Howard County Maryland Residential Rent and Rental Statistics
The median monthly gross residential rent in Howard County MD was $1,723 in 2019 according to the Census ACS survey.1 Average gross rent in Howard County was $1,640 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 Howard County median and average rent data will be released in September of 2021.
Data is also available below for Howard County rental vacancy rates, Howard County rent as a percent of median income and the fraction of renters in Howard County.
Real Gross Rent in Howard County Maryland (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Maryland Median Gross Rent | $1,401 | +0.36% | +1.82% |
| Howard County MD Median Gross Rent | $1,723 | +2.13% | +0.82% |
Howard County MD Real Gross Rent Trends
Median gross rent for Howard County peaked in real terms in 2014 at $1,739 and is now $16 (0.92%) lower. Average gross rent for Howard County peaked in real terms in 2015 at $1,730 and is now $90 (5.20%) lower.
Real Gross Rent: Howard County MD Median, Howard County MD Average, Maryland Median, US Median
Real Gross Rent History for Howard County
| Date | US Median |
Maryland Median |
Howard County MD Median |
Howard County MD Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,401 | $1,723 | $1,640 |
| 2018 | $1,077 | $1,396 | $1,687 | $1,613 |
| 2017 | $1,043 | $1,379 | $1,680 | $1,583 |
| 2016 | $1,027 | $1,376 | $1,709 | $1,685 |
| 2015 | $1,017 | $1,356 | $1,728 | $1,730 |
| 2014 | $986 | $1,311 | $1,739 | $1,673 |
| 2013 | $953 | $1,274 | $1,635 | $1,599 |
| 2012 | $940 | $1,245 | $1,605 | $1,638 |
| 2011 | $941 | $1,245 | $1,500 | $1,524 |
| 2010 | $955 | $1,264 | $1,535 | $1,516 |
| 2009 | $960 | $1,263 | $1,516 | $1,553 |
| 2007 | $927 | $1,175 | $1,533 | $1,487 |
| 2005 | $910 | $1,114 | $1,386 | $1,384 |
Howard County 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 Howard County Maryland was 7.55% according to Census ACS data.
Rental Vacancy Rate in Howard County Maryland
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Maryland | 6.29% | -0.27% | +0.75% |
| Howard County MD | 7.55% | +2.62% | — |
Trends in Howard County MD Rental Vacancy Rate
The rental vacancy rate in Howard County peaked in 2008 at 10.53%. Since then it has fallen by 2.98% to 7.55%. Data records for this series originated in 2005. From a 2011 post peak low of 2.13%, the rental vacancy rate has increased by 5.42%.
Rental Vacancy Rate: Howard County MD, Maryland, US
Historical Rental Vacancy Rate data for Howard County
| Date | US | Maryland | Howard County MD |
|---|---|---|---|
| 2019 | 5.97% | 6.29% | 7.55% |
| 2018 | 6.15% | 6.56% | 4.93% |
| 2017 | 6.18% | 5.94% | — |
| 2016 | 5.89% | 5.54% | — |
| 2015 | 5.85% | 5.65% | 6.37% |
| 2014 | 6.32% | 6.83% | 3.60% |
| 2013 | 6.49% | 6.96% | 2.21% |
| 2012 | 6.77% | 6.99% | 4.50% |
| 2011 | 7.40% | 7.10% | 2.13% |
| 2010 | 8.17% | 7.53% | — |
| 2009 | 8.43% | 9.09% | — |
| 2007 | 7.87% | 8.78% | 9.10% |
| 2005 | 7.74% | 6.14% | — |
Rent as a Fraction of Income
Using median household income data for Howard County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Howard County, median monthly gross rent as a fraction of median household income was 17.00% in 2019 according to the ACS.
Howard County Maryland Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Maryland | 19.38% | -0.38% | -0.59% |
| Howard County MD | 17.00% | 0.00% | +0.81% |
Trends in Howard County MD Rent as a Fraction of Income
The fraction of median Howard County household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 18.39%. Since then it has fallen by 1.39% to 17.00%.
Fraction of Income towards Rent: Howard County MD, Maryland, US
Historical Data for Annual Rent as a Fraction of Income in Howard County Maryland
| Date | US | Maryland | Howard County MD |
|---|---|---|---|
| 2019 | 20.03% | 19.38% | 17.00% |
| 2018 | 20.50% | 19.76% | 17.00% |
| 2017 | 20.13% | 19.86% | 17.54% |
| 2016 | 20.43% | 19.97% | 16.19% |
| 2015 | 20.63% | 20.22% | 17.63% |
| 2014 | 20.89% | 20.15% | 18.39% |
| 2013 | 20.78% | 20.03% | 17.02% |
| 2012 | 20.65% | 19.74% | 16.64% |
| 2011 | 20.70% | 19.76% | 16.84% |
| 2010 | 20.50% | 19.71% | 16.20% |
| 2009 | 20.12% | 19.19% | 15.66% |
| 2007 | 18.66% | 17.63% | 15.40% |
| 2005 | 18.89% | 17.36% | 14.59% |
Renter Fraction in Howard County Maryland
You can calculate the renter fraction in Howard 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 Howard County as a fraction of total Howard County households. In 2019 26.85% of households were renters according to Census ACS data.
Howard County Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Maryland | 33.17% | +0.08% | -0.94% |
| Howard County MD | 26.85% | -1.60% | -0.34% |
Trends in the Howard County MD Renter Fraction
The Howard County household renter fraction peaked in in 2018 at 28.45% and is now 1.60% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Howard County MD, Maryland, US
History of Howard County Renter Fraction
| Date | US | Maryland | Howard County MD |
|---|---|---|---|
| 2019 | 35.89% | 33.17% | 26.85% |
| 2018 | 36.05% | 33.09% | 28.45% |
| 2017 | 36.13% | 33.29% | 25.14% |
| 2016 | 36.88% | 34.11% | 27.19% |
| 2015 | 36.97% | 34.06% | 25.86% |
| 2014 | 36.90% | 34.11% | 27.41% |
| 2013 | 36.50% | 33.53% | 27.09% |
| 2012 | 36.09% | 33.54% | 25.74% |
| 2011 | 35.42% | 32.66% | 27.49% |
| 2010 | 34.65% | 32.96% | 26.37% |
| 2009 | 34.13% | 31.44% | 24.53% |
| 2007 | 32.80% | 30.08% | 23.60% |
| 2005 | 33.10% | 31.02% | 23.23% |
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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