missoula, MT |
|---|---|---|---|
| 2019 | 5.97% | 7.08% | — |
| 2018 | 6.15% | 7.44% | — |
| 2017 | 6.18% | 6.15% | 3.79% |
| 2016 | 5.89% | 6.18% | — |
| 2015 | 5.85% | 5.44% | — |
| 2014 | 6.32% | 6.13% | 4.91% |
| 2013 | 6.49% | 5.47% | — |
| 2012 | 6.77% | 6.78% | — |
| 2011 | 7.40% | 7.56% | 4.32% |
| 2010 | 8.17% | 6.76% | 4.73% |
| 2009 | 8.43% | 6.58% | 7.25% |
| 2007 | 7.87% | 4.26% | 3.94% |
| 2005 | 7.74% | 6.52% | — |
Rent as a Fraction of Income
Using median household income data for Missoula, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Missoula, median monthly gross rent as a fraction of median household income was 19.02% in 2019 according to the ACS.
Missoula Montana Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Montana | 17.45% | -0.14% | -0.33% |
| Missoula, MT | 19.02% | +0.85% | -2.07% |
Trends in Missoula, MT Rent as a Fraction of Income
The fraction of median Missoula household income required to pay median monthly gross rent peaked in 2015 (relative to the 2005 series origin) at 21.58%. Since then it has fallen by 2.56% to 19.02%. From a 2017 low of 17.30%, the fraction of income going to rent has increased by 1.72%.
Fraction of Income towards Rent: Missoula MT, Montana, US
Historical Data for Annual Rent as a Fraction of Income in Missoula Montana
| Date | US | Montana | Missoula, MT |
|---|---|---|---|
| 2019 | 20.03% | 17.45% | 19.02% |
| 2018 | 20.50% | 17.59% | 18.17% |
| 2017 | 20.13% | 17.06% | 17.30% |
| 2016 | 20.43% | 17.77% | 21.09% |
| 2015 | 20.63% | 18.49% | 21.58% |
| 2014 | 20.89% | 18.42% | 20.19% |
| 2013 | 20.78% | 17.63% | 19.39% |
| 2012 | 20.65% | 18.13% | 19.19% |
| 2011 | 20.70% | 17.64% | 20.83% |
| 2010 | 20.50% | 18.06% | 19.58% |
| 2009 | 20.12% | 17.78% | 20.59% |
| 2007 | 18.66% | 15.96% | 18.25% |
| 2005 | 18.89% | 16.85% | 18.08% |
Renter Fraction in Missoula Montana
You can calculate the renter fraction in Missoula in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Missoula as a fraction of total Missoula households. In 2019 37.72% of households were renters according to Census ACS data.
Missoula Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Montana | 31.12% | -1.42% | -0.87% |
| Missoula, MT | 37.72% | -5.00% | -2.73% |
Trends in the Missoula, MT Renter Fraction
The Missoula household renter fraction peaked in in 2013 at 43.02% and is now 5.30% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Missoula MT, Montana, US
History of Missoula Renter Fraction
| Date | US | Montana | Missoula, MT |
|---|---|---|---|
| 2019 | 35.89% | 31.12% | 37.72% |
| 2018 | 36.05% | 32.54% | 42.72% |
| 2017 | 36.13% | 30.85% | 42.11% |
| 2016 | 36.88% | 31.99% | 40.45% |
| 2015 | 36.97% | 33.34% | 41.30% |
| 2014 | 36.90% | 33.61% | 41.65% |
| 2013 | 36.50% | 33.12% | 43.02% |
| 2012 | 36.09% | 32.95% | 41.84% |
| 2011 | 35.42% | 32.08% | 42.78% |
| 2010 | 34.65% | 30.32% | 36.84% |
| 2009 | 34.13% | 30.78% | 42.40% |
| 2007 | 32.80% | 30.38% | 35.86% |
| 2005 | 33.10% | 30.90% | 41.18% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
