Grand Junction Colorado Residential Rent and Rental Statistics
The median monthly gross residential rent in Grand Junction, CO (the Grand Junction metro area) was $981 in 2019 according to the Census ACS survey.1 Average gross rent in Grand Junction was $1,075 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Grand Junction median and average rent data will be released in September of 2021.
Data is also available below for Grand Junction rental vacancy rates, Grand Junction rent as a percent of median income and the fraction of renters in Grand Junction.
Real Gross Rent in Grand Junction Colorado (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Colorado Median Gross Rent | $1,369 | +4.34% | +11.66% |
| Grand Junction, CO Median Gross Rent | $981 | +10.85% | +2.94% |
Grand Junction, CO Real Gross Rent Trends
Median gross rent for Grand Junction peaked in real terms in 2008 at $1,026 and is now $45 (4.39%) lower. At $1,075, real average gross rent in Grand Junction was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Grand Junction: Grand Junction CO Median, Grand Junction CO Average, Colorado Median, US Median
Real Gross Rent History for Grand Junction
| Date | US Median |
Colorado Median |
Grand Junction, CO Median |
Grand Junction, CO Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,369 | $981 | $1,075 |
| 2018 | $1,077 | $1,312 | $885 | $922 |
| 2017 | $1,043 | $1,279 | $957 | $922 |
| 2016 | $1,027 | $1,226 | $953 | $933 |
| 2015 | $1,017 | $1,179 | $952 | $966 |
| 2014 | $986 | $1,077 | $884 | $868 |
| 2013 | $953 | $1,023 | $865 | $937 |
| 2012 | $940 | $994 | $841 | $901 |
| 2011 | $941 | $972 | $847 | $882 |
| 2010 | $955 | $964 | $932 | $913 |
| 2009 | $960 | $970 | $904 | $928 |
| 2007 | $927 | $926 | $902 | $903 |
| 2005 | $910 | $946 | $830 | $835 |
Grand Junction Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Grand Junction Colorado was 1.20% according to Census ACS data.
Rental Vacancy Rate in Grand Junction Colorado
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Colorado | 4.60% | -0.67% | +0.31% |
| Grand Junction, CO | — | — | — |
Trends in Grand Junction, CO Rental Vacancy Rate
The rental vacancy rate in Grand Junction peaked in 2010 at 7.32%. Since then it has fallen by 6.12% to 1.20%. Data records for this series originated in 2005.
Rental Vacancy Rate: Grand Junction CO, Colorado, US
Historical Rental Vacancy Rate data for Grand Junction
| Date | US | Colorado | Grand Junction, CO |
|---|---|---|---|
| 2019 | 5.97% | 4.60% | — |
| 2018 | 6.15% | 5.27% | — |
| 2017 | 6.18% | 5.18% | — |
| 2016 | 5.89% | 4.29% | 1.20% |
| 2015 | 5.85% | 4.47% | 5.37% |
| 2014 | 6.32% | 4.85% | 3.18% |
| 2013 | 6.49% | 5.26% | 2.62% |
| 2012 | 6.77% | 5.69% | — |
| 2011 | 7.40% | 5.63% | 3.43% |
| 2010 | 8.17% | 6.72% | 7.32% |
| 2009 | 8.43% | 8.00% | 3.70% |
| 2007 | 7.87% | 8.63% | 1.72% |
| 2005 | 7.74% | 9.35% | — |
Rent as a Fraction of Income
Using median household income data for Grand Junction, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Grand Junction, median monthly gross rent as a fraction of median household income was 19.46% in 2019 according to the ACS.
Grand Junction Colorado Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Colorado | 21.30% | -0.20% | -0.09% |
| Grand Junction, CO | 19.46% | -1.46% | -2.90% |
Trends in Grand Junction, CO Rent as a Fraction of Income
The fraction of median Grand Junction household income required to pay median monthly gross rent peaked in 2016 (relative to the 2005 series origin) at 22.36%. Since then it has fallen by 2.90% to 19.46%.
Fraction of Income towards Rent: Grand Junction CO, Colorado, US
Historical Data for Annual Rent as a Fraction of Income in Grand Junction Colorado
| Date | US | Colorado | Grand Junction, CO |
|---|---|---|---|
| 2019 | 20.03% | 21.30% | 19.46% |
| 2018 | 20.50% | 21.50% | 20.92% |
| 2017 | 20.13% | 21.53% | 21.11% |
| 2016 | 20.43% | 21.39% | 22.36% |
| 2015 | 20.63% | 20.86% | 20.92% |
| 2014 | 20.89% | 19.97% | 20.02% |
| 2013 | 20.78% | 19.81% | 21.09% |
| 2012 | 20.65% | 19.74% | 20.68% |
| 2011 | 20.70% | 19.50% | 19.74% |
| 2010 | 20.50% | 19.16% | 21.65% |
| 2009 | 20.12% | 18.42% | 17.99% |
| 2007 | 18.66% | 17.13% | 18.09% |
| 2005 | 18.89% | 17.93% | 20.18% |
Renter Fraction in Grand Junction Colorado
You can calculate the renter fraction in Grand Junction in at least two ways: by housing units or by population. I've gone with the housing units measure here. This measure looks at the number of renting households in Grand Junction as a fraction of total Grand Junction households. In 2019 28.77% of households were renters according to Census ACS data.
Grand Junction Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Colorado | 34.15% | -0.71% | -1.09% |
| Grand Junction, CO | 28.77% | -2.71% | -7.29% |
Trends in the Grand Junction, CO Renter Fraction
The Grand Junction household renter fraction peaked in in 2016 at 36.06% and is now 7.29% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Grand Junction CO, Colorado, US
History of Grand Junction Renter Fraction
| Date | US | Colorado | Grand Junction, CO |
|---|---|---|---|
| 2019 | 35.89% | 34.15% | 28.77% |
| 2018 | 36.05% | 34.86% | 31.48% |
| 2017 | 36.13% | 34.80% | 31.92% |
| 2016 | 36.88% | 35.24% | 36.06% |
| 2015 | 36.97% | 36.25% | 33.00% |
| 2014 | 36.90% | 36.14% | 34.74% |
| 2013 | 36.50% | 35.49% | 32.23% |
| 2012 | 36.09% | 35.97% | 29.05% |
| 2011 | 35.42% | 35.62% | 28.52% |
| 2010 | 34.65% | 34.06% | 27.52% |
| 2009 | 34.13% | 32.99% | 25.51% |
| 2007 | 32.80% | 31.17% | 27.27% |
| 2005 | 33.10% | 32.18% | 29.82% |
1. Gross rent is defined as contract rent plus the estimated average monthly cost of utilities (electricity, gas, water, and sewer) and fuel (oil, coal, kerosene, wood, etc.). Because some rentals include utilities and others don't, gross rent is a way of normalizing the variability. ↩
2. Real dollars are calculated using the CPI-U less shelter series. ↩
3. The rental vacancy rate is computed by dividing the number of vacant units for rent by the sum of the renter-occupied units, vacant units that are for rent, and vacant units that have been rented but not yet occupied. ↩
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