Rentals

Found 7 blog entries about Rentals.

I want to touch on investing in Bozeman. Real Estate inventory for 2019 has continued to be lower than expected and prices have increased as you are probably well aware of. However, this results in more renters staying put where they are as buying their first home could be unachievable or more difficult.  While this is an unfortunate outcome of higher priced homes, let's dive into the how's and why's investing in Bozeman. I've created some questions to structure the conversation. 

WHY INVEST IN BOZEMAN

1. Investing in the market is like investing in the stock market but can have greater returns in the long haul. 
2. If your cash is sitting in a checking account, it's collecting an insanely low interest rate per year. 
3. There are more renters in

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With Bozeman housing prices increasing every year, is it still feasible to find a profitable rental property here in Bozeman? 

The short answer is YES. The rental market demand is STRONG and there are simply not enough rentals with the number of students and additional residents moving to Bozeman every year.  

RENTAL STATS

"In Bozeman, the most recent American Community Survey figures estimate that 56% of households are renters and 44% are owners." In looking back since 2000, the number of renters vs. owner households has maintained the same high ratios (55-57% of households). The distribution of the renter households vs. owner households has not significantly changed in the last 16 years. 

RENTAL INCOME

  • Right now (in 2019), we
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Looking for a 3 bed, 2+ bath unit in Belgrade

  • Must be available ASAP (January 2019)
  • Must allow 1 dog 
  • Rental Amount: Under $1650/per month
  • Prefer to have 1 car garage 

Rental options, please email the rental information to: Info@BuyBozemanHomes.com and Tamara@BuyBozemanHomes.com 

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In the last few years, the City of Bozeman has reinforced the how, where, what of renting out properties in Bozeman (VRBOs and short term rentals). There are numerous factors to consider (i.e. location, zoning, etc, etc) beyond this list, but this is to kick off the basics when shopping for a property that has investment opportunity. Specifically, this blog is looking at "a main house and ADU" as a rental property. 

  • Property Type: Main House and ADU (Accessory Dwelling Unit) 
  • Where: Located in city limits of Bozeman 
  • What: Review both HOA covenants and bylaws (or possible Property Management Company to verify) AND review the city of Bozeman ordinances for specific restriction language
  • Restrictions: The City of Bozeman has restrictions on
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Short Term Rentals in Bozeman City Limits

While in theory renting out your property seems manageable on sites like Airbnb, VRBO, etc, there are key items you should know before entering the process. The below applies to properties within Bozeman's City Limits. 

Here are some questions to guide you in the process: 

Can you apply for a Short Term Rental license before you purchase a property? 
The short answer is No. 

You saw your neighbor's property on Airbnb, so why wouldn't you be able to rent your property? 
The question to ask is, does your neighbor have the licensing in place to rent as a Short Term Rental? Pay very close attention to your zoning and going about the process the RIGHT way. 

Do you know what zoning your property is in

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For those who have not been so lucky finding a place, we hope this guide will help you get that much closer to finding a home. 

Is it challenging to find a rental in Bozeman? The short answer is YES, it very much can be. We live in a wonderful community that is quickly becoming not just a stop for tourists but a permanent home for many out-of-staters. Montana State University combined with the working professionals who are not yet homeowners creates a large number of renters for only a limited supply of actual rentals available.  

Timing: Start your search ASAP. The reality is that there is a limited supply of rentals within city limits and it is very competitive in certain rental price points. Though Bozeman is a very dog friendly

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