Grant County Indiana Residential Rent and Rental Statistics
The median monthly gross residential rent in Grant County IN was $667 in 2019 according to the Census ACS survey.1 Average gross rent in Grant County was $639 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 Grant County median and average rent data will be released in September of 2021.
Data is also available below for Grant County rental vacancy rates, Grant County rent as a percent of median income and the fraction of renters in Grant County.
Real Gross Rent in Grant County Indiana (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Indiana Median Gross Rent | $840 | +0.60% | +4.48% |
| Grant County IN Median Gross Rent | $667 | +0.60% | -0.45% |
Grant County IN Real Gross Rent Trends
Median gross rent for Grant County peaked in real terms in 2015 at $727 and is now $60 (8.25%) lower. Average gross rent for Grant County peaked in real terms in 2015 at $732 and is now $93 (12.70%) lower.
Real Gross Rent: Grant County IN Median, Grant County IN Average, Indiana Median, US Median
Real Gross Rent History for Grant County
| Date | US Median |
Indiana Median |
Grant County IN Median |
Grant County IN Average |
|---|---|---|---|---|
| 2019 | $1,097 | $840 | $667 | $639 |
| 2018 | $1,077 | $835 | $663 | $629 |
| 2017 | $1,043 | $818 | $727 | $664 |
| 2016 | $1,027 | $804 | $670 | $699 |
| 2015 | $1,017 | $804 | $727 | $732 |
| 2014 | $986 | $795 | $705 | $603 |
| 2013 | $953 | $769 | $595 | $592 |
| 2012 | $940 | $761 | $661 | $583 |
| 2011 | $941 | $764 | $656 | $623 |
| 2010 | $955 | $763 | $618 | $591 |
| 2009 | $960 | $783 | $700 | $667 |
| 2007 | $927 | $750 | $640 | $605 |
| 2005 | $910 | $769 | $589 | $559 |
Grant County 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 Grant County Indiana was 3.94% according to Census ACS data.
Rental Vacancy Rate in Grant County Indiana
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Indiana | 6.89% | +0.30% | -0.07% |
| Grant County IN | — | — | — |
Trends in Grant County IN Rental Vacancy Rate
The rental vacancy rate in Grant County peaked in 2006 at 21.88%. Since then it has fallen by 17.94% to 3.94%. Data records for this series originated in 2005. From a 2013 post peak low of 2.03%, the rental vacancy rate has increased by 1.91%.
Rental Vacancy Rate: Grant County IN, Indiana, US
Historical Rental Vacancy Rate data for Grant County
| Date | US | Indiana | Grant County IN |
|---|---|---|---|
| 2019 | 5.97% | 6.89% | — |
| 2018 | 6.15% | 6.59% | — |
| 2017 | 6.18% | 7.14% | — |
| 2016 | 5.89% | 6.96% | 3.94% |
| 2015 | 5.85% | 7.94% | 11.96% |
| 2014 | 6.32% | 8.09% | 4.42% |
| 2013 | 6.49% | 7.00% | 2.03% |
| 2012 | 6.77% | 8.43% | 4.83% |
| 2011 | 7.40% | 8.47% | 7.93% |
| 2010 | 8.17% | 8.78% | 12.11% |
| 2009 | 8.43% | 10.44% | 11.12% |
| 2007 | 7.87% | 9.72% | 6.36% |
| 2005 | 7.74% | 10.67% | 13.57% |
Rent as a Fraction of Income
Using median household income data for Grant County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Grant County, median monthly gross rent as a fraction of median household income was 16.96% in 2019 according to the ACS.
Grant County Indiana Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Indiana | 17.50% | -0.15% | -0.12% |
| Grant County IN | 16.96% | -0.47% | -3.74% |
Trends in Grant County IN Rent as a Fraction of Income
The fraction of median Grant County household income required to pay median monthly gross rent peaked in 2015 (relative to the 2005 series origin) at 21.27%. Since then it has fallen by 4.32% to 16.96%.
Fraction of Income towards Rent: Grant County IN, Indiana, US
Historical Data for Annual Rent as a Fraction of Income in Grant County Indiana
| Date | US | Indiana | Grant County IN |
|---|---|---|---|
| 2019 | 20.03% | 17.50% | 16.96% |
| 2018 | 20.50% | 17.65% | 17.42% |
| 2017 | 20.13% | 17.56% | 18.90% |
| 2016 | 20.43% | 17.62% | 20.69% |
| 2015 | 20.63% | 18.00% | 21.27% |
| 2014 | 20.89% | 18.27% | 20.11% |
| 2013 | 20.78% | 18.43% | 17.54% |
| 2012 | 20.65% | 18.27% | 19.17% |
| 2011 | 20.70% | 18.27% | 19.07% |
| 2010 | 20.50% | 18.37% | 19.12% |
| 2009 | 20.12% | 18.15% | 18.89% |
| 2007 | 18.66% | 16.14% | 18.09% |
| 2005 | 18.89% | 16.78% | 16.48% |
Renter Fraction in Grant County Indiana
You can calculate the renter fraction in Grant County 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 Grant County as a fraction of total Grant County households. In 2019 30.00% of households were renters according to Census ACS data.
Grant County Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Indiana | 30.69% | -0.37% | -0.96% |
| Grant County IN | 30.00% | +4.09% | -8.06% |
Trends in the Grant County IN Renter Fraction
The Grant County household renter fraction peaked in in 2016 at 38.06% and is now 8.06% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Grant County IN, Indiana, US
History of Grant County Renter Fraction
| Date | US | Indiana | Grant County IN |
|---|---|---|---|
| 2019 | 35.89% | 30.69% | 30.00% |
| 2018 | 36.05% | 31.06% | 25.91% |
| 2017 | 36.13% | 30.96% | 30.67% |
| 2016 | 36.88% | 31.65% | 38.06% |
| 2015 | 36.97% | 31.82% | 34.05% |
| 2014 | 36.90% | 31.42% | 29.87% |
| 2013 | 36.50% | 31.48% | 34.55% |
| 2012 | 36.09% | 30.62% | 26.87% |
| 2011 | 35.42% | 30.28% | 31.56% |
| 2010 | 34.65% | 29.71% | 28.05% |
| 2009 | 34.13% | 29.57% | 30.85% |
| 2007 | 32.80% | 28.37% | 27.51% |
| 2005 | 33.10% | 28.00% | 25.70% |
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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