Bozeman, with a population of approximately 55,000, experiences rapid growth and faces challenges in housing supply relative to demand. The median household income reached $79,903 in 2023, while 44.6% of housing units are owner-occupied, resulting in affordability issues. The establishment of luxury rentals, such as Buffalo Run, aims to cater to the strong rental demand. Real estate brokers indicate ongoing construction is expected to affect rental prices and the entry-level housing market significantly, particularly around high-demand areas like downtown.
Bozeman's median household income in 2023 was $79,903, and the owner-occupied housing unit rate was 44.6% between 2019 and 2023, indicating a high level of renter-occupied units.
A low owner-occupancy rate in a desirable, fast-growing city like Bozeman often correlates with affordability issues or limited for-sale housing stock, indicating a strong demand for rentals.
There are many luxury apartments being built around Bozeman, with many offering incentives to get renters to sign year-long leases, which highlights the competitive rental market.
Downtown still commands incredible rental rates for higher-end and amenity-rich properties, especially concerning month-long furnished rentals and short-term accommodations.
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