FMR History — Montana Non-Metro
Historical Fair Market Rents from FY2000 to FY2024. Current FMR page →
The 2-bedroom FMR in Montana Non-Metro has changed from $435 in FY2000 to $800 in FY2024 — a +83.9% change over 24 years.
| Fiscal Year | Studio | 1BR | 2BR | YoY 2BR | 2BR in FY2024 $ | 3BR | 4BR |
|---|---|---|---|---|---|---|---|
| FY2024 (Latest) | $562 | $652 | $800 | +2.6% | $800 | $1,083 | $1,294 |
| FY2023 | $577 | $678 | $780 | +2.6% | $803 | $1,014 | $1,154 |
| FY2022 | $562 | $661 | $760 | +2.6% | $815 | $988 | $1,124 |
| FY2021 | $548 | $644 | $741 | +2.6% | $858 | $963 | $1,096 |
| FY2020 | $534 | $628 | $722 | +2.6% | $875 | $938 | $1,068 |
| FY2019 | $520 | $612 | $704 | +2.5% | $864 | $915 | $1,041 |
| FY2018 | $508 | $597 | $687 | +2.5% | $858 | $893 | $1,016 |
| FY2017 | $495 | $582 | $670 | +2.6% | $857 | $871 | $991 |
| FY2016 | $483 | $568 | $653 | +2.7% | $853 | $848 | $966 |
| FY2015 | $470 | $553 | $636 | +2.4% | $842 | $826 | $941 |
| FY2014 | $459 | $540 | $621 | +2.6% | $823 | $807 | $919 |
| FY2013 | $447 | $526 | $605 | +2.5% | $815 | $786 | $895 |
| FY2012 | $436 | $513 | $590 | +2.6% | $806 | $767 | $873 |
| FY2011 | $425 | $500 | $575 | +2.5% | $802 | $747 | $851 |
| FY2010 | $415 | $488 | $561 | +2.6% | $807 | $729 | $830 |
| FY2009 | $404 | $475 | $547 | +2.6% | $800 | $711 | $809 |
| FY2008 | $394 | $463 | $533 | +2.5% | $777 | $692 | $788 |
| FY2007 | $384 | $452 | $520 | +2.6% | $787 | $676 | $769 |
| FY2006 | $375 | $441 | $507 | +2.6% | $789 | $659 | $750 |
| FY2005 | $365 | $429 | $494 | +2.5% | $793 | $642 | $731 |
| FY2004 | $356 | $419 | $482 | +2.6% | $800 | $626 | $713 |
| FY2003 | $347 | $408 | $470 | +2.6% | $801 | $611 | $695 |
| FY2002 | $338 | $398 | $458 | +2.7% | $799 | $595 | $677 |
| FY2001 | $330 | $388 | $446 | +2.5% | $790 | $579 | $660 |
| FY2000 | $321 | $378 | $435 | — | $792 | $565 | $643 |
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.