Gallatin Valley Rental Market Update: Bozeman, Belgrade, and Livingston Trends

National Trends: A Shift in the Market

Nationwide, the rental market is showing signs of change. In February 2025, rents saw a 0.3% increase, marking the end of six consecutive months of decline. This uptick is particularly noteworthy because February typically signals the start of the busy season for rentals, with rents expected to rise through spring and summer. However, it's important to keep in mind that the national median rent ($1,375) is still 0.4% lower than it was a year ago.

 

Bozeman

Bozeman has experienced a decrease in rent growth over the past 12 months. As of February, Bozeman's rent growth showed a -6.6% change. This contrasts with the US average of -0.4% and Montana's average of -2.7%. The median rent in Bozeman for a 1-bedroom apartment is $1,035, while a 2-bedroom apartment averages $1,352. In the past month, Bozeman rents have decreased by -3.2%, and over the past year, the decrease is -6.6%.

Belgrade

Belgrade has also seen a decrease in rent growth at -6.5% in the past year. Most rental prices in Belgrade fall between $700 and $1,000 per month. 80% of rentals are within this range. 20% of rentals are above $2,000 per month.

Livingston

Livingston also reflects the trend of decreasing rent growth. The 1-year rent change was -4.2%. The current average rent for an apartment in Livingston is $1,413, 9% lower than the national average. In Livingston you’ll find that most rentals are between $1000-$1500 and 33% of rentals fall between $1,500-$2,000.

If you're ready to start your property search, considering adjusting your rental strategy, or simply want more information, we're here to help. Contact us for all of your Southwest Montana real estate questions!

Source: Apartments.com