Monroe Michigan Residential Rent and Rental Statistics
The median monthly gross residential rent in Monroe, MI (the Monroe metro area) was $827 in 2019 according to the Census ACS survey.1 Average gross rent in Monroe was $813 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 Monroe median and average rent data will be released in September of 2021.
Data is also available below for Monroe rental vacancy rates, Monroe rent as a percent of median income and the fraction of renters in Monroe.
Real Gross Rent in Monroe Michigan (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Michigan Median Gross Rent | $888 | +1.25% | +3.62% |
| Monroe, MI Median Gross Rent | $827 | -4.17% | +0.61% |
Monroe, MI Real Gross Rent Trends
Median gross rent for Monroe peaked in real terms in 2018 at $863 and is now $36 (4.17%) lower. Average gross rent for Monroe peaked in real terms in 2006 at $848 and is now $35 (4.13%) lower. From a recent low of 706.0 in 2013, real average gross rent has now increased by $107 (15.16%).
Real Gross Rent in Monroe: Monroe MI Median, Monroe MI Average, Michigan Median, US Median
Real Gross Rent History for Monroe
| Date | US Median |
Michigan Median |
Monroe, MI Median |
Monroe, MI Average |
|---|---|---|---|---|
| 2019 | $1,097 | $888 | $827 | $813 |
| 2018 | $1,077 | $877 | $863 | $814 |
| 2017 | $1,043 | $861 | $805 | $775 |
| 2016 | $1,027 | $857 | $822 | $801 |
| 2015 | $1,017 | $852 | $775 | $766 |
| 2014 | $986 | $832 | $783 | $809 |
| 2013 | $953 | $809 | $794 | $706 |
| 2012 | $940 | $796 | $854 | $840 |
| 2011 | $941 | $798 | $838 | $821 |
| 2010 | $955 | $816 | $846 | $811 |
| 2009 | $960 | $816 | $823 | $810 |
| 2007 | $927 | $802 | $797 | $757 |
| 2005 | $910 | $819 | $824 | $793 |
Monroe Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2017 the rental vacancy rate for Monroe Michigan was 3.91% according to Census ACS data.
Rental Vacancy Rate in Monroe Michigan
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Michigan | 5.56% | +0.74% | +0.15% |
| Monroe, MI | — | — | — |
Trends in Monroe, MI Rental Vacancy Rate
The rental vacancy rate in Monroe peaked in 2013 at 12.61%. Since then it has fallen by 8.70% to 3.91%. Data records for this series originated in 2005. From a 2016 post peak low of 3.55%, the rental vacancy rate has increased by 0.36%.
Rental Vacancy Rate: Monroe MI, Michigan, US
Historical Rental Vacancy Rate data for Monroe
| Date | US | Michigan | Monroe, MI |
|---|---|---|---|
| 2019 | 5.97% | 5.56% | — |
| 2018 | 6.15% | 4.82% | — |
| 2017 | 6.18% | 4.87% | 3.91% |
| 2016 | 5.89% | 5.41% | 3.55% |
| 2015 | 5.85% | 5.19% | — |
| 2014 | 6.32% | 5.88% | — |
| 2013 | 6.49% | 6.04% | 12.61% |
| 2012 | 6.77% | 6.73% | 8.50% |
| 2011 | 7.40% | 7.72% | — |
| 2010 | 8.17% | 9.60% | 11.27% |
| 2009 | 8.43% | 9.48% | 7.76% |
| 2007 | 7.87% | 9.66% | 9.46% |
| 2005 | 7.74% | 10.09% | — |
Rent as a Fraction of Income
Using median household income data for Monroe, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Monroe, median monthly gross rent as a fraction of median household income was 15.79% in 2019 according to the ACS.
Monroe Michigan Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Michigan | 17.88% | -0.34% | -0.82% |
| Monroe, MI | 15.79% | -0.64% | +0.30% |
Trends in Monroe, MI Rent as a Fraction of Income
The fraction of median Monroe household income required to pay median monthly gross rent peaked in 2012 (relative to the 2005 series origin) at 19.02%. Since then it has fallen by 3.22% to 15.79%.
Fraction of Income towards Rent: Monroe MI, Michigan, US
Historical Data for Annual Rent as a Fraction of Income in Monroe Michigan
| Date | US | Michigan | Monroe, MI |
|---|---|---|---|
| 2019 | 20.03% | 17.88% | 15.79% |
| 2018 | 20.50% | 18.22% | 16.44% |
| 2017 | 20.13% | 18.25% | 15.81% |
| 2016 | 20.43% | 18.70% | 15.49% |
| 2015 | 20.63% | 18.86% | 16.13% |
| 2014 | 20.89% | 18.97% | 15.55% |
| 2013 | 20.78% | 19.09% | 16.89% |
| 2012 | 20.65% | 19.16% | 19.02% |
| 2011 | 20.70% | 19.29% | 17.33% |
| 2010 | 20.50% | 19.29% | 18.16% |
| 2009 | 20.12% | 18.99% | 16.40% |
| 2007 | 18.66% | 17.09% | 15.14% |
| 2005 | 18.89% | 17.07% | 14.21% |
Renter Fraction in Monroe Michigan
You can calculate the renter fraction in Monroe 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 Monroe as a fraction of total Monroe households. In 2019 21.95% of households were renters according to Census ACS data.
Monroe Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Michigan | 28.43% | -0.38% | -1.25% |
| Monroe, MI | 21.95% | +2.19% | +2.00% |
Trends in the Monroe, MI Renter Fraction
The Monroe household renter fraction peaked in in 2012 at 22.88% and is now 0.93% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Monroe MI, Michigan, US
History of Monroe Renter Fraction
| Date | US | Michigan | Monroe, MI |
|---|---|---|---|
| 2019 | 35.89% | 28.43% | 21.95% |
| 2018 | 36.05% | 28.81% | 19.76% |
| 2017 | 36.13% | 28.67% | 20.23% |
| 2016 | 36.88% | 29.68% | 19.95% |
| 2015 | 36.97% | 29.58% | 19.93% |
| 2014 | 36.90% | 29.76% | 21.17% |
| 2013 | 36.50% | 29.45% | 21.31% |
| 2012 | 36.09% | 28.94% | 22.88% |
| 2011 | 35.42% | 28.26% | 20.96% |
| 2010 | 34.65% | 27.25% | 21.24% |
| 2009 | 34.13% | 26.81% | 19.93% |
| 2007 | 32.80% | 25.17% | 19.01% |
| 2005 | 33.10% | 25.33% | 19.92% |
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. ↩
