All homes and bedroom counts
RENTAL MARKET INTELLIGENCE
Billings, MT
Billings merits selective investigation by buyers prioritizing manageable renter costs and modest rent growth; yield-focused or employment-led investors should be cautious.
Median price$413k
Median rent$1,444
Gross yield4.2%
Job growth▼ 0.5%
Composite Market ScoreRank #378 of 571 scored US market areas
Direct rental answer
How much is rent in Billings, MT?
Zillow's metro-wide Observed Rent Index is $1,444 per month for 2026-06-30. That is up 3.50% from a year earlier.
Occupied rental units paying rent
Two-bedroom standard
These figures are not averaged together. Zillow and Realtor describe asking-rent markets, ACS measures rent paid by surveyed households, and HUD publishes administrative bedroom standards.
Exact county schedules
HUD rent benchmarks inside Billings
Every row keeps its own county FIPS schedule. No county is selected as a metro proxy and no synthetic metro FMR is calculated.
| County | Studio | 1 BR | 2 BR | 3 BR | 4 BR |
|---|---|---|---|---|---|
| Yellowstone County, MTFIPS 30111 | $1,016 | $1,109 | $1,417 | $1,951 | $2,216 |
| Carbon County, MTFIPS 30009 | $1,016 | $1,109 | $1,417 | $1,951 | $2,216 |
| Stillwater County, MTFIPS 30095 | $884 | $958 | $1,257 | $1,748 | $2,109 |
The read
Why this market scores where it does
Billings merits selective investigation by buyers prioritizing manageable renter costs and modest rent growth; yield-focused or employment-led investors should be cautious. Median asking rent is $1,444, up 3.5%, while the gross yield is 4.2%.
The opportunity is a relatively balanced rental burden: rent equals 22.45% of median household income. Migration was also positive, with 327 more households moving in than out. These signals support demand, but do not establish property-level returns.
The main tension is weaker employment alongside added housing and slower resale conditions. Jobs fell 0.5%, permits reached 968, and listings took 58 days to sell. Buyers should test whether achievable rent covers expenses and whether local flood exposure changes insurance or repair costs.
Frequently Asked Investor Questions
Are rents rising?
Yes. Median asking rent is $1,444 per month, up 3.5% year over year.
Is household migration positive?
Yes. Tax filings show 4,307 households moved in and 3,980 moved out, for net migration of 327.
How liquid is the resale market?
Median time on market is 58 days, and 19.12% of listings had price drops.
Investor Quick Takeaways
Gross Yield: 4.2%
Computed from the current Zillow rent and home-value medians.
Rent Momentum: ▲ 3.50%
Zillow ZORI rent growth trend over trailing 12 months.
Investor Activity: 9.2%
Originated investment purchase share (CFPB HMDA).
Climate Exposure: FEMA NRI
Annualized loss ratio evaluated for flood & hurricane risk.
Put the evidence to work
Test the market, then test the deal
Keep Billings as the starting point or move into a more specific property and rent check.
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Market pulse
The current market in eight signals
Fast-moving Redfin conditions sit beside the slower fundamentals so a buyer can separate today's negotiating climate from the long-run investment case.
Months of supply4.5 mo.▼ from 4.8 mo. a year ago
Median days on market58 days▼ from 59 days a year ago
Listings with price drops19.1%▲ from 19.1% a year ago
Sale-to-list ration/a2026-05-01
Home value growth▲ 2.3%Zillow ZHVI · trailing 12 months
Rent growth▲ 3.50%Zillow ZORI · trailing 12 months
Gross rental yield4.2%Rent × 12 ÷ price
Payroll job growth▼ 0.5%CES · 12m to 2026-06
Release-to-release evidence
What actually changed
This comparison exists because at least one underlying source period advanced. Rebuilding the same data never creates a new observation.
Published score held steady43→43
0 ptsThe published component scores did not move in this release.
Weights were unchanged at metro-2026-07-v2-omb2023, so the movement comes from refreshed evidence and percentile ranks.
The named source periods advanced, but the measured values on this page held steady.
The one chart
Rents versus prices, indexed to 2019
Both series start at 100. The gap between the lines is the investment case, and which line is closing it tells you what kind of market this is.
Reindexed Price vs. Rent Growth
2019 = 100 · annual · 2019–2026
Since 2019, prices are up 56% and rents 54%. Prices running ahead of rents is what compresses yield. ✓ recomputed from series
Composite breakdown
What each component measures
Weights are published, not hidden, and the arithmetic is shown. Five components, each measured as a national percentile across all tracked metros.
Published arithmeticComponent × weight = points
43| Signal | Score | Weight | Points |
|---|---|---|---|
| Job growth | 25 | 30% | 7.50 |
| Rent trend | 54 | 25% | 13.50 |
| Affordability | 65 | 15% | 9.75 |
| Supply pressure | 17 | 15% | 2.55 |
| Climate risk | 65 | 15% | 9.75 |
| Published score | 43 | ||
Billings, MT scoreRank #378
43Job growth25/100
Job: CES employment fell 0.5% -> tenant-demand underwriting should not rely on job growth.
Rent trend54/100
Rent: Asking rent rose 3.5% to $1,444 -> revenue conditions improved, though the 4.2% gross yield remains modest.
Affordability65/100
Afford: Rent equals 22.45% of median household income -> renter affordability appears less strained than the purchase price-to-income measure.
Supply pressure17/100
Supply: 968 permits and 4.5 months of supply -> new housing and available listings may limit owner pricing power.
Climate risk65/100
Climate: The inland-flood loss ratio is 0.1242% -> property-specific water exposure and insurance terms require review.
The numbers
What this market costs and what it earns
Every derived ratio below recomputes from the same source record used by the article and score.
ZHVI Median Price
$413k
YoY ▲ 2.3%
ZORI Median Rent
$1,444
YoY ▲ 3.50%
Gross Rental Yield
4.2%
Rent × 12 ÷ price
$1,444 × 12 ÷ $412,595
Job Growth (YoY)
▼ 0.5%
CES payrolls
Job signal 25/100
Median Household Income
$77k
Census ACS 5-year
Rent Burden
22.4%
Annual rent ÷ household income
Price-to-Income
5.3x
Median value ÷ household income
HUD 2BR Fair Market Rent
$1,417
Market rent 101.9% of FMR
Historical affordability context
Compare aligned 2019 and 2024 asking-rent and nominal household-income endpoints across the direct-overlap metro set.
Independent rent evidence
One market, several legitimate rent benchmarks
These releases observe different homes and different moments. RentMarker keeps them separate: ZORI remains the scoring baseline, while the other sources test how sensitive the market story is to bedroom mix and measurement method.
Monthly benchmark4 of 4 reported values
Zero-based scale$1,444Primary RentMarker baseline
2026-06-30
All homes and bedroom counts
A smoothed metro rent index for observed rentals; it is the primary rent used by RentMarker scores and career ratios.
View source release ↗$1,109−$335 vs ZORI
FY2026 FMR
One-bedroom standard
An administrative gross-rent benchmark used by HUD programs; it is neither a listing median nor a prediction of one lease.
View source release ↗$1,417−$27 vs ZORI
FY2026 FMR
Two-bedroom standard
An administrative gross-rent benchmark used by HUD programs; it is neither a listing median nor a prediction of one lease.
View source release ↗$1,117−$327 vs ZORI
ACS 2024 5-year
Occupied rental units paying rent
A five-year survey estimate of contract rent plus applicable tenant-paid utilities; it is not a current asking-rent index.
View source release ↗Take the next step
Keep Billings as context, then replace market-wide evidence with the candidate property's facts.
Direct local rental evidence
Recent leases and rental-market liquidity in Billings, MT
These Apartment List observations match the exact metro CBSA code 13740. They are kept separate from Zillow asking rent, Census occupied-home rent and property-level comparables.
Direct recent-lease rent history
Monthly overall-rent index; missing observations are not filled from another geography.
Recent-lease rent$1,2832026-07 · -2.8% year over year
Rental vacancyn/an/a
Time on marketn/an/a
Regional price level
What feels expensive inside Billings
BEA compares each category with the United States, which equals 100. This is a 2024 price-level comparison—not annual inflation.
BEA Regional Price Parities · 2024US = 100
Occupation wage lens
How asking rent sits against major local occupations
Annualized Zillow asking rent is divided by each BLS annual median wage. This is a screening ratio for one wage, not a household budget or affordability verdict.
Six largest published major groupsannual rent ÷ median wage
Office and Administrative Support Occupations$46,010 median wage
37.7%
Food Preparation and Serving Related Occupations$30,420 median wage
57.0%
Sales and Related Occupations$38,440 median wage
45.1%
Transportation and Material Moving Occupations$46,310 median wage
37.4%
Healthcare Practitioners and Technical Occupations$82,120 median wage
21.1%
Construction and Extraction Occupations$62,170 median wage
27.9%
Supply pipeline
What is being built, and for whom
Permits are the 12-to-24 month early warning. The total matters less than the mix: apartments compete with a rental the day they open.
National supply context
Compare this authorization pipeline with asking-rent growth, jobs and for-sale liquidity across the evidence-complete metro set.
Building permits by structure type
units per year · latest year annualised
830 units authorised in 2026, 4% of them in 5+ unit buildings. This is a single-family building cycle, so the competition is other houses, not new apartments. ✓ recomputed from series
Who is arriving, and who is buying
Demand, and the competition for it
Tax filings say how many households moved and what they earn; mortgage disclosures say how many local purchases went to someone who will not live there. Moves between counties inside this metro are netted out of both flow figures.
Net Household Move
+327
4,307 in vs 3,980 out (IRS SOI)
▲ 7.6% of arriving households
Mover Income Gap
+$1,435
Arriving $67,197 vs leaving $65,762
Average AGI per tax return (IRS SOI)
Investor Purchase Share
9.2%
216 of 2,338 originated purchase loans
CFPB HMDA 2024
Dominant Hazard
inland flooding
0.124% building value annual loss ratio
FEMA NRI · risk type: water
Compare yield and FEMA exposure →Households arrive mainly from: Gallatin County · Missoula County · Big Horn County · Maricopa County · Cascade County
✓ 4,307 in − 3,980 out = 327 netDirect market links
Where tax-return households moved from and to
These are the largest flows where both counties map to a RentMarker market area. They are a documented subset of the all-US IRS totals above.
Leading inbound markets
- Bozeman, MT281 arriving
- Seattle, WA116 arriving
- Missoula, MT96 arriving
Leading outbound markets
- Bozeman, MT217 leaving
- Missoula, MT113 leaving
- Phoenix, AZ95 leaving
The other side
What would make this a bad buy
Generated from the same figures with the instruction to argue against the score, and published unedited. A page that only agrees with itself is an advertisement.
Three ways the case breaks
- Employment weakness could reduce tenant demand or rent-collection resilience.
- New permitting and available for-sale supply could constrain rent or resale pricing power.
- Inland-flood exposure could add insurance, mitigation, or repair costs at specific properties.
Inside this metro area
Move from the market-area average to local evidence
Use the available county and city pages to add local price, rent, housing, migration and hazard context to the market-area view.
Statistical peers
Market areas that behave like Billings
Nearest neighbours on price level, income, yield and job growth — not on geography. Every market page gets a different peer set, which is the point.
| Market area | Score | Price | Rent | Yield | Job Growth |
|---|---|---|---|---|---|
| Billings, MT (Target) | 43 | $413k | $1,444 | 4.2% | ▼ 0.5% |
| Idaho Falls, ID | 38 | $413k | $1,414 | 4.1% | ▼ 0.1% |
| Whitewater, WI | 67 | $412k | $1,333 | 3.9% | ▼ 0.3% |
| Grand Junction, CO | 49 | $438k | $1,766 | 4.8% | ▼ 0.2% |
| Eau Claire, WI | 48 | $326k | $1,215 | 4.5% | ▼ 0.2% |
Provenance
Where every figure came from
“Checked nightly” means every source is re-pulled and re-verified each night. It does not mean every source moves nightly — the release column tells you how fresh each number can possibly be.
| Dataset Source | Method | Release Period | Pulled Date |
|---|---|---|---|
| Census ACS 5-year — household income and gross rent | direct | ACS 2024 5-year | 2026-08-05 |
| Census ACS 5-year — historical household income | direct | ACS 2019 and 2024 5-year | 2026-08-05 |
| Census ACS 5-year — population | direct | ACS 2024 5-year | 2026-07-26 |
| Apartment List Rent Estimates — recent-lease rent index | direct | Apartment List 2026-07 | 2026-08-08 |
| Apartment List Time on Market — listing liquidity | direct | Apartment List 2026-07 | 2026-08-08 |
| Apartment List Vacancy Index — rental vacancy | direct | Apartment List 2026-07 | 2026-08-08 |
| BEA County Personal Income — income and population | direct | 2024 County Personal Income (released 2026-02-05); history 1969-2024 | 2026-08-03 |
| BEA Regional Price Parities — metropolitan price levels | direct | 2024 Regional Price Parities (released 2026-02-19); history 2008-2024 | 2026-08-03 |
| BLS CES — payroll employment | direct | CES SM current | 2026-07-26 |
| BLS LAUS — resident employment | direct | LAUS current | 2026-07-26 |
| BLS OEWS — occupation employment and wages | direct | May 2025 OEWS estimates (released 2026-05-15) | 2026-08-03 |
| BLS QCEW — county employment and wages | direct | annual county employment and wages 2021-2025; latest 2025 vs 2024 | 2026-08-02 |
| OMB/BLS delineation — metro geography | direct | OMB July 2023 delineation | 2026-07-30 |
| Census Building Permits Survey — permitted units | direct | BPS through 2026 | 2026-07-26 |
| Census ACS 5-year — city population, households and housing | direct | ACS 2024 5-year | 2026-07-29 |
| Census ACS 5-year — county housing value, tenure and stock | direct | ACS 2024 5-year | 2026-07-30 |
| Census ACS 5-year — cities and communities | direct | ACS 2024 5-year | 2026-07-30 |
| Census ACS five-year — ZCTA housing and income | direct | ACS 2024 5-year ZCTA | 2026-08-08 |
| FEMA National Risk Index — hazard loss ratios | modelled | NRI counties (FEMA ArcGIS) | 2026-07-26 |
| FHFA House Price Index — annual county appreciation | direct | annual county HPI history 1975-2025; latest 2025 | 2026-08-02 |
| HMDA / CFPB — purchases by occupancy type | direct | HMDA 2024 purchase originations | 2026-07-26 |
| HUD CHAS — renter burden by HAMFI income band | direct | HUD CHAS 2018-2022 ACS 5-year (released 2025-12-23) | 2026-08-03 |
| HUD Fair Market Rents — Section 8 standard | direct | FY2026 FMR | 2026-07-26 |
| HUD USPS crosswalk and Small Area FMRs — ZIP rent fallback | direct | ZIP-CBSA 2025Q4 + SAFMR FY2026 | 2026-07-26 |
| HUD-USPS ZIP-to-county residential-address crosswalk | direct | HUD-USPS 2026Q1 | 2026-08-09 |
| IRS SOI — county migration and mover income | direct | SOI migration 2022-2023 | 2026-07-26 |
| Freddie Mac PMMS — mortgage rates | direct | week of 2026-07-30 | 2026-08-06 |
| Census ACS 5-year — effective property tax | direct | ACS 2024 5-year | 2026-08-06 |
| Realtor.com Economic Research — county listing inventory | direct | county inventory 2026-06 | 2026-07-28 |
| Realtor.com Rental Report — top-50 asking rents | direct | top-50 rental asking rents 2026-05 | 2026-08-05 |
| Redfin Data Center — inventory, days on market, and price cuts | direct | metro tracker through 2026-05-01 | 2026-07-26 |
| Redfin Data Center — ZIP resale activity and supply | direct | ZIP rolling 3 months through 2026-06-30; updated 2026-07-03 | 2026-08-12 |
| USDA ERS — Rural-Urban Continuum Codes | direct | USDA ERS 2023 Rural-Urban Continuum Codes | 2026-08-02 |
| Zillow ZHVI and ZORI — county values and rents | direct | county ZHVI/ZORI 2026-06 | 2026-07-26 |
| Zillow ZHVI — metro home values | direct | Metro_zhvi_uc_sfrcondo_tier_0.33_0.67_sm_sa_month.csv | 2026-07-26 |
| Zillow ZHVI — city home values | direct | zillow_zhvi_city.csv | 2026-07-29 |
| Zillow ZORI — metro market rents | direct | Metro_zori_uc_sfrcondomfr_sm_sa_month.csv | 2026-07-26 |
| Zillow ZORI — city market rents | direct | zillow_zori_city.csv | 2026-07-29 |
| Zillow ZORI - metro market rents, not seasonally adjusted | direct | Metro_zori_uc_sfrcondomfr_sm_month.csv | 2026-08-15 |
| Zillow ZORI — ZIP market rents | direct | ZORI ZIP 2026-06 | 2026-08-08 |