Billings rents kept easing into the fall, according to Apartment List’s November report, a finding that lines up with a separate firm’s view that the city is still the softest of Montana’s large apartment markets.
The November 2026 Apartment List report put the overall median rent in Billings at $1,249, down 1.0% from October and down 2.4% from a year earlier. That year-over-year change trailed both the firm’s statewide figure, 1.4%, and its national figure, 0.1%. From January through October, Billings rents were up just 0.1%, compared with 4.2% over the same stretch in 2025.
Apartment List starts with Census Bureau median rent figures and then moves them forward with a same-unit analysis of its own listings, an approach it says is meant to stay closer to official statistics than some other private estimates. That is one reason its Billings median will not match every other company’s average.
MMG Real Estate Advisors’ third-quarter report also singled Billings out, calling it the only one of Montana’s three primary rental markets still in an annual rent decline, even as Great Falls led that group in rent growth and occupancy in the three markets sat at 93%.
None of that means every building in Billings is cutting its asking price. It does mean that, on the measures these two firms use, tenants in the largest city have had more room to look around this year than they did last fall.
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