Western Montana has seen a surge in property values over the past decade. Even with the current correction in prices, the average home price is still out of reach for residents making the average income for the area. That has not stopped people from moving here for school, jobs or to retire in our little piece of heaven.
Renting in Missoula, once popular mostly with the University students and young adults, has developed into almost half (49.75%) of the housing demographics in Missoula. Rents in and around the University of Montana have traditionally been high, but now with the higher need for rentals in the area, rents through out Missoula have seen considerable increases over the past several years. This is not to say affordable housing is a farce in Missoula, but that there is an increasing number of rentals that are seeing rising rent amounts.
Currently the median rent for Missoula is just under $500 ($472) with much higher rents in some areas and lower in some of the large rental complexes that have been built recently. As an investor, Missoula is a great place to enter the rental market. My wife and I have purchased 2 houses close to the University and have seen the rents increase close to 40% in 3 years. There are 41 multifamily listings in the Missoula area as of today, with the lowest asking price at $139,000 and the highest at $865,000. If you or anyone you know are interested in a hot rental market that is only seeing increases, please feel free to contact me and I will gladly fill them in on more market information. Thanks for your time.
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