Developers and city officials broke ground last week on a new, awaited apartment complex designed to help add more rental inventory to the Bozeman market. The complex will now bring 48 new rental units to the Bozeman area to the previously planned 47.
The project has been sponsored by the Montana Board of Housing to give low-income residents a chance to rent the new units alongside those who can already compete at full market value. The MBH will give tax credits to the developers so they can in turn offer a few units to select families at up to 50% below market rent. The City of Bozeman continues to strive to have Bozeman be affordable to all residents and affordable housing projects like this, help keep people from being ‘priced out’ of their living arrangements.
In addition to increasing the number of subsidized, affordable units in Bozeman, the new apartment complex will add general apartment inventory. Having additional units in Bozeman will help increase rent competition, potentially lowering costs for tenants. Much like last year, Bozeman’s vacancy rate is essentially at 0 percent, which has lead to the sharp rise in rental costs around town. The overall population growth of Bozeman, as well as the growth of Montana State University, have both put a lot of stress of the remaining rental home inventory in the area.
Bozeman has approved both residential and commercial projects, whether full subdivisions or multi-family style living, all in an effort to increase the inventory and amenity spread of Bozeman. Bozeman continues to work hard to stay up with current growth and is still focused on keeping housing affordable in the area.