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Sharing a border with Canada, Flathead County is famed for its stunning glacial lakes and beautiful outdoor recreational areas. The most famous lake in the County is Flathead Lake, the largest natural freshwater lake west of the Mississippi River. Many other attractions, as well as a year-round focus on skiing, hiking, rafting, fishing and hunting, draw in visitors annually. But the crown jewel is Glacier National Park—the western part of which is located in the county. This lends itself to the region’s nickname of “The Gateway to Glacier.”
The Flathead and its county seat, Kalispell, have emerged as a very strong market for multifamily development outside of the attractive lifestyle that the region offers due to the following factors:
Kalispell is one of the fastest-growing cities in the U.S. From 2020 to 2024, its population increased by nearly 25% (adding over 6,200 residents), ranking it among the top 40 fastest-growing cities nationally. Annual growth rates have hovered around 3.7–4.8%, with the population reaching approximately 31,000–33,000 by 2025. This influx of new residents—driven by remote work, outdoor lifestyle appeal, and migration from higher-cost states—creates sustained demand for housing, particularly rentals.
The rental vacancy rate in Kalispell is critically low, reported at around 1.1% in recent years, indicating a severe shortage of available units. Low vacancies translate to high occupancy potential for new multifamily projects, strong rental pricing power (average rents around $2,000/month), and reduced risk for investors/developers.
High demand has outpaced supply, making housing affordability a major issue in the Flathead Valley. This has spurred demand for multifamily and workforce housing. As the growth was not properly prepared for, it has snowballed into a housing supply deficit that will not be easily addressed, and will take years to do so. Given the recent economic research conducted by the University of Montana BBER, their estimated 1500 units minimum required to be introduced annually is not being met—thus the deficit will continue to rise for the foreseeable future.
The local economy supports housing demand through job creation. Health care is the largest sector (employing ~6,300), with overall employment growing 7% in recent years. Tourism, hospitality, and remote work flexibility attract workers needing rental options, while infrastructure upgrades and business growth signal long-term stability.
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The environment that has been created in this market delivers a unique opportunity for investors and multifamily developers alike. Housing demand will continue to rise, renters will continue to seek available units, and a gap will remain for the opportune to provide additional housing offerings for both individuals and employers looking to attract and retain their workforce. This opportunity in the market allows for reduced investment risk, and increased sustainability and success rates.
M West
Holdings
Kalispell, Montana
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