IS IT A GOOD TIME TO INVEST IN BOZEMAN?
In June, 2017 the Bozeman Daily Chronicle analyzed data from the Department of Revenue. They discovered that the value of residential properties inside Bozeman city limits increased by an average of 15% in the span of just two years. The increase in property values was not specific to a certain price point, location or style of home. According to the Chronicle “Pretty much every home in the city — Willson Street mansions, college rentals, newer construction on the west side — is valued higher than it was two years prior, often drastically so. Of the 9,333 residential properties inside city limits, DOR statisticians estimate that only 227 lost value over the reappraisal cycle.”
The amount of wealth this has created for property owners in Bozeman is remarkable. The increase comes out to more than $524 million of property value gained inside Bozeman city limits. So, yes. Being a property owner in Bozeman does pay off. And, as one of the fastest growing communities in the U.S, population growth and property values are showing no signs of diminishing.
WHAT'S BOZEMAN'S RENTAL MARKET LIKE?
Low supply and increasingly high demand continue to drive the cost of rent higher and higher. In the last 5 years, rent for a 1 bedroom apartment in Bozeman increased by 30% while rent for a two bedroom apartment increased by more than 60%*. According to a Bozeman Rental Housing Survey conducted in 2014, the vacancy rate for rentals in Bozeman was effectively zero. Since 2014, Bozeman’s population has increased by more than 3,500 people while enrollment at Montana State has increased nearly 8%. With Bozeman’s population growth showing no signs of slowing down, the housing market is struggling to catch-up. Bozeman's highly competitive rental market makes investing in Bozeman an appealing alternative. Click here to continue reading.
We are a locally owned real estate company in Bozeman, Montana. We work hard to be a trusted source of both real estate and community information. You can learn more about us here, meet our team, or read our blog.
Follow us:
Facebook | Instagram | YouTube
Find us:
Comments (1)Subscribe to CommentsComment