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Is Renting in Montana Affordable? A Guide to Average Rent Prices

Mark Barnett
Last Updated: January 12th, 2025

Montana is tucked away in the heart of the American West, and it’s a state that instantly wows you with jaw-dropping scenery and delicious foods. From the rugged Rockies to the endless prairies, it’s no wonder they call it Big Sky Country. Whether you’re into hiking, fishing, or skiing, Montana is an outdoor enthusiast’s dream. Add its laid-back vibe and growing economic opportunities, and it’s easy to see why more people are calling it home.

As Montana’s charm continues to attract new residents, the rental market is heating up, whether you’re eyeing lively cities like Missoula and Bozeman or the peace and quiet of rural areas. If you’re planning to rent here, understanding the market is key to finding the perfect spot.

In this guide, we’ll break down average rent prices, explore how they vary across regions, and look at the factors driving these trends. By the end, you’ll have the know-how to confidently navigate Montana’s rental scene.

Factors Affecting Rent Prices in Montana

Several key factors influence rental costs throughout Montana, creating a diverse and dynamic housing market. 

Understanding these factors is crucial for renters navigating Montana’s varied rental landscape, where prices can range from $392 in rural areas like Hot Springs to $2,230 in popular destinations like Bozeman, known for its outdoor recreation opportunities.

Location

The location of a rental property significantly impacts its price, with substantial variations across different regions:

Urban Centers:

  • Major cities like Billings ($1,219), Missoula ($1,533), and Bozeman ($2,230) command higher rents due to their strong job markets and urban amenities.
  • University presence in Missoula and Bozeman drives additional rental demand
  • Access to healthcare facilities, shopping centers, and entertainment venues justifies premium pricing
  • Public transportation and infrastructure availability influence rental rates

Rural Areas:

  • Smaller towns and rural regions in Montana offer more affordable options, with rents averaging as low as $392 to $510 monthly in areas like Hot Springs and Libby
  • Limited rental inventory can affect availability and pricing
  • Distance from major employment centers typically results in lower rental costs
  • Reduced access to amenities often leads to more competitive pricing

Strategic Locations:

  • Properties near national parks command premium rates during peak seasons
  • Proximity to ski resorts significantly impacts rental costs in Montana. In Whitefish, the median rent is approximately $2,700 per month. In Big Sky, the median rent is around $1,750 per month.  These higher rental prices are influenced by the desirability of living near premier ski destinations, which attract both seasonal visitors and year-round residents seeking access to outdoor recreational activities.
  • University adjacent properties see consistent demand and higher rates
  • Access to major highways and transportation hubs affects pricing

Property Type

Property characteristics play a crucial role in determining rental rates:

Housing Categories:

  • Apartments average $1,605 monthly, offering more affordable options
  • Single-family homes command higher rents, averaging $1,769 monthly
  • Multi-unit buildings often provide better value per square foot
  • Townhouses and duplexes typically fall between apartment and house prices

Size Considerations:

  • Studio apartments: Approximately $1,274
  • One-bedroom units: Around $1,350
  • Two-bedroom properties: About $1,676 
  • Three-bedroom homes: Approximately $1,983 

Property Conditions:

  • New construction commands premium rates
  • Recently renovated units typically price 15-20% higher than dated properties
  • Historic properties in prime locations often command premium rates
  • Maintenance level and included amenities affect pricing

Seasonality

Montana’s rental market experiences significant seasonal fluctuations:

Peak Seasons:

  • Summer tourism (June-August) drives up short-term rental rates
  • Winter ski season (December-March) affects prices in resort areas
  • University towns see increased demand during academic year start (August-September)
  • Holiday periods command premium rates in tourist destinations

Off-Peak Opportunities:

  • Spring (April-May) often offers more favorable rates
  • Fall (October-November) provides better rental availability
  • Winter in non-ski areas tends to have lower rates
  • Extended stay discounts available during shoulder seasons

Average Rent Prices Across Montana

Montana’s rental landscape offers a diverse range of options, with prices varying significantly across different regions and property types. As of January 2025, the statewide average rent stands at $1,348 per month, representing a 1.4% increase over the past year. Let’s break down the rental market to provide a comprehensive view of housing costs in Big Sky Country.

Statewide Averages

When comparing housing types, apartments offer more affordable options, averaging $1,172 per month, while single-family houses command a higher average of $1,795 per month. This price difference reflects the additional space, privacy, and amenities typically associated with standalone homes.

Here’s a comprehensive breakdown by property type:

Property Type

Average Rent

All Property Types

$1,200/month

Apartments

$1,000/month

Houses

$1,500/month

The rental market also shows significant variation by unit size. Studio apartments provide the most affordable entry point, while larger units command premium prices:

Bedroom Count Average Rent
Studio $800/month

1-Bedroom

$1,000/month

2-Bedroom

$1,300/month

3-Bedroom

$1,600/month

Regional Variations

Montana’s rental prices demonstrate substantial regional differences, influenced by factors such as local economies, tourism, and population density. Here’s a detailed breakdown of average rents across key regions:

Region

Average Rent

Billings (urban)

$1,219/month

Missoula (urban)

$1,533/month

Bozeman (urban)

$2,275/month

Whitefish (tourist)

$2,350/month

Big Sky (tourist)

$1,750/month

Smaller Towns (rural)

$900/month

Note: While specific data for smaller towns and rural areas is limited, these regions generally offer more affordable options, with average rents typically lower than urban and tourist destinations. Rural areas often provide better value for renters willing to compromise on proximity to urban amenities, though availability can be more limited and seasonal factors may affect pricing.

Comparison with National Averages

Montana’s average rent of $1,351 per month is notably lower than the national average of $2,012 per month. This represents a difference of $661, making Montana approximately 32.9% more affordable than the national average. This significant difference highlights Montana’s relative affordability in the broader U.S. rental market.

This cost advantage makes Montana an attractive option for renters seeking more affordable housing options, particularly when compared to high-cost states. However, it’s important to note that certain areas within Montana command premium rates that exceed the national average. For example, Bozeman ($2,230) and Whitefish ($2,700) have significantly higher rents due to their status as popular urban centers and tourist destinations. These areas reflect the growing demand and economic vitality of Montana’s most desirable locations, where rental prices can be up to 16.8% higher than the national average.

Tips for Finding Affordable Rentals in Montana

Finding an affordable rental in Montana requires strategic planning and flexibility, especially given the significant price variations between urban centers, tourist destinations, and rural areas. With the average rent at a little over $1,300 statewide and prices reaching as high as $2,700 in tourist hotspots like Whitefish, following these key strategies can help you secure a more budget-friendly rental:

  • Start your search early: Montana’s rental market can be competitive, especially during peak seasons. Begin looking at least 2-3 months before your intended move date to have the best selection of properties.
  • Consider smaller towns or rural areas: Rent prices tend to be lower outside of major cities. While urban centers like Bozeman average $2,230 per month, smaller towns can offer significantly more affordable options.
  • Look for older or less updated properties: These can often be more affordable than newer, luxury rentals. While newer properties in tourist areas command premium prices, older units can provide substantial savings.
  • Be flexible with your move-in date: You may find better deals if you’re flexible with your timing. Consider moving during off-peak seasons when demand is lower.
  • Negotiate with landlords: Don’t be afraid to try to negotiate a lower rent price, especially if you’re a long-term renter. Property owners may be willing to adjust rates for reliable, long-term tenants.

By implementing these strategies and remaining patient in your search, you can increase your chances of finding an affordable rental that meets your needs while staying within your budget. Remember that timing and location flexibility are often key factors in securing the best rental deals in Montana’s diverse housing market.

Conclusion

Montana’s rental market offers a variety of options, with the statewide average rent at $1,348 per month. Urban hubs like Bozeman and popular tourist destinations such as Whitefish command premium rates, averaging $2,230 and $2,700 respectively. In contrast, more affordable options are available in cities like Billings, where the average rent is $1,219, and rural areas often provide even lower rates.

Finding affordable housing in Montana requires thorough research and strategic planning. Renters should consider price variations between property types—apartments average $1,000, while houses typically cost around $1,500—and the impact of location on costs. Flexibility with timing, property type, and location often proves crucial in securing the best deals.

Montana’s blend of natural beauty, outdoor recreation, and diverse communities makes it a desirable place to live. With careful preparation and patience, prospective residents can find their ideal Montana home, balancing costs with lifestyle preferences.

About The Author

Mark Barnett

Mark Philip is a writer and lifestyle enthusiast from the Midlands in the U.K. With a background in martial arts and fitness, Mark headed out to Bangkok, Thailand where he now lives and works. Mark has authored e-books, articles, and blogs across a wide range of topics for commercial, educational, factual, lifestyle and leisure-based purposes.

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