Department of Numbers

Montana Residential Rent and Rental Statistics

The median monthly gross residential rent in Montana was $741 in 2016 according to the Census ACS survey.1 Average gross rent was $720 in 2016. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2017 Montana median and average rent data will be released in September of 2018.

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

Show dollars as: Nominal Real

Real Gross Rent in Montana (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
Montana Median Gross Rent $741 -4.14% +6.77%

Montana Real Gross Rent Trends

Median gross rent for Montana peaked in real terms in 2015 at $773 and is now $32 (4.14%) lower. Average gross rent for Montana peaked in real terms in 2015 at $748 and is now $28 (3.74%) lower.

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Montana

Date US Median Montana Median Montana Average
2016 $981 $741 $720
2015 $972 $773 $748
2014 $942 $717 $716
2013 $910 $694 $717
2012 $898 $692 $691
2011 $898 $670 $659
2010 $912 $685 $654
2009 $916 $682 $655
2008 $932 $714 $700
2007 $885 $650 $631
2006 $895 $670 $641
2005 $869 $659 $641

Montana Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Montana was 6.18% according to Census ACS data.

Rental Vacancy Rate in Montana

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
Montana 6.18% +0.74% +0.71%

Trends in Montana Rental Vacancy Rate

The rental vacancy rate in Montana peaked in 2011 at 7.56%. Since then it has fallen by 1.38% to 6.18%. Data records for this series originated in 2005.

Rental Vacancy Rate: Montana, US

Rental vacancy rate in Montana

Historical Rental Vacancy Rate data for Montana

Date US Montana
2016 5.89% 6.18%
2015 5.85% 5.44%
2014 6.32% 6.13%
2013 6.49% 5.47%
2012 6.77% 6.78%
2011 7.40% 7.56%
2010 8.17% 6.76%
2009 8.43% 6.58%
2008 7.86% 5.55%
2007 7.87% 4.26%
2006 7.70% 6.18%
2005 7.74% 6.52%

Montana Rent as a Fraction of Income

Using median household income data for Montana, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Montana, median monthly gross rent as a fraction of median household income was 17.77% in 2016 according to the ACS.

Montana Median Annual Rent as a Fraction of Median Household Income

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
Montana 17.77% -0.72% +0.15%

Trends in Montana Rent as a Fraction of Income

The fraction of median Montana household income required to pay median monthly gross rent peaked in 2015 (relative to the 2005 series origin) at 18.49%. Since then it has fallen by 0.72% to 17.77%.

Fraction of Income towards Rent: Montana, US

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

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

Date US Montana
2016 20.43% 17.77%
2015 20.63% 18.49%
2014 20.89% 18.42%
2013 20.78% 17.63%
2012 20.65% 18.13%
2011 20.70% 17.64%
2010 20.50% 18.06%
2009 20.12% 17.78%
2008 19.00% 17.35%
2007 18.66% 15.96%
2006 18.90% 16.87%
2005 18.89% 16.85%

Renter Fraction in Montana

You can calculate the renter fraction in Montana 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 Montana as a fraction of total Montana households. In 2016 31.99% of households were renters according to Census ACS data.

Montana Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
Montana 31.99% -1.35% -1.13%

Trends in the Montana Renter Fraction

The Montana household renter fraction peaked in in 2014 at 33.61% and is now 1.62% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Montana, US

Fraction of renters in Montana

History of Montana Renter Fraction

Date US Montana
2016 36.88% 31.99%
2015 36.97% 33.34%
2014 36.90% 33.61%
2013 36.50% 33.12%
2012 36.09% 32.95%
2011 35.42% 32.08%
2010 34.65% 30.32%
2009 34.13% 30.78%
2008 33.36% 31.48%
2007 32.80% 30.38%
2006 32.73% 30.11%
2005 33.10% 30.90%

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.