$8000 a month for a rental in Bozeman? How does Bozeman stack up versus New York rent?

BOZEMAN, MT- Right now, one of the biggest conversations, really anywhere but especially in Montana, is surrounding the price of rent and purchasing housing.

A Zillow listing posted for the Bozeman area is turning heads. Currently, a three-bedroom house is listed for $8000, and it’s for rent at $8000.

Per Zumper, the average rent for a 1-bedroom apartment in Bozeman, MT is currently $1,848. This is a 16% increase compared to the previous year.

The law in Montana does not limit the amount your landlord may charge you for rent. Meaning there is no rent control.

With apartment vacancy at 2%, people are making tough decisions, to stay or go. Sterling CRE says one of the biggest reasons for the issue, just in the Bozeman area, has to do with low inventory.

The Gallatin Valley has exploded just over the last three years and jumped off the micropolitan list to the metropolitan list. The once a small town is on the fast track to becoming the largest city in the state.

Housing and rental prices also aren’t just a problem in Bozeman but other cities across the state as well.

Berkshire Hathaway in Butte said in a previous interview, that just in 2022, Butte and Bozeman saw a 46% increase in the median sale price in homes.

So with the average price for a rental in Bozeman near $2000, and with that said there are exceptions, how does the Bozeman price tag translate versus the rest of the country?

Rental prices in Miami for a studio apartment on the most inexpensive is listed at $1300, Beverly Hills at $1700 for a two-bedroom unit, and Studio in New York will set you back $1600.

Recently, Governor Greg Gianforte put out an initiative called "Come Home Montana," with the hope of bringing back people from the area who can create new good-paying jobs and businesses.

"No matter how long you’ve been away, now is the time to come home to rural Montana. Bring your remote job to one of our many growing, community-focused towns. Embrace the life you truly want to live," the governor's website reads, saying "as our rural towns grow, something is missing. You."

Montana’s unemployment rate in April remained at a record-low 2.3%, the fifth-lowest in the nation, beating the national rate of 3.6%.

The Helena Area Habitat for Humanity recently put out a statement saying that Governor Gianforte’s campaign, Come Home Montana, reveals one flaw in an otherwise excellent plan to attract Montana youth back to our communities, they can’t come home.

Saying that these are the things Habitat for Humanity needs to help solve the housing crisis:

• Financial investment at the local and state level to make homes affordable.

• Housing regulations that encourage density and growth in our urban growth boundaries.

• Local and state investments in infrastructure (sewer and water).

• Expanded partnerships between the public and private sectors which focus on building mixed-income communities.

• Expansion of Community Lands Trusts which make homes permanently affordable for generations of Montanans.

With booming job markets and economies across the state, the question now becomes how can the housing market keep up with supply and demand.

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