Great Falls Montana Residential Rent and Rental Statistics
The median monthly gross residential rent in Great Falls, MT (the Great Falls metro area) was $763 in 2019 according to the Census ACS survey.1 Average gross rent in Great Falls was $768 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 Great Falls median and average rent data will be released in September of 2021.
Data is also available below for Great Falls rental vacancy rates, Great Falls rent as a percent of median income and the fraction of renters in Great Falls.
Real Gross Rent in Great Falls 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% |
| Great Falls, MT Median Gross Rent | $763 | -5.45% | +2.69% |
Great Falls, MT Real Gross Rent Trends
Median gross rent for Great Falls peaked in real terms in 2018 at $807 and is now $44 (5.45%) lower. Average gross rent for Great Falls peaked in real terms in 2018 at $801 and is now $33 (4.12%) lower.
Real Gross Rent in Great Falls: Great Falls MT Median, Great Falls MT Average, Montana Median, US Median
Real Gross Rent History for Great Falls
| Date | US Median |
Montana Median |
Great Falls, MT Median |
Great Falls, MT Average |
|---|---|---|---|---|
| 2019 | $1,097 | $831 | $763 | $768 |
| 2018 | $1,077 | $826 | $807 | $801 |
| 2017 | $1,043 | $783 | $710 | $722 |
| 2016 | $1,027 | $776 | $743 | $738 |
| 2015 | $1,017 | $809 | $756 | $751 |
| 2014 | $986 | $751 | $644 | $650 |
| 2013 | $953 | $727 | $673 | $722 |
| 2012 | $940 | $724 | $650 | $681 |
| 2011 | $941 | $702 | $644 | $643 |
| 2010 | $955 | $717 | $650 | $632 |
| 2009 | $960 | $715 | $590 | $519 |
| 2007 | $927 | $680 | $560 | $538 |
| 2005 | $910 | $690 | $643 | $566 |
Great Falls 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 Great Falls Montana was 12.39% according to Census ACS data.
Rental Vacancy Rate in Great Falls Montana
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Montana | 7.08% | -0.36% | +0.90% |
| Great Falls, MT | 12.39% | +7.87% | +8.31% |
Trends in Great Falls, MT Rental Vacancy Rate
The rental vacancy rate in Great Falls peaked in 2011 at 14.52%. Since then it has fallen by 2.13% to 12.39%. Data records for this series originated in 2005. From a 2013 post peak low of 2.33%, the rental vacancy rate has increased by 10.06%.
Rental Vacancy Rate: Great Falls MT, Montana, US
Historical Rental Vacancy Rate data for Great Falls
| Date | US | Montana | Great Falls, MT |
|---|---|---|---|
| 2019 | 5.97% | 7.08% | 12.39% |
| 2018 | 6.15% | 7.44% | 4.52% |
| 2017 | 6.18% | 6.15% | 7.35% |
| 2016 | 5.89% | 6.18% | 4.08% |
| 2015 | 5.85% | 5.44% | — |
| 2014 | 6.32% | 6.13% | — |
| 2013 | 6.49% | 5.47% | 2.33% |
| 2012 | 6.77% | 6.78% | 5.67% |
| 2011 | 7.40% | 7.56% | 14.52% |
| 2010 | 8.17% | 6.76% | — |
| 2009 | 8.43% | 6.58% | — |
| 2007 | 7.87% | 4.26% | — |
| 2005 | 7.74% | 6.52% | 3.68% |
Rent as a Fraction of Income
Using median household income data for Great Falls, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Great Falls, median monthly gross rent as a fraction of median household income was 17.87% in 2019 according to the ACS.
Great Falls 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% |
| Great Falls, MT | 17.87% | -1.18% | -1.00% |
Trends in Great Falls, MT Rent as a Fraction of Income
The fraction of median Great Falls household income required to pay median monthly gross rent peaked in 2018 (relative to the 2005 series origin) at 19.05%. Since then it has fallen by 1.18% to 17.87%.
Fraction of Income towards Rent: Great Falls MT, Montana, US
Historical Data for Annual Rent as a Fraction of Income in Great Falls Montana
| Date | US | Montana | Great Falls, MT |
|---|---|---|---|
| 2019 | 20.03% | 17.45% | 17.87% |
| 2018 | 20.50% | 17.59% | 19.05% |
| 2017 | 20.13% | 17.06% | 17.33% |
| 2016 | 20.43% | 17.77% | 18.88% |
| 2015 | 20.63% | 18.49% | 18.76% |
| 2014 | 20.89% | 18.42% | 17.36% |
| 2013 | 20.78% | 17.63% | 17.45% |
| 2012 | 20.65% | 18.13% | 17.57% |
| 2011 | 20.70% | 17.64% | 16.78% |
| 2010 | 20.50% | 18.06% | 16.68% |
| 2009 | 20.12% | 17.78% | 15.34% |
| 2007 | 18.66% | 15.96% | 13.33% |
| 2005 | 18.89% | 16.85% | 15.85% |
Renter Fraction in Great Falls Montana
You can calculate the renter fraction in Great Falls 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 Great Falls as a fraction of total Great Falls households. In 2019 34.04% of households were renters according to Census ACS data.
Great Falls 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% |
| Great Falls, MT | 34.04% | -6.39% | -2.46% |
Trends in the Great Falls, MT Renter Fraction
The Great Falls household renter fraction peaked in in 2018 at 40.43% and is now 6.39% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Great Falls MT, Montana, US
History of Great Falls Renter Fraction
| Date | US | Montana | Great Falls, MT |
|---|---|---|---|
| 2019 | 35.89% | 31.12% | 34.04% |
| 2018 | 36.05% | 32.54% | 40.43% |
| 2017 | 36.13% | 30.85% | 31.35% |
| 2016 | 36.88% | 31.99% | 36.50% |
| 2015 | 36.97% | 33.34% | 38.84% |
| 2014 | 36.90% | 33.61% | 36.21% |
| 2013 | 36.50% | 33.12% | 35.88% |
| 2012 | 36.09% | 32.95% | 39.01% |
| 2011 | 35.42% | 32.08% | 32.88% |
| 2010 | 34.65% | 30.32% | 32.54% |
| 2009 | 34.13% | 30.78% | 31.20% |
| 2007 | 32.80% | 30.38% | 33.97% |
| 2005 | 33.10% | 30.90% | 29.52% |
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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