Department of Numbers

Billings Montana Residential Rent and Rental Statistics

The median monthly gross residential rent in Billings, MT (the Billings metro area) was $829 in 2016 according to the Census ACS survey.1 Average gross rent in Billings was $845 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 Billings median and average rent data will be released in September of 2018.

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

Show dollars as: Nominal Real

Real Gross Rent in Billings 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%
Billings, MT Median Gross Rent $829 -4.60% +12.18%

Billings, MT Real Gross Rent Trends

Median gross rent for Billings peaked in real terms in 2015 at $869 and is now $40 (4.60%) lower. Average gross rent for Billings peaked in real terms in 2015 at $900 and is now $55 (6.11%) lower.

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Billings

Date US
Median
Montana
Median
Billings, MT
Median
Billings, MT
Average
2016 $981 $741 $829 $845
2015 $972 $773 $869 $900
2014 $942 $717 $777 $813
2013 $910 $694 $739 $886
2012 $898 $692 $723 $761
2011 $898 $670 $653 $715
2010 $912 $685 $716 $714
2009 $916 $682 $725 $739
2008 $932 $714 $766 $780
2007 $885 $650 $661 $693
2006 $895 $670 $653 $659
2005 $869 $659 $669 $663

Billings 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 Billings Montana was 4.37% according to Census ACS data.

Rental Vacancy Rate in Billings Montana

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
Montana 6.18% +0.74% +0.71%
Billings, MT 4.37% +0.15% +0.02%

Trends in Billings, MT Rental Vacancy Rate

The rental vacancy rate in Billings peaked in 2012 at 7.81%. Since then it has fallen by 3.44% to 4.37%. Data records for this series originated in 2005.

Rental Vacancy Rate: Billings MT, Montana, US

Rental vacancy rate in Montana

Historical Rental Vacancy Rate data for Billings

Date US Montana Billings, MT
2016 5.89% 6.18% 4.37%
2015 5.85% 5.44% 4.22%
2014 6.32% 6.13% 7.72%
2013 6.49% 5.47% 4.35%
2012 6.77% 6.78% 7.81%
2011 7.40% 7.56% 6.87%
2010 8.17% 6.76% 3.32%
2009 8.43% 6.58%
2008 7.86% 5.55%
2007 7.87% 4.26% 3.27%
2006 7.70% 6.18% 7.36%
2005 7.74% 6.52%

Rent as a Fraction of Income

Using median household income data for Billings, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Billings, median monthly gross rent as a fraction of median household income was 17.14% in 2016 according to the ACS.

Billings 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%
Billings, MT 17.14% -0.84% +0.37%

Trends in Billings, MT Rent as a Fraction of Income

The fraction of median Billings household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 18.10%. Since then it has fallen by 0.96% to 17.14%.

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

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

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

Date US Montana Billings, MT
2016 20.43% 17.77% 17.14%
2015 20.63% 18.49% 17.98%
2014 20.89% 18.42% 18.10%
2013 20.78% 17.63% 16.77%
2012 20.65% 18.13% 17.35%
2011 20.70% 17.64% 16.31%
2010 20.50% 18.06% 16.79%
2009 20.12% 17.78% 17.23%
2008 19.00% 17.35% 16.21%
2007 18.66% 15.96% 14.63%
2006 18.90% 16.87% 15.25%
2005 18.89% 16.85% 16.47%

Renter Fraction in Billings Montana

You can calculate the renter fraction in Billings 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 Billings as a fraction of total Billings households. In 2016 29.93% of households were renters according to Census ACS data.

Billings 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%
Billings, MT 29.93% -2.57% -4.12%

Trends in the Billings, MT Renter Fraction

The Billings household renter fraction peaked in in 2013 at 34.05% and is now 4.12% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Billings MT, Montana, US

Fraction of renters in Billings

History of Billings Renter Fraction

Date US Montana Billings, MT
2016 36.88% 31.99% 29.93%
2015 36.97% 33.34% 32.50%
2014 36.90% 33.61% 31.95%
2013 36.50% 33.12% 34.05%
2012 36.09% 32.95% 31.05%
2011 35.42% 32.08% 29.20%
2010 34.65% 30.32% 30.24%
2009 34.13% 30.78% 29.63%
2008 33.36% 31.48% 31.55%
2007 32.80% 30.38% 27.52%
2006 32.73% 30.11% 27.42%
2005 33.10% 30.90% 31.62%

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.