With New Construction, When Can We Expect A Rent Drop In Bozeman?
For those of us who live and rent in Bozeman, we're all familiar with how much of our income goes to housing each month. In fact, for many of us, the sky-high prices resorted in an additional part-time job or a roommate.
There were a few reasons behind this big jump, but the main reason was supply and demand. Everyone wanted to move to Bozeman and with limited units available, property owners took advantage of the situation.
It was a bit of a perfect storm really, especially with the pandemic and the supply chain that was backed up, builders couldn't build fast enough, or found themselves waiting for the materials that were needed.
However, things have somewhat gone back to normal, and many of those construction projects are wrapping up and we see a lot more rentals available. In fact, in some situations, there are properties that are offering "move-in specials" in order to fill the empty units.
The question that many renters have is simple, with more units and availability than before, can we expect prices to go down?
First, let's take a look at what Bozemanites are currently paying for rent on average. According to rent.com, the average rent for a studio is 1755 a month. That's for a studio, which typically doesn't include an actual bedroom. A one-bedroom is averaging at 2180, while a two-bedroom is averaging at 2455 a month.
While I suspect properties will hold off as long as they can on lowering prices, you would have to think that as new construction continues and more apartments become available, renters can expect to see some sort of drop and at the minimum, a huge drop off on rental increases.
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