Billings Montana Residential Rent and Rental Statistics
The median monthly gross residential rent in Billings, MT (the Billings metro area) was $863 in 2019 according to the Census ACS survey.1 Average gross rent in Billings was $877 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 Billings median and average rent data will be released in September of 2021.
Data is also available below for Billings rental vacancy rates, Billings rent as a percent of median income and the fraction of renters in Billings.
Real Gross Rent in Billings 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% |
| Billings, MT Median Gross Rent | $863 | -4.00% | -0.58% |
Billings, MT Real Gross Rent Trends
Median gross rent for Billings peaked in real terms in 2015 at $910 and is now $47 (5.16%) lower. Average gross rent for Billings peaked in real terms in 2017 at $963 and is now $86 (8.93%) lower.
Real Gross Rent in Billings: Billings MT Median, Billings MT Average, Montana Median, US Median
Real Gross Rent History for Billings
| Date | US Median |
Montana Median |
Billings, MT Median |
Billings, MT Average |
|---|---|---|---|---|
| 2019 | $1,097 | $831 | $863 | $877 |
| 2018 | $1,077 | $826 | $899 | $885 |
| 2017 | $1,043 | $783 | $866 | $963 |
| 2016 | $1,027 | $776 | $868 | $885 |
| 2015 | $1,017 | $809 | $910 | $942 |
| 2014 | $986 | $751 | $814 | $851 |
| 2013 | $953 | $727 | $774 | $928 |
| 2012 | $940 | $724 | $757 | $797 |
| 2011 | $941 | $702 | $684 | $748 |
| 2010 | $955 | $717 | $750 | $748 |
| 2009 | $960 | $715 | $759 | $774 |
| 2007 | $927 | $680 | $692 | $726 |
| 2005 | $910 | $690 | $700 | $694 |
Billings Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2018 the rental vacancy rate for Billings Montana was 8.10% according to Census ACS data.
Rental Vacancy Rate in Billings Montana
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Montana | 7.08% | -0.36% | +0.90% |
| Billings, MT | — | — | — |
Trends in Billings, MT Rental Vacancy Rate
At 8.10%, Billings residential rental vacancy rate in 2018 is at the highest point since 2005, the beginning of our reporting for this series.
Rental Vacancy Rate: Billings MT, Montana, US
Historical Rental Vacancy Rate data for Billings
| Date | US | Montana | Billings, MT |
|---|---|---|---|
| 2019 | 5.97% | 7.08% | — |
| 2018 | 6.15% | 7.44% | 8.10% |
| 2017 | 6.18% | 6.15% | — |
| 2016 | 5.89% | 6.18% | 4.37% |
| 2015 | 5.85% | 5.44% | 4.22% |
| 2014 | 6.32% | 6.13% | 7.72% |
| 2013 | 6.49% | 5.47% | 4.35% |
| 2012 | 6.77% | 6.78% | 7.81% |
| 2011 | 7.40% | 7.56% | 6.87% |
| 2010 | 8.17% | 6.76% | 3.32% |
| 2009 | 8.43% | 6.58% | — |
| 2007 | 7.87% | 4.26% | 3.27% |
| 2005 | 7.74% | 6.52% | — |
Rent as a Fraction of Income
Using median household income data for Billings, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Billings, median monthly gross rent as a fraction of median household income was 16.99% in 2019 according to the ACS.
Billings 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% |
| Billings, MT | 16.99% | -0.78% | -0.15% |
Trends in Billings, MT Rent as a Fraction of Income
The fraction of median Billings household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 18.10%. Since then it has fallen by 1.11% to 16.99%.
Fraction of Income towards Rent: Billings MT, Montana, US
Historical Data for Annual Rent as a Fraction of Income in Billings Montana
| Date | US | Montana | Billings, MT |
|---|---|---|---|
| 2019 | 20.03% | 17.45% | 16.99% |
| 2018 | 20.50% | 17.59% | 17.77% |
| 2017 | 20.13% | 17.06% | 17.35% |
| 2016 | 20.43% | 17.77% | 17.14% |
| 2015 | 20.63% | 18.49% | 17.98% |
| 2014 | 20.89% | 18.42% | 18.10% |
| 2013 | 20.78% | 17.63% | 16.77% |
| 2012 | 20.65% | 18.13% | 17.35% |
| 2011 | 20.70% | 17.64% | 16.31% |
| 2010 | 20.50% | 18.06% | 16.79% |
| 2009 | 20.12% | 17.78% | 17.23% |
| 2007 | 18.66% | 15.96% | 14.63% |
| 2005 | 18.89% | 16.85% | 16.47% |
Renter Fraction in Billings Montana
You can calculate the renter fraction in Billings 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 Billings as a fraction of total Billings households. In 2019 32.27% of households were renters according to Census ACS data.
Billings 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% |
| Billings, MT | 32.27% | -0.01% | +2.34% |
Trends in the Billings, MT Renter Fraction
The Billings household renter fraction peaked in in 2013 at 34.05% and is now 1.78% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Billings MT, Montana, US
History of Billings Renter Fraction
| Date | US | Montana | Billings, MT |
|---|---|---|---|
| 2019 | 35.89% | 31.12% | 32.27% |
| 2018 | 36.05% | 32.54% | 32.28% |
| 2017 | 36.13% | 30.85% | 30.98% |
| 2016 | 36.88% | 31.99% | 29.93% |
| 2015 | 36.97% | 33.34% | 32.50% |
| 2014 | 36.90% | 33.61% | 31.95% |
| 2013 | 36.50% | 33.12% | 34.05% |
| 2012 | 36.09% | 32.95% | 31.05% |
| 2011 | 35.42% | 32.08% | 29.20% |
| 2010 | 34.65% | 30.32% | 30.24% |
| 2009 | 34.13% | 30.78% | 29.63% |
| 2007 | 32.80% | 30.38% | 27.52% |
| 2005 | 33.10% | 30.90% | 31.62% |
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. ↩
