Great News For Bozeman Renters, So Will We Catch A Break?

A quick drive around Bozeman and it doesn't take long to see that there is a whole lot of construction, and most of that construction seems to be apartment buildings.

If you are one of the many renters that live here in Bozeman, then you know all too well that for the last few years, we've been paying ridiculous amounts in rent. In fact, there were horror stories of specific companies and landlords raising rent by hundreds of dollars a month during the height of the housing shortage.

So what's changed? Well, as far as apartments go, it seems we've got a lot more options now, which means we should start paying less rent, right?

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Technically, yes.  And that seems to be the case when you compare the numbers from 2023 to 2022.

Looking at data from Zillow, it looks like folks should be saving a decent amount of money compared to last year. The data suggest that rent is down over 800 dollars a year compared to last year, and there are almost 300 rentals available, and that doesn't take into consideration the hundreds of new apartments that are currently being built.

When my wife and I first moved to Bozeman a couple of years ago, trying to find an apartment was darn near impossible.  We were lucky to get on a waiting list for a unit at our complex, and just so happened to be picked.  That same complex now has over a dozen openings, and it seems to be that's the situation all across the city.

So the logic will say that with less demand and more supply, it's a renters market and even the Zillow data says that the market is cool right now, which means if you're a renter there's an excellent chance that you can find a better deal that you currently have.

Remember that when your lease expires.

Plus, while moving stinks and no one likes doing it, the fact that you could save hundreds of dollars each year makes it a little more bearable.