Department of Numbers

Great Falls Montana Residential Rent and Rental Statistics

The median monthly gross residential rent in Great Falls, MT (the Great Falls metro area) was $710 in 2016 according to the Census ACS survey.1 Average gross rent in Great Falls was $705 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 Great Falls median and average rent data will be released in September of 2018.

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.

Show dollars as: Nominal Real

Real Gross Rent in Great Falls 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%
Great Falls, MT Median Gross Rent $710 -1.66% +10.42%

Great Falls, MT Real Gross Rent Trends

Median gross rent for Great Falls peaked in real terms in 2015 at $722 and is now $12 (1.66%) lower. Average gross rent for Great Falls peaked in real terms in 2015 at $717 and is now $12 (1.67%) lower.

Real Gross Rent in Great Falls: Great Falls MT Median, Great Falls MT Average, Montana Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Great Falls

Date US
Median
Montana
Median
Great Falls, MT
Median
Great Falls, MT
Average
2016 $981 $741 $710 $705
2015 $972 $773 $722 $717
2014 $942 $717 $615 $621
2013 $910 $694 $643 $690
2012 $898 $692 $621 $650
2011 $898 $670 $615 $614
2010 $912 $685 $621 $604
2009 $916 $682 $564 $495
2008 $932 $714 $613 $622
2007 $885 $650 $535 $514
2006 $895 $670 $653 $638
2005 $869 $659 $614 $541

Great Falls 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 Great Falls Montana was 4.08% according to Census ACS data.

Rental Vacancy Rate in Great Falls Montana

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
Montana 6.18% +0.74% +0.71%
Great Falls, MT 4.08% +1.75%

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 10.44% to 4.08%. Data records for this series originated in 2005. From a 2013 post peak low of 2.33%, the rental vacancy rate has increased by 1.75%.

Rental Vacancy Rate: Great Falls MT, Montana, US

Rental vacancy rate in Montana

Historical Rental Vacancy Rate data for Great Falls

Date US Montana Great Falls, MT
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%
2008 7.86% 5.55%
2007 7.87% 4.26%
2006 7.70% 6.18%
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 18.88% in 2016 according to the ACS.

Great Falls 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%
Great Falls, MT 18.88% +0.11% +1.43%

Trends in Great Falls, MT Rent as a Fraction of Income

Great Falls renters paid 18.88% of median household income towards the median monthly gross rent in 2016. This is the highest fraction of median household income going to rent since the series originated in 2005.

Fraction of Income towards Rent: Great Falls MT, Montana, US

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

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

Date US Montana Great Falls, MT
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%
2008 19.00% 17.35% 15.21%
2007 18.66% 15.96% 13.33%
2006 18.90% 16.87% 16.76%
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 2016 36.50% of households were renters according to Census ACS data.

Great Falls 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%
Great Falls, MT 36.50% -2.34% +0.62%

Trends in the Great Falls, MT Renter Fraction

The Great Falls household renter fraction peaked in in 2012 at 39.01% and is now 2.51% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Great Falls MT, Montana, US

Fraction of renters in Great Falls

History of Great Falls Renter Fraction

Date US Montana Great Falls, MT
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%
2008 33.36% 31.48% 33.02%
2007 32.80% 30.38% 33.97%
2006 32.73% 30.11% 32.78%
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.