Waterloo Iowa Residential Rent and Rental Statistics
The median monthly gross residential rent in Waterloo, IA (the Waterloo-Cedar Falls metro area) was $826 in 2019 according to the Census ACS survey.1 Average gross rent in Waterloo was $800 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 Waterloo median and average rent data will be released in September of 2021.
Data is also available below for Waterloo rental vacancy rates, Waterloo rent as a percent of median income and the fraction of renters in Waterloo.
Real Gross Rent in Waterloo Iowa (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Iowa Median Gross Rent | $808 | +2.15% | +4.12% |
| Waterloo, IA Median Gross Rent | $826 | +5.90% | +5.22% |
Waterloo, IA Real Gross Rent Trends
At $826, real median gross rent in Waterloo was at its highest level in 2019 since the series began in 2005. Average gross rent for Waterloo peaked in real terms in 2018 at $807 and is now $7 (0.87%) lower.
Real Gross Rent in Waterloo: Waterloo IA Median, Waterloo IA Average, Iowa Median, US Median
Real Gross Rent History for Waterloo
| Date | US Median |
Iowa Median |
Waterloo, IA Median |
Waterloo, IA Average |
|---|---|---|---|---|
| 2019 | $1,097 | $808 | $826 | $800 |
| 2018 | $1,077 | $791 | $780 | $807 |
| 2017 | $1,043 | $784 | $759 | $785 |
| 2016 | $1,027 | $776 | $785 | $781 |
| 2015 | $1,017 | $762 | $730 | $779 |
| 2014 | $986 | $751 | $746 | $787 |
| 2013 | $953 | $715 | $721 | $748 |
| 2012 | $940 | $703 | $681 | $746 |
| 2011 | $941 | $694 | $686 | $718 |
| 2010 | $955 | $703 | $695 | $715 |
| 2009 | $960 | $696 | $667 | $732 |
| 2007 | $927 | $666 | $659 | $710 |
| 2005 | $910 | $699 | $698 | $725 |
Waterloo 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 Waterloo Iowa was 5.89% according to Census ACS data.
Rental Vacancy Rate in Waterloo Iowa
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Iowa | 6.21% | -0.67% | -0.03% |
| Waterloo, IA | 5.89% | +0.17% | +0.40% |
Trends in Waterloo, IA Rental Vacancy Rate
The rental vacancy rate in Waterloo peaked in 2012 at 11.67%. Since then it has fallen by 5.78% to 5.89%. Data records for this series originated in 2005.
Rental Vacancy Rate: Waterloo IA, Iowa, US
Historical Rental Vacancy Rate data for Waterloo
| Date | US | Iowa | Waterloo, IA |
|---|---|---|---|
| 2019 | 5.97% | 6.21% | 5.89% |
| 2018 | 6.15% | 6.88% | 5.72% |
| 2017 | 6.18% | 7.31% | 5.89% |
| 2016 | 5.89% | 6.24% | 5.49% |
| 2015 | 5.85% | 6.41% | 6.44% |
| 2014 | 6.32% | 5.47% | 4.83% |
| 2013 | 6.49% | 6.03% | 9.53% |
| 2012 | 6.77% | 6.77% | 11.67% |
| 2011 | 7.40% | 6.64% | — |
| 2010 | 8.17% | 6.38% | 7.99% |
| 2009 | 8.43% | 5.97% | 0.81% |
| 2007 | 7.87% | 7.54% | 6.20% |
| 2005 | 7.74% | 7.17% | 4.16% |
Rent as a Fraction of Income
Using median household income data for Waterloo, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Waterloo, median monthly gross rent as a fraction of median household income was 15.70% in 2019 according to the ACS.
Waterloo Iowa Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Iowa | 15.72% | +0.17% | -0.09% |
| Waterloo, IA | 15.70% | -0.64% | -1.00% |
Trends in Waterloo, IA Rent as a Fraction of Income
The fraction of median Waterloo household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 17.16%. Since then it has fallen by 1.46% to 15.70%.
Fraction of Income towards Rent: Waterloo IA, Iowa, US
Historical Data for Annual Rent as a Fraction of Income in Waterloo Iowa
| Date | US | Iowa | Waterloo, IA |
|---|---|---|---|
| 2019 | 20.03% | 15.72% | 15.70% |
| 2018 | 20.50% | 15.55% | 16.34% |
| 2017 | 20.13% | 15.57% | 16.88% |
| 2016 | 20.43% | 15.81% | 16.70% |
| 2015 | 20.63% | 15.74% | 15.80% |
| 2014 | 20.89% | 15.88% | 16.01% |
| 2013 | 20.78% | 15.60% | 16.76% |
| 2012 | 20.65% | 15.57% | 15.14% |
| 2011 | 20.70% | 15.61% | 17.16% |
| 2010 | 20.50% | 15.74% | 16.29% |
| 2009 | 20.12% | 15.26% | 15.78% |
| 2007 | 18.66% | 14.39% | 15.61% |
| 2005 | 18.89% | 15.38% | 16.25% |
Renter Fraction in Waterloo Iowa
You can calculate the renter fraction in Waterloo 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 Waterloo as a fraction of total Waterloo households. In 2019 30.16% of households were renters according to Census ACS data.
Waterloo Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Iowa | 29.47% | +0.75% | +0.10% |
| Waterloo, IA | 30.16% | -0.45% | -1.71% |
Trends in the Waterloo, IA Renter Fraction
The Waterloo household renter fraction peaked in in 2016 at 31.87% and is now 1.71% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Waterloo IA, Iowa, US
History of Waterloo Renter Fraction
| Date | US | Iowa | Waterloo, IA |
|---|---|---|---|
| 2019 | 35.89% | 29.47% | 30.16% |
| 2018 | 36.05% | 28.72% | 30.61% |
| 2017 | 36.13% | 28.40% | 31.46% |
| 2016 | 36.88% | 29.37% | 31.87% |
| 2015 | 36.97% | 29.33% | 30.15% |
| 2014 | 36.90% | 29.13% | 31.06% |
| 2013 | 36.50% | 29.19% | 30.28% |
| 2012 | 36.09% | 28.07% | 28.54% |
| 2011 | 35.42% | 27.65% | 28.99% |
| 2010 | 34.65% | 27.64% | 31.78% |
| 2009 | 34.13% | 27.92% | 30.11% |
| 2007 | 32.80% | 26.31% | 27.57% |
| 2005 | 33.10% | 26.90% | 28.48% |
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. ↩
