Strong Demand For Rentals In Missoula
There is a strong demand for rentals in Missoula, especially for single-family homes and duplexes.
In May 2020, the Montana Organization of Realtors issued its annual report that described the rental market in Missoula:
”A tight supply of available rentals kept the vacancy rate between 2.3 and 3.7 percent for each quarter of 2019. Houses and duplexes had the tightest supply, with vacancy rates of 2 percent or less, while multiplex rentals had a better supply with 5.1 percent annual vacancy. Rent prices increased for all types of rentals. The Missoula Housing Authority (MHA) subsidized rent with 774 Section 8 vouchers in 2019, but this does not meet the demand for assistance. In 2019, they had 1,707 households sitting on the Section 8 waiting list in hopes of a voucher. In the last two years, no new rent-restricted homes came online, but MHA and Homeword have plans in the works for new homes, including for those experiencing homelessness.”
According to the report, the rate of rent is increasing significantly.
“Rent prices increased in every single category in 2019,” the report states. “The largest increases came from single-family houses, where, for example, a 3-bedroom home averaged $1,366 per month, an increase of 20 percent from 2018. The average rent for one- and two-bedroom apartments in a multiplex also saw significant changes in rent from 2018 to 2019. A one-bedroom apartment went from $581 to $756 and two bedrooms went from $729 to $893.”
In the past decade, the demand for rentals has been steady in Missoula.
“From 2009 to 2018, Missoula’s average rent increased 8.6 percent,” the report notes.
The demand for a rental investment is high in Missoula. By partnering with Missoula Property Management owners are able to connect with the dozens of high-quality applicants that apply on rentinmissoula.com every day.
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