Missoula expands living units while vacancies rise
Missoula is home to about 67,000 people with an annual growth rate of three percent. It has some wondering why there are so many housing units popping up around town.
According to the Missoula Department of Planning and Grants, the last fiscal year saw a total of 264 new living units built.
An apartment project currently under construction on Russell Street will consist of seven buildings with a total of 224 units.
Tom Chapman, the former president and current board member of western Montana's chapter of the National Association of Residential Property Managers, says vacancies in residential Missoula are up three percent.
Pat Corick of the Farren Group, the real estate group that invested in the Russell Street Apartments, says economists tell them Missoula demonstrates the job and population growth to sustain the number of units they are building.
A portion of those apartments will be studios. Chapman says currently existing studio apartments are up to six percent vacant.