City Council Hears Statistics on Rental Costs and Availability
Matt Mellott, Commercial Real Estate Advisor with Sterling CRE Advisors provided some sobering statistics on rental availability.
“A recent snapshot was taken in middle of May of this year,” said Mellott. “You can see that as Montana (James, with Division of Community Planning) mentioned earlier, we're at point 0.3% for apartment vacancy in Missoula, which is effectively a non functioning market. I mean, you can barely do turnover at a vacancy rate that low. So you can look at numbers, they don't mean anything, but what this is, it's basically putting a number to what we already know which is apartments are really hard to find in Missoula, if you're a renter.”