The rental market in Billings, the largest city in Montana, has shown a gradual upward trend in recent years. Looking at the recent market, the demand and supply dynamics vary slightly by unit type.

Studios range from $850 to $950, with sizes between 420 and 460 square feet. Young professionals living alone and short-term workers are the main tenants.

One-bedroom units are priced between $1,050 and $1,150, with sizes ranging from 660 to 720 square feet. Couples and single-person households are evenly distributed among tenants.

Two-bedroom units are priced between $1,300 and $1,400, with sizes from 950 to 1,050 square feet. Roommate combinations and small families with children primarily seek these units.

Three-bedroom units range from $1,550 to $1,700, with sizes between 1,220 and 1,320 square feet. Demand is mainly driven by families prioritizing school districts.

Recent market trends indicate that new developments are increasing the proportion of small units, while the supply of three-bedroom units and larger is relatively slow.

When transitioning from a one-bedroom to a two-bedroom, there is a price difference of around $250, which is an important consideration in budget planning as family size increases.

If Korean families are considering settling in Billings, it may be worthwhile to first look at new developments of one- to two-bedroom units, given the recent trend of increasing small unit supply, and then consider moving to a three-bedroom unit after confirming school districts for their children. Below are the rental ranges by unit type.

• Studio: approximately $850 to $950 (420 to 460 sqft)
• One-bedroom: approximately $1,050 to $1,150 (660 to 720 sqft)
• Two-bedroom: approximately $1,300 to $1,400 (950 to 1,050 sqft)
• Three-bedroom: approximately $1,550 to $1,700 (1,220 to 1,320 sqft)

Overall, in Billings, there is a clear trend of decreasing supply as unit size increases, so if you want a larger unit, it is advisable to start looking for listings well in advance.