Housing Construction Picks Up Speed in Missoula
The Q3 2021 Missoula multifamily market survey identified an uptick in multifamily construction and permitting. What’s more, local news sources verify that Missoula housing construction has made big strides across the county.
As of Q3, 1,145 building permits had been issued in 2021. This represents an increase of 203% over the previous year. However, demand continues to outstrip supply as apartment rental vacancy sits at 1.04%.
And, even as we see more product coming to market, rents continue to rise. Average trailing-twelve-month rent growth is up 16%. But, it is likely that landlords will have to become more competitive in their offerings.
However, the highest rent growth was seen in two-bedroom apartments, with the lowest rent growth in studios and one-bedroom units.
While plenty of new product is coming to Missoula, there is potential for current facilities to make additional improvements in their complexes. For renters, prices aren’t likely to drop but there will be more options.
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