Recently, in the market, there has been an increasing trend in Billings of completely remodeling apartments built in the 1970s and re-listing them for rent. This involves removing old carpets and insulation, replacing them with new windows and kitchen fixtures, and charging rent prices close to new constructions. The rise in such cases indicates that Billings is increasing supply by renovating existing buildings rather than constructing entirely new ones.

Looking at the observations and figures, the average rent for apartments in Billings is projected to be $1,485 by 2026, which is a 4.61% increase from the previous year. The average for one-bedroom apartments is $1,344, for two-bedrooms it is $1,562, and for three-bedrooms it is $1,788. About 20 newly constructed apartments have been registered recently, but the sample size is not large enough to represent the entire market. However, the rent increase rate appears to be between 5% and 6.5%, suggesting that whether new or remodeled, the supply in Montana is not keeping up with demand.

Billings is located in a plateau region of Montana, experiencing significant temperature variations between day and night, as well as considerable differences between summer and winter temperatures. In such climates, the burden on heating and cooling systems is greater, and older buildings with low insulation performance tend to see a noticeable increase in energy costs. While the downtown and west end areas have a mix of recently remodeled buildings and small new constructions, neighborhoods like Hayestown and Limestone still retain a strong atmosphere of older residential areas, so it is advisable to consider neighborhood variations.

It is also worth noting that Montana has revised its property tax structure starting in 2026. For primary residences or long-term rentals, a rate of 0.76% applies up to $400,000, with progressive rates of 1.10% to a maximum of 1.90% for amounts above that. This structure does not apply to vacation homes or short-term rentals, so if purchasing for residential purposes, whether new or remodeled, it seems beneficial to keep this registration requirement in mind to reduce tax burdens.

The advantages of new constructions include the latest insulation performance that helps lower heating costs in Montana's unique temperature swings and harsh winter cold, as well as builder warranties that cover initial equipment failures. On the other hand, older buildings offer larger spaces, a mature neighborhood atmosphere, and relatively lower initial rent prices. However, there is a risk that significant repairs, such as plumbing and roofing, may be approaching.

For Korean families in Billings, the school districts vary by area, so it is advisable to refer to ratings from GreatSchools or Niche, but keep in mind that school district boundaries change frequently, so check the assigned school before signing a contract.

Families considering a move to Montana may find themselves weighing the options between renting and buying. Billings has seen a steady influx of population in recent years, increasing rental demand, but the supply of new constructions is growing more slowly compared to other major cities, leading some to consider purchasing. However, this does not necessarily mean that buying is always advantageous; if the intended stay is short or there is a possibility of moving in the future, renting may be the better choice, while buying may be more suitable for those planning long-term residency.

For families moving from other states to Montana, it is safer not to judge property tax registration requirements and winter heating costs solely based on previous residences. Ultimately, whether new or remodeled, the supply in Billings is not abundant, so it is important to remember that if you find a property you like, you may need to make a decision relatively quickly. However, rushing and thorough checking are separate issues, so be sure to review management fees and repair history before signing a contract. Tax and rental laws may vary by county, so this article does not constitute investment or legal advice, and it is recommended to consult a professional before finalizing any contracts.