Yellowstone County Montana Residential Rent and Rental Statistics
The median monthly gross residential rent in Yellowstone County MT was $869 in 2019 according to the Census ACS survey.1 Average gross rent in Yellowstone County was $896 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 Yellowstone County median and average rent data will be released in September of 2021.
Data is also available below for Yellowstone County rental vacancy rates, Yellowstone County rent as a percent of median income and the fraction of renters in Yellowstone County.
Real Gross Rent in Yellowstone County 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% |
| Yellowstone County MT Median Gross Rent | $869 | -3.77% | +0.23% |
Yellowstone County MT Real Gross Rent Trends
Median gross rent for Yellowstone County peaked in real terms in 2015 at $913 and is now $44 (4.82%) lower. Average gross rent for Yellowstone County peaked in real terms in 2017 at $978 and is now $82 (8.38%) lower.
Real Gross Rent: Yellowstone County MT Median, Yellowstone County MT Average, Montana Median, US Median
Real Gross Rent History for Yellowstone County
| Date | US Median |
Montana Median |
Yellowstone County MT Median |
Yellowstone County MT Average |
|---|---|---|---|---|
| 2019 | $1,097 | $831 | $869 | $896 |
| 2018 | $1,077 | $826 | $903 | $900 |
| 2017 | $1,043 | $783 | $873 | $978 |
| 2016 | $1,027 | $776 | $867 | $892 |
| 2015 | $1,017 | $809 | $913 | $953 |
| 2014 | $986 | $751 | $819 | $865 |
| 2013 | $953 | $727 | $772 | $936 |
| 2012 | $940 | $724 | $756 | $799 |
| 2011 | $941 | $702 | $679 | $746 |
| 2010 | $955 | $717 | $750 | $748 |
| 2009 | $960 | $715 | $760 | $776 |
| 2007 | $927 | $680 | $691 | $732 |
| 2005 | $910 | $690 | $706 | $705 |
Yellowstone County 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 Yellowstone County Montana was 8.37% according to Census ACS data.
Rental Vacancy Rate in Yellowstone County Montana
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Montana | 7.08% | -0.36% | +0.90% |
| Yellowstone County MT | — | — | — |
Trends in Yellowstone County MT Rental Vacancy Rate
At 8.37%, Yellowstone County residential rental vacancy rate in 2018 is at the highest point since 2005, the beginning of our reporting for this series.
Rental Vacancy Rate: Yellowstone County MT, Montana, US
Historical Rental Vacancy Rate data for Yellowstone County
| Date | US | Montana | Yellowstone County MT |
|---|---|---|---|
| 2019 | 5.97% | 7.08% | — |
| 2018 | 6.15% | 7.44% | 8.37% |
| 2017 | 6.18% | 6.15% | — |
| 2016 | 5.89% | 6.18% | 3.44% |
| 2015 | 5.85% | 5.44% | 4.28% |
| 2014 | 6.32% | 6.13% | 7.51% |
| 2013 | 6.49% | 5.47% | 3.86% |
| 2012 | 6.77% | 6.78% | — |
| 2011 | 7.40% | 7.56% | 6.97% |
| 2010 | 8.17% | 6.76% | — |
| 2009 | 8.43% | 6.58% | — |
| 2007 | 7.87% | 4.26% | — |
| 2005 | 7.74% | 6.52% | — |
Rent as a Fraction of Income
Using median household income data for Yellowstone County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Yellowstone County, median monthly gross rent as a fraction of median household income was 17.04% in 2019 according to the ACS.
Yellowstone County 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% |
| Yellowstone County MT | 17.04% | -0.67% | -0.10% |
Trends in Yellowstone County MT Rent as a Fraction of Income
The fraction of median Yellowstone County household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 18.08%. Since then it has fallen by 1.04% to 17.04%.
Fraction of Income towards Rent: Yellowstone County MT, Montana, US
Historical Data for Annual Rent as a Fraction of Income in Yellowstone County Montana
| Date | US | Montana | Yellowstone County MT |
|---|---|---|---|
| 2019 | 20.03% | 17.45% | 17.04% |
| 2018 | 20.50% | 17.59% | 17.72% |
| 2017 | 20.13% | 17.06% | 17.48% |
| 2016 | 20.43% | 17.77% | 17.15% |
| 2015 | 20.63% | 18.49% | 17.81% |
| 2014 | 20.89% | 18.42% | 18.08% |
| 2013 | 20.78% | 17.63% | 16.72% |
| 2012 | 20.65% | 18.13% | 17.24% |
| 2011 | 20.70% | 17.64% | 16.07% |
| 2010 | 20.50% | 18.06% | 16.72% |
| 2009 | 20.12% | 17.78% | 16.95% |
| 2007 | 18.66% | 15.96% | 14.61% |
| 2005 | 18.89% | 16.85% | 16.50% |
Renter Fraction in Yellowstone County Montana
You can calculate the renter fraction in Yellowstone County 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 Yellowstone County as a fraction of total Yellowstone County households. In 2019 33.06% of households were renters according to Census ACS data.
Yellowstone County 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% |
| Yellowstone County MT | 33.06% | -0.10% | +2.24% |
Trends in the Yellowstone County MT Renter Fraction
The Yellowstone County household renter fraction peaked in in 2013 at 35.13% and is now 2.07% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Yellowstone County MT, Montana, US
History of Yellowstone County Renter Fraction
| Date | US | Montana | Yellowstone County MT |
|---|---|---|---|
| 2019 | 35.89% | 31.12% | 33.06% |
| 2018 | 36.05% | 32.54% | 33.16% |
| 2017 | 36.13% | 30.85% | 31.81% |
| 2016 | 36.88% | 31.99% | 30.82% |
| 2015 | 36.97% | 33.34% | 32.65% |
| 2014 | 36.90% | 33.61% | 32.37% |
| 2013 | 36.50% | 33.12% | 35.13% |
| 2012 | 36.09% | 32.95% | 31.72% |
| 2011 | 35.42% | 32.08% | 29.46% |
| 2010 | 34.65% | 30.32% | 30.34% |
| 2009 | 34.13% | 30.78% | 30.10% |
| 2007 | 32.80% | 30.38% | 28.08% |
| 2005 | 33.10% | 30.90% | 32.14% |
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. ↩
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