Bozeman Montana Rental Study (Part 1 of 2)
Dab Dabney, real estate expert of 30 years, has never seen a town with fewer available options for renters than in Bozeman currently. Of 796 reviewed rentals, 15 were open for renting. The lack of supply and high demand is ratcheting prices up. Dabney predicts that rent will see an increase of 5-8%. “You’re going to have a lot of people looking at increasing home costs and flat incomes,” he said. “They’re going to get squeezed.”
What makes Bozeman a story unto itself regarding rentals is the amount of transitory people who call Bozeman home for over half of the time due to Montana State University, one of Montana’s two largest campuses. Bozeman’s need for affordable housing for students and families alike is extremely acute. 49% of renters in Bozeman pay more than 30% of their income to their rent.
At MSU, “the rate of growth over the past 10 years has been around 200 students a year, with no new student housing being constructed in recent years,” the study says. “Assuming three people per dwelling unit, the growth rate would indicate about 60 new households a year living off campus.”
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