As many local Bozeman residents have surely figured out, a new apartment complex will be coming to the MSU area, south of the football stadium, to help ease the rental vacancy issues in Bozeman. Bozeman has been attracting more and more new residents of late as it has become one of the nation's most liveable towns. Both the local public schools and MSU have seen increased enrollments--also putting strain on the rental market. The apartments will add nearly 500 renters, but whether that will make any major changes to the overall market are yet to be seen.
According to the Bozeman Daily Chronicle, 3,200 additional renters have been added to the Bozeman market since 2010, assuming half of the new non-student residents are renting and not buying. If this is the case, and with 888 new apartments and 371 multi-family units built since 2010, the Bozeman Chronicle believes that Bozeman is still short on rental inventory.
Bozeman has been working with consultants, builders and Montana State University to help ease the high costs of renting in the area. Nationally, renters have been struggling with affordability issues as well as vacancy issues and Bozeman has seen similar concerns. The surrounding areas of Bozeman have provided residents with some respite, offering better rental prices.
Bozeman has been adding more inventory through new apartments and in some cases new subdivisions to help keep prices manageable. The apartment complex is another effort to help create a more positive rental market in the future.
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