New data from the Gallatin Association of Realtors’ latest housing report shows median rent in Bozeman reached record highs again in 2024.

But the data shows the growth rate of rent in the city is slowing down, and Bozeman Mayor Terry Cunningham says city officials are seeing some signs that the cost of rent in the city limits may be more affordable than the data suggest.

“We are seeing the official rental rate reporting still going up, but we are noticing that there are deals being made where they’re still reporting a certain level of rent,” said Cunningham. “But if you factor one month free, two months free, three months free — it actually is coming down.”