Multifamily Apartment Units Vacancy Rates Double in Bozeman

by Michael Santoscoy, NNC Montana, December 25, 2022

Bozeman has delivered close to 400 new multifamily apartment units in 2022. (Photo: NBC Montana)

BOZEMAN, Mont. — Construction is ongoing across Gallatin Co. to help provide more apartment units.

In 2022, Bozeman delivered close to 400 new units.

Despite an increase in multifamily housing for a growing Bozeman community, vacancy rates are also rising. Just over 4% of multifamily rental properties are unoccupied throughout the city.

Real estate experts said it could really help with local staffing issues.

“This larger vacancy rate -- it might actually allow for easier living conditions for employees and all areas of Gallatin County,” said Casey Rose, commercial real estate adviser.

Rose said the vacancy rate is also helping with affordability issues for new apartment units.

“That’s just a healthy indicator that the market is stabilizing, and it’s a better balance between landlord and tenant, allowing for some more competition and those affordable prices for tenants,” said Rose.

Rose said he believes a larger supply of multifamily apartment units will eventually lead to competitive pricing and hopefully make Bozeman a more affordable place to live.

“It’s a huge plus, because it allows more competitive rent prices and more availability for living around Bozeman, which has been a big need in the recent years,” said Rose.

Source: NBC Montana, by Michael Santoscoy, December 25, 2022

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