FMR History — Billings, MT HUD Metro FMR Area
Historical Fair Market Rents from FY2017 to FY2026. Current FMR page →
The 2-bedroom FMR in Billings, MT HUD Metro FMR Area has changed from $859 in FY2017 to $1,417 in FY2026 — a +65% change over 9 years.
| Fiscal Year | Studio | 1BR | 2BR | YoY 2BR | 2BR in FY2026 $ | 3BR | 4BR |
|---|---|---|---|---|---|---|---|
| FY2026 (Latest) | $1,016 | $1,109 | $1,417 | +3.2% | $1,417 | $1,951 | $2,216 |
| FY2025 | $1,013 | $1,062 | $1,373 | +19.6% | $1,409 | $1,888 | $2,124 |
| FY2024 | $837 | $874 | $1,148 | +8.9% | $1,211 | $1,583 | $1,778 |
| FY2023 | $745 | $801 | $1,054 | +9.8% | $1,145 | $1,447 | $1,644 |
| FY2022 | $646 | $730 | $960 | +0.4% | $1,086 | $1,315 | $1,543 |
| FY2021 | $631 | $725 | $956 | +7.5% | $1,168 | $1,321 | $1,570 |
| FY2020 | $579 | $675 | $889 | -1.2% | $1,137 | $1,250 | $1,514 |
| FY2019 | $578 | $680 | $900 | -3.8% | $1,165 | $1,262 | $1,547 |
| FY2018 | $597 | $708 | $936 | +9% | $1,234 | $1,308 | $1,594 |
| FY2017 | $553 | $646 | $859 | — | $1,160 | $1,202 | $1,413 |
Related Pages
Understanding FMR Trends
Fair Market Rents are published each fall for the upcoming fiscal year (October through September). HUD adjusts FMRs annually based on local rental market surveys, American Community Survey (ACS) data, and Consumer Price Index (CPI) adjustments. Periods of rapid rent growth — such as the 2021–2023 period of post-pandemic inflation — are reflected in sharp FMR increases, while periods of market cooling may produce flat or modestly rising FMRs.
Historical data is useful for housing advocates, economists, and policymakers analyzing long-term trends in housing affordability. A rising FMR generally indicates a tightening rental market; a FMR that grows slower than household incomes suggests improving affordability, while one that outpaces income growth signals worsening cost burden.