Billings, MT Rental Market Analysis
Updated March 2026 — Investment metrics, cap rates, rent data, and neighborhood analysis for rental property investors in Billings, Montana.
Billings Rental Market Overview
Billings is Montana's largest city with energy sector employment and healthcare driving rental demand. Limited housing supply supports strong occupancy.
With a median home price of $305,000 and average monthly rents around $1,450, Billings offers investors a rent-to-price ratio of 0.48%. At current market conditions, a typical rental property in Billings generates an estimated cap rate of 5.7% and a cash-on-cash return of approximately 7.8% with 25% down financing at 6.5%.
Major Employers in Billings
Rental demand in Billings is supported by major employers including Billings Clinic, St. Vincent Healthcare, ExxonMobil, CHS Refinery. These institutions provide the job base that drives consistent tenant demand for rental housing in Yellowstone County.
Billings ZIP Codes for Investors
Key ZIP codes in the Billings metro area: 59101,59102,59105,59106. Each neighborhood carries different risk/return profiles — use becvio's property analysis tools to evaluate specific deals.
Analyze a Billings Rental Property
Why Invest in Billings, MT Rental Properties?
Billings stands out for rental property investors because of its competitive cap rates averaging 5.7%, combined with solid annual appreciation of 3.9%. The $305,000 median home price makes Billings accessible for investors at various capital levels, while $1,450/month rents provide meaningful cash flow.
With a gross rent multiplier of 17.5x and estimated DSCR of 0.34 on conventional financing, Billings rental properties may require careful underwriting to ensure positive cash flow. Investors using becvio can track these metrics in real-time across their entire portfolio.