The top rental markets in Montana are Billings, Whitefish, Great Falls, Helena, Bozeman, Kalispell, and Missoula.
The TurboTenant Report includes analysis of the average number of leads per property, the average number of days on market, average rent price, median sale price, median income, security deposit trends and livability score.
Montana Rental Trends:
Montana is the eighth least populous state filled with mountains, beautiful landscapes, and affordable living. With tourism, agriculture, and ranching being its most important industries, Montana has growing employment and great home values. Here are some highlights from the top rental markets in Big Sky Country.
Days on Market:
The city with the lowest days on market is Missoula at ten – under the national average which sits at 15 days; Whitefish and Bozeman have the highest number of days on market at 16, just a hair over our national average.
The top three markets for leads per listing are all above the national average of 38. Here they are:
- Billings – 56 leads per listing
- Kalispell – 55 leads per listing
- Great Falls – 54 leads per listing
Average Rent: (2 bedroom listings)
With the national average rent at $1,207 for a two-bedroom, Great Falls comes below that with the lowest average rent of $792 for a two-bedroom compared to the highest rent in Montana at $1,349 in Bozeman.
Median Home Sale Price:
According to data from Redfin, which is a national real estate brokerage company, the national median home sale price sits at $306,000. Montana’s highest median sale price comes above that at $462,000 in Bozeman with its lowest median sale price at $194,000 in Great Falls.
Montana’s median income rings in at $42,400 – below the national average at $48,500.
Security Deposit Trends:
Security deposits have decreased and increased in Montana’s cities between 2018 and 2019. With the largest being a decrease of -30% in Whitefish at $1,575, just above the national average for security deposits which is $1,200.
All of Montana’s cities have a livability score of 63 or higher with the highest being Bozeman at 76!
Please visit here for our full methodology.
Whether you’ve found the best investment property in these top rental markets, or somewhere else, TurboTenant can help streamline your rental process with easy and free online rental applications as well as thorough tenant screening so you can find the best renter for your property.