MARKET SNAPSHOT Montana q3 2025

Market Overview

‍In Q3 2025 the Montana multifamily market demonstrated resilience as average asking rent increased 2.6% year-over-year to about $1,415 per unit while occupancy remained strong at 93.8%. Although net absorption amounted to 305 units and completions reached 495 year-to-date, the absence of any new units in pipeline in major markets like Billings, Missoula and Great Falls suggests supply-side constraint is emerging and positions the region for gradual tightening.

‍About MMG

‍MMG Real Real Estate Advisors is a U.S.-based research and advisory firm focused on metro-level multifamily housing markets. Their Montana Q3 2025 market report collates key metrics on rents, occupancy, absorption, deliveries and pipeline conditions to help owners, developers and investors refine timing and strategic positioning. To read the full report click here.