Department of Numbers

Missoula Montana Residential Rent and Rental Statistics

The median monthly gross residential rent in Missoula, MT (the Missoula metro area) was $770 in 2015 according to the Census ACS survey.1 Average gross rent in Missoula was $785 in 2015. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2016 Missoula median and average rent data will be released in September of 2017.

Data is also available below for Missoula rental vacancy rates, Missoula rent as a percent of median income and the fraction of renters in Missoula.

Show dollars as: Nominal Real

Real Gross Rent in Missoula Montana (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
Montana Median Gross Rent $763 +7.77% +11.71%
Missoula, MT Median Gross Rent $770 +3.91% +5.34%

Missoula, MT Real Gross Rent Trends

Median gross rent for Missoula peaked in real terms in 2010 at $784 and is now $14 (1.79%) lower. Average gross rent for Missoula peaked in real terms in 2013 at $823 and is now $38 (4.62%) lower.

Real Gross Rent in Missoula: Missoula MT Median, Missoula MT Average, Montana Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Missoula

Date US
Median
Montana
Median
Missoula, MT
Median
Missoula, MT
Average
2015 $959 $763 $770 $785
2014 $930 $708 $741 $796
2013 $898 $685 $771 $823
2012 $886 $683 $731 $775
2011 $887 $662 $741 $764
2010 $901 $676 $784 $787
2009 $905 $674 $719 $793
2008 $920 $704 $775 $779
2007 $874 $641 $721 $734
2006 $883 $661 $760 $800
2005 $858 $651 $757 $800

Missoula Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2014 the rental vacancy rate for Missoula Montana was 4.91% according to Census ACS data.

Rental Vacancy Rate in Missoula Montana

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
Montana 5.44% -0.69% -1.34%
Missoula, MT

Trends in Missoula, MT Rental Vacancy Rate

The rental vacancy rate in Missoula peaked in 2006 at 7.92%. Since then it has fallen by 3.01% to 4.91%. Data records for this series originated in 2005. From a 2008 post peak low of 2.96%, the rental vacancy rate has increased by 1.95%.

Rental Vacancy Rate: Missoula MT, Montana, US

Rental vacancy rate in Montana

Historical Rental Vacancy Rate data for Missoula

Date US Montana Missoula, MT
2015 5.85% 5.44%
2014 6.32% 6.13% 4.91%
2013 6.49% 5.47%
2012 6.77% 6.78%
2011 7.40% 7.56% 4.32%
2010 8.17% 6.76% 4.73%
2009 8.43% 6.58% 7.25%
2008 7.86% 5.55% 2.96%
2007 7.87% 4.26% 3.94%
2006 7.70% 6.18% 7.92%
2005 7.74% 6.52%

Rent as a Fraction of Income

Using median household income data for Missoula, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Missoula, median monthly gross rent as a fraction of median household income was 21.58% in 2015 according to the ACS.

Missoula Montana Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
Montana 18.49% +0.08% +0.36%
Missoula, MT 21.58% +1.40% +2.39%

Trends in Missoula, MT Rent as a Fraction of Income

Missoula renters paid 21.58% of median household income towards the median monthly gross rent in 2015. This is the highest fraction of median household income going to rent since the series originated in 2005.

Fraction of Income towards Rent: Missoula MT, Montana, US

Percent of median household income going towards median monthly gross rent in Missoula Montana

Historical Data for Annual Rent as a Fraction of Income in Missoula Montana

Date US Montana Missoula, MT
2015 20.63% 18.49% 21.58%
2014 20.89% 18.42% 20.19%
2013 20.78% 17.63% 19.39%
2012 20.65% 18.13% 19.19%
2011 20.70% 17.64% 20.83%
2010 20.50% 18.06% 19.58%
2009 20.12% 17.78% 20.59%
2008 19.00% 17.35% 19.67%
2007 18.66% 15.96% 18.25%
2006 18.90% 16.87% 20.66%
2005 18.89% 16.85% 18.08%

Renter Fraction in Missoula Montana

You can calculate the renter fraction in Missoula 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 Missoula as a fraction of total Missoula households. In 2015 41.30% of households were renters according to Census ACS data.

Missoula Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
Montana 33.34% -0.27% +0.39%
Missoula, MT 41.30% -0.35% -0.54%

Trends in the Missoula, MT Renter Fraction

The Missoula household renter fraction peaked in in 2013 at 43.02% and is now 1.72% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Missoula MT, Montana, US

Fraction of renters in Missoula

History of Missoula Renter Fraction

Date US Montana Missoula, MT
2015 36.97% 33.34% 41.30%
2014 36.90% 33.61% 41.65%
2013 36.50% 33.12% 43.02%
2012 36.09% 32.95% 41.84%
2011 35.42% 32.08% 42.78%
2010 34.65% 30.32% 36.84%
2009 34.13% 30.78% 42.40%
2008 33.36% 31.48% 37.14%
2007 32.80% 30.38% 35.86%
2006 32.73% 30.11% 40.67%
2005 33.10% 30.90% 41.18%

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.