The Montana Department of Commerce is reaching out to renters statewide through mailers, urging them to participate in an online survey. This initiative aims to persuade the federal government to revise fair market rent rates, which could benefit lower-income renters in Montana.
The collected data will be forwarded to the U.S. Department of Housing and Urban Development to adjust rent conditions in the state, where prices soared over the last four years.
“We are asking for your help with an important study to better understand how inflation, the limited supply of rental housing, increased demand, high cost of labor, increases in property insurance rates and other facts have driven up the cost of housing and impacted rental housing throughout Montana,” stated Cheryl Cohen, Department of Commerce Housing Division Administrator.
The survey results will support requests for enhanced rental subsidies targeting lower-income households, particularly those with disabilities and seniors on fixed incomes.
Depending on findings, adjustments might be made to the maximum rent landlords can receive from federal rental assistance. From 2017 to 2022, median home values in Montana rose from $209,100 to $305,700, with housing units increasing by only 16,000. By 2022, nearly 30% of homes were valued between $300,000 and $500,000.
Data shows that as of 2022, about 31% of Montana homes were rented. Following a rise in residential property taxes, some renters are paying higher rents to cover their landlords’ increased costs.
This study is backed by the Behavioral Health System for Future Generations Commission. Renters will receive a letter with a code directing them to the survey site, expected to take 10 minutes to complete. Econometrica, Inc. and M. Davis and Company, Inc. will handle the study, ensuring confidentiality of responses. For inquiries, contact the Department of Commerce at (406) 841-2840.
