Those looking for an apartment in Bozeman in the last few weeks might have had a slightly easier time than they would have a few months ago. That is according to data from Sterling CRE Advisors. Analysts at Sterling CRE put together data for rental vacancies for the fourth quarter of 2022, which showed a vacancy rate of 4%.
The vacancy rate is even more notable coming in the fourth quarter, when rates are often at their lowest. The 4% rate is double the vacancy rate of 2.01% at the end of 2021, and more than double the rates earlier this year, which were 1.51% in the first quarter and 1.32% in the second quarter.
Sterling CRE Research Director Sara Townsley said in a press release that researchers also found renters were being offered incentives, like a 50% discount on first month’s rent. Townsley said it has been years since researchers have found incentives being offered in Bozeman.
“Such incentives indicate a newly competitive rental market in Bozeman,” Townsley said.