Montana Residential Rent and Rental Statistics
The median monthly gross residential rent in Montana was $831 in 2019 according to the Census ACS survey.1 Average gross rent was $862 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 Montana median and average rent data will be released in September of 2021.
Data is also available below for Montana rental vacancy rates, Montana rent as a percent of median income and the fraction of renters in Montana.
Real Gross Rent in 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% |
Montana Real Gross Rent Trends
At $831, real median gross rent in Montana was at its highest level in 2019 since the series began in 2005. At $862, real average gross rent in Montana was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Montana: Median, Average, US Median
Real Gross Rent History for Montana
| Date | US Median | Montana Median | Montana Average |
|---|---|---|---|
| 2019 | $1,097 | $831 | $862 |
| 2018 | $1,077 | $826 | $809 |
| 2017 | $1,043 | $783 | $796 |
| 2016 | $1,027 | $776 | $754 |
| 2015 | $1,017 | $809 | $783 |
| 2014 | $986 | $751 | $750 |
| 2013 | $953 | $727 | $751 |
| 2012 | $940 | $724 | $723 |
| 2011 | $941 | $702 | $690 |
| 2010 | $955 | $717 | $685 |
| 2009 | $960 | $715 | $686 |
| 2007 | $927 | $680 | $660 |
| 2005 | $910 | $690 | $671 |
Montana Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Montana was 7.08% according to Census ACS data.
Rental Vacancy Rate in Montana
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Montana | 7.08% | -0.36% | +0.90% |
Trends in Montana Rental Vacancy Rate
The rental vacancy rate in Montana peaked in 2011 at 7.56%. Since then it has fallen by 0.48% to 7.08%. Data records for this series originated in 2005.
Rental Vacancy Rate: Montana, US
Historical Rental Vacancy Rate data for Montana
| Date | US | Montana |
|---|---|---|
| 2019 | 5.97% | 7.08% |
| 2018 | 6.15% | 7.44% |
| 2017 | 6.18% | 6.15% |
| 2016 | 5.89% | 6.18% |
| 2015 | 5.85% | 5.44% |
| 2014 | 6.32% | 6.13% |
| 2013 | 6.49% | 5.47% |
| 2012 | 6.77% | 6.78% |
| 2011 | 7.40% | 7.56% |
| 2010 | 8.17% | 6.76% |
| 2009 | 8.43% | 6.58% |
| 2007 | 7.87% | 4.26% |
| 2005 | 7.74% | 6.52% |
Montana Rent as a Fraction of Income
Using median household income data for Montana, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Montana, median monthly gross rent as a fraction of median household income was 17.45% in 2019 according to the ACS.
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% |
Trends in Montana Rent as a Fraction of Income
The fraction of median Montana household income required to pay median monthly gross rent peaked in 2015 (relative to the 2005 series origin) at 18.49%. Since then it has fallen by 1.05% to 17.45%.
Fraction of Income towards Rent: Montana, US
Historical Data for Annual Rent as a Fraction of Income in Montana
| Date | US | Montana |
|---|---|---|
| 2019 | 20.03% | 17.45% |
| 2018 | 20.50% | 17.59% |
| 2017 | 20.13% | 17.06% |
| 2016 | 20.43% | 17.77% |
| 2015 | 20.63% | 18.49% |
| 2014 | 20.89% | 18.42% |
| 2013 | 20.78% | 17.63% |
| 2012 | 20.65% | 18.13% |
| 2011 | 20.70% | 17.64% |
| 2010 | 20.50% | 18.06% |
| 2009 | 20.12% | 17.78% |
| 2007 | 18.66% | 15.96% |
| 2005 | 18.89% | 16.85% |
Renter Fraction in Montana
You can calculate the renter fraction in Montana 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 Montana as a fraction of total Montana households. In 2019 31.12% of households were renters according to Census ACS data.
Montana 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% |
Trends in the Montana Renter Fraction
The Montana household renter fraction peaked in in 2014 at 33.61% and is now 2.49% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Montana, US
History of Montana Renter Fraction
| Date | US | Montana |
|---|---|---|
| 2019 | 35.89% | 31.12% |
| 2018 | 36.05% | 32.54% |
| 2017 | 36.13% | 30.85% |
| 2016 | 36.88% | 31.99% |
| 2015 | 36.97% | 33.34% |
| 2014 | 36.90% | 33.61% |
| 2013 | 36.50% | 33.12% |
| 2012 | 36.09% | 32.95% |
| 2011 | 35.42% | 32.08% |
| 2010 | 34.65% | 30.32% |
| 2009 | 34.13% | 30.78% |
| 2007 | 32.80% | 30.38% |
| 2005 | 33.10% | 30.90% |
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. ↩
