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Billings Approves 248-Unit, 15-Story Apartment Tower for 2028 Opening
A 15-story project with 248 units cleared initial review at the Billings Planning Commission this week and targets a 2028 opening on North 27th Street.
How we reported this
The Billings Planning Commission voted 6-1 on July 7 to advance plans for a 15-story apartment tower containing 248 units at the corner of North 27th Street and 4th Avenue North.
Billings added roughly 3,200 residents between 2023 and 2025, according to Yellowstone County records, pushing rental vacancy below 4 percent for the first time since 2019. Developers say the new tower will add supply at a moment when average one-bedroom rents have climbed to $1,425 a month.
Site ties into downtown renewal zone
The parcel sits inside the North 27th Street Urban Renewal District, a program administered by the Billings Urban Renewal Agency that offers tax-increment financing for projects adding residential density. The site is two blocks from the Billings Public Library main branch and one block from the new MetraPark pedestrian entrance opened last fall. City staff noted that the tower will include 32 units reserved for households earning 60 percent of area median income under the city’s inclusionary housing guidelines.
Rents and absorption data
Billings Association of Realtors data released in May showed multifamily absorption at 187 units in the first quarter, up from 112 units in the same period last year. The new tower’s projected rents range from $1,350 for studios to $2,150 for two-bedroom units, figures that sit roughly 8 percent below current asking prices for comparable new construction in the Rimrock neighborhood. Construction is slated to begin in spring 2027 once final permits clear the Yellowstone County Building Department.
Prospective tenants can register interest through the developer’s website or contact local property managers such as the Billings office of Greystar, which will handle leasing. The city’s housing office will open a waitlist for the affordable units in January 2027.
This article is general information only and is not personal financial or investment advice. Consider your own circumstances and seek licensed professional advice before making financial decisions.