Rents are 2% below what Billings's 10-year trend predicts — a better deal than its own history suggests.
Rent by unit size
These are HUD Fair Market Rents, the payment standard for a Housing Choice Voucher (Section 8). They often differ from the $1,393 market median above, and that is expected: FMR is the 40th percentile of standard-quality units and counts gross rent, so it includes essential utilities such as electricity, water, gas, sewer, and trash. The market median is asking rent, which usually excludes utilities. HUD sets FMR once a year; market rent here updates monthly.
Source: HUD Small Area Fair Market Rents. Read the methodology →
12-month history
Last updated: October 17, 2026
What the numbers show
December. Asking rents in Billings usually run 1.1% below trend in December and 1.3% above it in July, about $33 a month apart at today's median. Based on 11 years of data.
Rent in Billings is at its highest level since Zillow's records here began in January 2015.
From 2019 to 2024, rent in Billings rose 45.1% while median household income rose 23.6% ($59,656 to $73,712). Rent outpaced income.
Rent in Billings is 51.7% higher than in March 2020. Across the US, rent is up 37.3% over the same stretch.
Rent has risen 9 months in a row, and rose in 11 of the last 12 months.
30% of the median household income ($73,712) is $1,843 a month. That covers HUD's Fair Market Rent for up to a 2-bedroom ($1,453); a 3-bedroom is $1,998.
The priciest of 4 ZIP codes in Billings, 59106 ($1,613/mo), costs 37% more than the cheapest, 59101 ($1,176/mo).
From Zillow's monthly rent index (ZORI) for Billings. The seasonal pattern compares Zillow’s seasonally adjusted and unadjusted series. Income is the Census median household income (5-year estimates). Fair Market Rents are HUD’s, which include utilities.
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Who lives here
Billings, MT is majority owner-occupied, 36.9% of residents hold a bachelor's degree or higher.
Source: U.S. Census Bureau · ACS 2024 5-Year Estimates
How Billings, MT has changed in 5 years
The median rent in Billings, MT stood at $1,014 in 2021 and currently runs about $1,393, reflecting a 37.4% increase over the period. Household income in the area moved from $63,608 to $73,712 across the same window, up 15.9% versus 2021. That spread, with rent up faster than earnings, points to a tougher affordability environment than five years ago. The population has grown by 3.2% since 2021, moving from about 115,689 residents to roughly 119,434. Reading these numbers side by side helps frame whether current listings in Billings, MT look reasonable against where the market sat half a decade ago.
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At $1,393/mo, how Billings rent compares to typical pay (30% rule).
Billings rent by bedroom count
Median rent for each apartment size in Billings. Click any size for full breakdown.
Tips for renters in Billings
Last updated: October 17, 2026
The median rent in Billings is $1,393/mo as of October 2026. A studio apartment averages $1,070/mo while a 2-bedroom runs $1,453/mo. One-bedroom apartments average $1,125/mo and 3-bedroom units go for $1,998/mo.
At 23% of local median household income ($73,712/yr), Billings ranks as affordable compared to the national benchmark of 30%. Rents have increased 3.6% over the past year.
Frequently asked questions
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Which nearby cities are cheaper to rent in than Billings?
At $1,393/mo, rent takes ~23% of Billings's median household income ($73,712/yr). The standard benchmark is 30%.
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Estimated from ZIP-level data
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