Location: Lewis and Clark County, MT | Metro: Lewis and Clark County, MT HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,150 |
| 1 Bedroom | $1,320 |
| 2 Bedrooms | $1,650 |
| 3 Bedrooms | $2,280 |
| 4 Bedrooms | $2,390 |
| 5 Bedrooms | $2,772 |
| 6 Bedrooms | $3,105 |
| 7 Bedrooms | $3,353 |
| 8 Bedrooms | $3,521 |
The rent math in ZIP code 59604 does not provide a clear comparison due to the lack of available market rent data. The Fair Market Rent (FMR) for the area, set at $1,650 for the fiscal year 2026, stands as the only concrete figure, indicating what HUD deems as fair rental amounts for the HUD Metro FMR Area. However, without a corresponding market rent figure, it's challenging to assess if this FMR accurately reflects the local rental landscape.
Regarding acquisition affordability, the analysis is hampered by the absence of key data points such as the median home value, days on market (DOM), and the percentage of homes that have been listed with price cuts. These metrics would typically give insight into how competitive and affordable the housing market is for potential acquisitions. Without these specifics, landlords and small-portfolio investors cannot make an informed decision about the cost-effectiveness of purchasing properties in this area.
Tenant demand is also uncertain given the lack of population and renter share data. Typically, a higher percentage of renters indicates a robust demand for rental properties, but without these numbers, we cannot determine the size of the potential tenant pool or the proportion of residents likely to be seeking rentals.
In conclusion, while the Fair Market Rent for ZIP code 59604 is established at $1,650 for FY 2026, the absence of critical market data—such as median home values, days on market, price cut percentages, population figures, and renter share—renders a comprehensive analysis incomplete. Landlords and small-portfolio investors should seek additional, up-to-date information before making investment decisions in this area. The current data does not support a definitive stance on whether the rent math works, acquisition is affordable, or there is sufficient tenant demand to warrant investment.
Data Sources: FMR data from HUD (2027).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.