Olmsted County Minnesota Residential Rent and Rental Statistics
The median monthly gross residential rent in Olmsted County MN was $1,014 in 2019 according to the Census ACS survey.1 Average gross rent in Olmsted County was $971 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 Olmsted County median and average rent data will be released in September of 2021.
Data is also available below for Olmsted County rental vacancy rates, Olmsted County rent as a percent of median income and the fraction of renters in Olmsted County.
Real Gross Rent in Olmsted County Minnesota (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Minnesota Median Gross Rent | $1,016 | +2.94% | +6.39% |
| Olmsted County MN Median Gross Rent | $1,014 | +2.11% | +5.08% |
Olmsted County MN Real Gross Rent Trends
Median gross rent for Olmsted County peaked in real terms in 2017 at $1,014 and is now $0 (0.00%) lower. Average gross rent for Olmsted County peaked in real terms in 2017 at $1,062 and is now $91 (8.57%) lower.
Real Gross Rent: Olmsted County MN Median, Olmsted County MN Average, Minnesota Median, US Median
Real Gross Rent History for Olmsted County
| Date | US Median |
Minnesota Median |
Olmsted County MN Median |
Olmsted County MN Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,016 | $1,014 | $971 |
| 2018 | $1,077 | $987 | $993 | $1,052 |
| 2017 | $1,043 | $968 | $1,014 | $1,062 |
| 2016 | $1,027 | $955 | $965 | $1,019 |
| 2015 | $1,017 | $942 | $908 | $953 |
| 2014 | $986 | $907 | $930 | $999 |
| 2013 | $953 | $876 | $841 | $861 |
| 2012 | $940 | $865 | $830 | $919 |
| 2011 | $941 | $850 | $845 | $868 |
| 2010 | $955 | $854 | $807 | $872 |
| 2009 | $960 | $863 | $880 | $929 |
| 2007 | $927 | $835 | $812 | $928 |
| 2005 | $910 | $865 | $841 | $896 |
Olmsted 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 Olmsted County Minnesota was 5.77% according to Census ACS data.
Rental Vacancy Rate in Olmsted County Minnesota
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Minnesota | 4.76% | +0.21% | +0.75% |
| Olmsted County MN | 5.77% | -0.14% | — |
Trends in Olmsted County MN Rental Vacancy Rate
The rental vacancy rate in Olmsted County peaked in 2009 at 9.67%. Since then it has fallen by 3.90% to 5.77%. Data records for this series originated in 2005. From a 2015 post peak low of 2.91%, the rental vacancy rate has increased by 2.86%.
Rental Vacancy Rate: Olmsted County MN, Minnesota, US
Historical Rental Vacancy Rate data for Olmsted County
| Date | US | Minnesota | Olmsted County MN |
|---|---|---|---|
| 2019 | 5.97% | 4.76% | 5.77% |
| 2018 | 6.15% | 4.55% | 5.91% |
| 2017 | 6.18% | 4.31% | — |
| 2016 | 5.89% | 4.01% | — |
| 2015 | 5.85% | 4.35% | 2.91% |
| 2014 | 6.32% | 4.53% | 3.33% |
| 2013 | 6.49% | 3.94% | — |
| 2012 | 6.77% | 4.10% | — |
| 2011 | 7.40% | 5.37% | 6.14% |
| 2010 | 8.17% | 5.96% | 8.23% |
| 2009 | 8.43% | 5.97% | 9.67% |
| 2007 | 7.87% | 7.07% | 9.61% |
| 2005 | 7.74% | 8.20% | — |
Rent as a Fraction of Income
Using median household income data for Olmsted County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Olmsted County, median monthly gross rent as a fraction of median household income was 15.19% in 2019 according to the ACS.
Olmsted County Minnesota Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Minnesota | 16.34% | -0.19% | -0.34% |
| Olmsted County MN | 15.19% | -0.34% | -0.08% |
Trends in Olmsted County MN Rent as a Fraction of Income
The fraction of median Olmsted County household income required to pay median monthly gross rent peaked in 2018 (relative to the 2005 series origin) at 15.53%. Since then it has fallen by 0.34% to 15.19%.
Fraction of Income towards Rent: Olmsted County MN, Minnesota, US
Historical Data for Annual Rent as a Fraction of Income in Olmsted County Minnesota
| Date | US | Minnesota | Olmsted County MN |
|---|---|---|---|
| 2019 | 20.03% | 16.34% | 15.19% |
| 2018 | 20.50% | 16.54% | 15.53% |
| 2017 | 20.13% | 16.48% | 15.27% |
| 2016 | 20.43% | 16.68% | 15.28% |
| 2015 | 20.63% | 16.78% | 14.68% |
| 2014 | 20.89% | 16.77% | 15.16% |
| 2013 | 20.78% | 16.45% | 14.60% |
| 2012 | 20.65% | 16.56% | 14.67% |
| 2011 | 20.70% | 16.58% | 13.88% |
| 2010 | 20.50% | 16.53% | 14.27% |
| 2009 | 20.12% | 16.33% | 14.45% |
| 2007 | 18.66% | 15.29% | 13.80% |
| 2005 | 18.89% | 15.96% | 14.00% |
Renter Fraction in Olmsted County Minnesota
You can calculate the renter fraction in Olmsted 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 Olmsted County as a fraction of total Olmsted County households. In 2019 28.67% of households were renters according to Census ACS data.
Olmsted County Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Minnesota | 28.08% | -0.47% | -0.62% |
| Olmsted County MN | 28.67% | -1.82% | +3.25% |
Trends in the Olmsted County MN Renter Fraction
The Olmsted County household renter fraction peaked in in 2018 at 30.49% and is now 1.82% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Olmsted County MN, Minnesota, US
History of Olmsted County Renter Fraction
| Date | US | Minnesota | Olmsted County MN |
|---|---|---|---|
| 2019 | 35.89% | 28.08% | 28.67% |
| 2018 | 36.05% | 28.55% | 30.49% |
| 2017 | 36.13% | 28.43% | 27.01% |
| 2016 | 36.88% | 28.70% | 25.42% |
| 2015 | 36.97% | 29.06% | 25.47% |
| 2014 | 36.90% | 28.31% | 27.34% |
| 2013 | 36.50% | 28.45% | 25.22% |
| 2012 | 36.09% | 28.56% | 26.85% |
| 2011 | 35.42% | 27.24% | 25.29% |
| 2010 | 34.65% | 26.98% | 23.62% |
| 2009 | 34.13% | 26.29% | 22.31% |
| 2007 | 32.80% | 24.76% | 23.33% |
| 2005 | 33.10% | 24.23% | 23.11% |
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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