Albany Georgia Residential Rent and Rental Statistics
The median monthly gross residential rent in Albany, GA (the Albany metro area) was $744 in 2019 according to the Census ACS survey.1 Average gross rent in Albany was $703 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 Albany median and average rent data will be released in September of 2021.
Data is also available below for Albany rental vacancy rates, Albany rent as a percent of median income and the fraction of renters in Albany.
Real Gross Rent in Albany Georgia (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Georgia Median Gross Rent | $1,049 | +2.24% | +7.37% |
| Albany, GA Median Gross Rent | $744 | -5.10% | +2.62% |
Albany, GA Real Gross Rent Trends
Median gross rent for Albany peaked in real terms in 2010 at $799 and is now $55 (6.88%) lower. Average gross rent for Albany peaked in real terms in 2010 at $767 and is now $64 (8.34%) lower.
Real Gross Rent in Albany: Albany GA Median, Albany GA Average, Georgia Median, US Median
Real Gross Rent History for Albany
| Date | US Median |
Georgia Median |
Albany, GA Median |
Albany, GA Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,049 | $744 | $703 |
| 2018 | $1,077 | $1,026 | $784 | $736 |
| 2017 | $1,043 | $988 | $718 | $732 |
| 2016 | $1,027 | $977 | $725 | $712 |
| 2015 | $1,017 | $964 | $754 | $718 |
| 2014 | $986 | $931 | $752 | $727 |
| 2013 | $953 | $895 | $693 | $673 |
| 2012 | $940 | $890 | $702 | $678 |
| 2011 | $941 | $900 | $734 | $736 |
| 2010 | $955 | $915 | $799 | $767 |
| 2009 | $960 | $912 | $711 | $683 |
| 2007 | $927 | $902 | $668 | $617 |
| 2005 | $910 | $886 | $696 | $634 |
Albany Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Albany Georgia was 12.74% according to Census ACS data.
Rental Vacancy Rate in Albany Georgia
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Georgia | 7.28% | +0.05% | +1.13% |
| Albany, GA | 12.74% | +6.53% | +8.31% |
Trends in Albany, GA Rental Vacancy Rate
At 12.74%, Albany residential rental vacancy rate in 2019 is at the highest point since 2005, the beginning of our reporting for this series.
Rental Vacancy Rate: Albany GA, Georgia, US
Historical Rental Vacancy Rate data for Albany
| Date | US | Georgia | Albany, GA |
|---|---|---|---|
| 2019 | 5.97% | 7.28% | 12.74% |
| 2018 | 6.15% | 7.23% | 6.21% |
| 2017 | 6.18% | 6.73% | 5.11% |
| 2016 | 5.89% | 6.15% | 4.43% |
| 2015 | 5.85% | 6.47% | 9.07% |
| 2014 | 6.32% | 8.17% | 11.08% |
| 2013 | 6.49% | 9.26% | 11.38% |
| 2012 | 6.77% | 9.53% | 8.11% |
| 2011 | 7.40% | 10.72% | 9.17% |
| 2010 | 8.17% | 11.72% | 5.86% |
| 2009 | 8.43% | 12.32% | 5.59% |
| 2007 | 7.87% | 10.54% | 7.50% |
| 2005 | 7.74% | 11.53% | 8.81% |
Rent as a Fraction of Income
Using median household income data for Albany, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Albany, median monthly gross rent as a fraction of median household income was 21.98% in 2019 according to the ACS.
Albany Georgia Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Georgia | 20.31% | -0.28% | -0.59% |
| Albany, GA | 21.98% | +1.40% | +1.56% |
Trends in Albany, GA Rent as a Fraction of Income
The fraction of median Albany household income required to pay median monthly gross rent peaked in 2010 (relative to the 2005 series origin) at 25.23%. Since then it has fallen by 3.26% to 21.98%.
Fraction of Income towards Rent: Albany GA, Georgia, US
Historical Data for Annual Rent as a Fraction of Income in Albany Georgia
| Date | US | Georgia | Albany, GA |
|---|---|---|---|
| 2019 | 20.03% | 20.31% | 21.98% |
| 2018 | 20.50% | 20.59% | 20.58% |
| 2017 | 20.13% | 20.46% | 19.15% |
| 2016 | 20.43% | 20.90% | 20.42% |
| 2015 | 20.63% | 21.29% | 21.25% |
| 2014 | 20.89% | 21.46% | 21.87% |
| 2013 | 20.78% | 21.33% | 22.72% |
| 2012 | 20.65% | 21.28% | 22.98% |
| 2011 | 20.70% | 21.73% | 24.90% |
| 2010 | 20.50% | 21.17% | 25.23% |
| 2009 | 20.12% | 20.17% | 20.67% |
| 2007 | 18.66% | 18.76% | 18.76% |
| 2005 | 18.89% | 18.66% | 16.22% |
Renter Fraction in Albany Georgia
You can calculate the renter fraction in Albany 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 Albany as a fraction of total Albany households. In 2019 46.39% of households were renters according to Census ACS data.
Albany Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Georgia | 35.87% | -0.33% | -2.59% |
| Albany, GA | 46.39% | -0.70% | -0.50% |
Trends in the Albany, GA Renter Fraction
The Albany household renter fraction peaked in in 2017 at 47.57% and is now 1.18% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Albany GA, Georgia, US
History of Albany Renter Fraction
| Date | US | Georgia | Albany, GA |
|---|---|---|---|
| 2019 | 35.89% | 35.87% | 46.39% |
| 2018 | 36.05% | 36.20% | 47.09% |
| 2017 | 36.13% | 37.12% | 47.57% |
| 2016 | 36.88% | 38.46% | 46.89% |
| 2015 | 36.97% | 38.16% | 45.30% |
| 2014 | 36.90% | 37.77% | 45.96% |
| 2013 | 36.50% | 37.34% | 45.27% |
| 2012 | 36.09% | 36.35% | 43.41% |
| 2011 | 35.42% | 35.42% | 45.20% |
| 2010 | 34.65% | 33.83% | 40.81% |
| 2009 | 34.13% | 32.96% | 40.05% |
| 2007 | 32.80% | 31.46% | 43.75% |
| 2005 | 33.10% | 33.19% | 44.38% |
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. ↩
