Bozeman multifamily vacancy has seen an increase in vacancy rates, according to a report from the Sterling Commercial Real Estate Advisors research team.
In the fourth quarter of 2022, the multifamily vacancy rate in Bozeman rose to 4.06%, double the rate from the same period the previous year. As a result of the increase in vacancy, rent increases in Bozeman slowed down, with the average annual rent increase coming in at 2.89%. In comparison, rents in Missoula saw an increase of 17.87% during the same period.
Despite the increase in vacancy, Bozeman’s multifamily market is still considered tight, with around 1,300 new apartment units currently under construction. While developers are still optimistic about the market, with a large number of new market-rate units in the planning stages, there is still a need for more income-restricted housing options in Gallatin County. If your group is interested in a deeper dive into Bozeman multifamily data, click here to book.
To learn more about the state of the Bozeman multifamily market, contact Casey Rose at 406-414-4507. For a copy of the full Bozeman Multifamily Report, please submit the form below.