Bozeman Montana Real Estate Information Archive

Blog

Displaying blog entries 1-4 of 4

New Subsidized Housing to Help Ease Rental Numbers

by Tim Hart

A new, 47-unit development will be coming to the west end of Bozeman to help alleviate the lack of rentable homes in Bozeman. The new apartment complex will be subsidized in order to keep rental rates affordable for low-income residents. The complex will cost 10 million dollars to build, but almost 6.6 million will be funded in part by federal tax credits awarded to the city from the Montana Board of Housing. The project will be a shared effort between the Human Resources Development Council, they city of Bozeman and Summit Housing group, a Missoula based developer.

The subsidies should help reduce the amount of borrowed capital, making it possible for the apartment complex to lower rent rates. $659,000 will be awarded to the project every year for 10 years. The maximum rental price for a two bedroom unit will be $700 a month. The apartments should be finalized by September, just in time for the inevitable student rush that follows the beginning of the semester.

More affordable housing for rent should help alleviate the current rental ‘fill-up’ in Bozeman. As the rental market becomes less volatile, the buying and selling of homes often follows suit. As homeowners essentially “set the tone” for rental prices in the area, the highs and lows of a rental market can often reveal how the pendulum of the housing market is swinging. Per usual, sustained, consistent growth is ideal, and the addition of more rentals in the area may help make the current growth in Bozeman even more consistent.

Source: http://www.bozemandailychronicle.com/news/city/subsidized-housing-project-planned-for-bozeman-s-west-side/article_71ff832c-75c4-11e4-89a5-e3577905b3dd.html

 

Renters Continue to Face Affordability Issues

by Tim Hart

Across the US, rent prices continue to rise. As demand for rental space rises, renters are finding themselves getting priced out of their markets. Bozeman has already seen its rental market all but disappear from the influx of MSU students, but as rent rates continue to rise and mortgage rates continue to fall, more and more people are finding themselves on the buy side of the “rent vs. buy” argument.

In the US, rental rates have risen by 6 percent over one year. In major metropolitan areas like San Francisco, Boston and Chicago, tenants are paying far more than 30 percent of their wages to rent. Many property management companies in the Bozeman area limit their tenants to have their rent be 30% of their wages and will almost never accept anybody going higher. However, when demand is high, its not hard to replace tenants, and many landlords are more than willing take on the risk of a renter splurging on their home choice.

In booming college towns, this trend is exasperated because of the high influx of students.  Having a lease expire just as college students return to school provides plenty of opportunity to update and raise lease rates, especially in the frantic summer months when thousands of students are looking for housing at once.

From a landlord’s perspective, the market lends itself toward investment purchases, with consistent renters and rising prices. But from the renter’s perspective, if they are anywhere near to buying, now may be the time to take the next step towards home ownership. By buying now, renters can get out from under the worry of being priced out of their market. Maybe 10 or 20 years down the line, they can rent the property out for prices they would have still been paying if they had rented. Either way, anyone considering buying a home as an alternative to rent, now may be the time to reevaluate finances and decide if the plunge may be worth it.

 

Source: http://realtormag.realtor.org/daily-news/2014/11/10/renters-face-affordability-crisis?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+DailyRealEstateNews+%28Daily+Real+Estate+News%29

MSU may have played a crucial role in the development of an experimental drug that possibly saved the two American medical workers in Africa. Techlink, a department within the University, made the crucial connection between a US Army lab and the small San Diego company, Mapp Biopharmaceutical that ultimately created the medicine.

Laurel Halfpap, Senior Tech Manager at MSU’s techlink, helped Mapp Biopharmaceutical with the necessary applications and licensing to get access to an mouse antibody that treated ebola. The company became aware of the ebola treatment the army possessed, but with only 10 employees, they needed all the help they could get. As the Army lab was also understaffed, connecting the two together fell to Halfpap. After more than year of work, she attained the licensing for the San Diego company.

From there, the company took the antibody, adjusted it so humans would not react to it and combined it with other antibodies to create the drug ZMapp. The two Americans working in the Ebola ridden zone were in the most critical of conditions when they decided to try the medicine, despite knowing it hadn’t been fully tested on humans. The two recovered and were moved back to the states for further testing.

Without Halfpap and Techlink, it seems unlikely the Army and Mapp Biopharmaceuticals could have made their important connection. MSU can add that feather to their cap, adding to their building prestige and pedigree.

Source: http://www.bozemandailychronicle.com/news/health/article_6c6a18ca-4836-11e4-b7e1-bb231cd0ac62.html

 

 

Montana State University had 15,421 students enroll at MSU for the 2014-15 school year, its highest in its history. That was the 8th time in 9 years that MSU has set a new personal record for enrollment. 127 more students enrolled this year as oppose to last, a 1% increase.  The university has increased enrollment by 2,657 students, or 21% in the last 5 years. Currently, MSU is still the largest campus in the state, and the additional students could add more than 1 million dollars in additional tuition money. MSU officials pointed to new, coming buildings to deal with the influx of students. A new college of business building will open next year, adding additional classrooms and the school has invested $2.3 million into instruction and adding more classes to help students graduate on time.

For anyone considering purchasing a home in Bozeman, the prospect of more students means more tenants. A cheap college rental can really help with monthly bills, and if you read my previous article, there currently is next to no rental spaces available in the city. Feel free to give me a call if you’d like to discuss the potential of such a rental. 406-570-5730

Source: http://www.bozemandailychronicle.com/news/montana_state_university/article_65ff592a-4299-11e4-9227-5b0634570ab1.html?utm_medium=desktop&utm_source=block_649307&utm_campaign=blox

Displaying blog entries 1-4 of 4

Syndication

Categories

Archives