Average Rent in Billings, MT↑ Rents rising 19.6% YoY

Billings, MT has rental prices ranging from $1,013/month to $2,124/month in 2025, depending on unit size. The typical 1-bedroom apartment rents for $1,062/month — 24% below the national average of $1,400/month. With a median household income of $74,599/year, spending $1,062/month on a 1-bedroom represents 17% of gross income — within the recommended 30% threshold.

How Billings Compares

With an average 2-bedroom rent of $1,373/month, Billings ranks #17 most expensive of the 57 cities tracked in Montana — pricier than 89% of all US cities in our data.

The Billings Rental Market

The Billings, MT area has a population of about 187,269 and 30% of households renting rather than owning. That is close to the US average renter share of ~34%.

Rent Trends

2-bedroom rents in Billings, MT have risen by $225/month (19.6%) over the past year, from $1,148 to $1,373. This rate of increase is significant and reflects strong rental demand and limited housing supply in the local market.

Affordability

To afford a 1-bedroom apartment in Billings, MT without exceeding the 30% housing cost guideline, a renter needs an annual income of approximately $42,480. The local median household income of $74,599 exceeds that threshold by $32,119, making Billings relatively accessible compared to local wages.

Rent vs. Buy

The median home value in Billings, MT is $401,471, giving a price-to-rent ratio of 24.4. With a break-even horizon of approximately 24 years, renting is likely the more financially prudent option for most residents unless they plan to stay long-term.

Neighborhoods

Home values — and by extension rent levels — vary significantly across Billings's neighborhoods. Among the highest-value areas are Southside ($255,122 median home value), North Park ($259,920 median home value), Central-Terry ($325,539 median home value). Rental prices typically follow home value patterns, with premium neighborhoods commanding higher rents than outer areas. Renters on a tighter budget may find better value in less central neighborhoods or in adjacent metros with lower overall rent levels.

Is Billings, MT Affordable?

Income needed to rent or buy, price history, and how this city compares to nearby metros.

Rent or Buy in Billings?

Break-even analysis and mortgage estimates based on local market data.

Living in Billings

Cost of living, job market, crime rates, and moving cost estimates.