property

Billings Rents Hit $1,299-$1,556 as New Housing Projects Emerge

Housing conversions and retail expansions are progressing as average rents sit between $1,299 and $1,556 per month with moderating growth.

By Billings Property Desk · Published July 24, 2026

How we reported this

This article was written by AI and was not reviewed by a journalist before publishing. The Daily Billings is part of The Daily Network and follows our reasonable editorial care. No sources are linked on this page, so its claims cannot be independently checked here.

Daily Network finance briefing tile, illustration, not a photograph

The average rent in Billings, MT in 2026 ranges between $1,299 and $1,556 per month, with a median of approximately $1,350-$1,425. This pricing occurs while rent prices rose 3.9% year-over-year, though overall growth has moderated to the 1%-3% range annually.

These figures arrive as the rental market continues to favor landlords with a vacancy rate of roughly 4%, yet demand has stabilized and renters have grown more price-sensitive compared with 2024-2025. Billings remains roughly 22%-30% more affordable than the national median, and the largest share of inventory sits priced between $800 and $1,500.

Housing Conversions Underway

The Old Billings Hardware Building is being converted into 24 housing units and commercial space, with project approval granted in 2025, construction beginning in Q1 2026, and completion expected by summer 2027. The Futurity Tower, a 12-story mass timber high-rise that includes retail and housing, is currently in environmental study and design as of 2026 and would mark the first new high-rise built in Montana since 1984.

These additions expand local housing options at a time when forecasts point to prices stabilizing by the end of 2026. The projects sit within a broader pattern of downtown activity that saw 25 new businesses open in 2025 against only 8 closures.

Retail Projects on the West End

A new Tractor Supply Co. store is under construction behind the Costco site at 3880 Zoo Dr. on Billings' west end, near the Shiloh Crossing retail hub. The $40 million AC Hotel Billings, a seven-story Marriott property with roughly 140 rooms, is also under construction following the June 2025 demolition of the Rockman Building and is projected to complete by summer 2027.

These retail and hospitality projects coincide with local employment data showing an unemployment rate of approximately 2.8% and 300 jobs added in April 2026, with total employment reaching 61,648. Healthcare remains the largest employment sector, followed by construction at 6.4% of local jobs.

Market Stabilization Ahead

Rent growth has slowed from earlier peaks, and projections indicate further moderation through the remainder of 2026. With the largest share of units priced between $800 and $1,500, the market continues to offer options that sit below national medians even as new units and retail space come online.

Property owners and renters can monitor completion timelines for the Old Billings Hardware conversion and Futurity Tower to assess how added supply may influence availability and pricing in the months ahead.

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.