Rice County Minnesota Residential Rent and Rental Statistics
The median monthly gross residential rent in Rice County MN was $811 in 2019 according to the Census ACS survey.1 Average gross rent in Rice County was $721 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 Rice County median and average rent data will be released in September of 2021.
Data is also available below for Rice County rental vacancy rates, Rice County rent as a percent of median income and the fraction of renters in Rice County.
Real Gross Rent in Rice 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% |
| Rice County MN Median Gross Rent | $811 | -6.57% | -6.57% |
Rice County MN Real Gross Rent Trends
Median gross rent for Rice County peaked in real terms in 2017 at $878 and is now $67 (7.63%) lower. Average gross rent for Rice County peaked in real terms in 2017 at $1,037 and is now $316 (30.47%) lower.
Real Gross Rent: Rice County MN Median, Rice County MN Average, Minnesota Median, US Median
Real Gross Rent History for Rice County
| Date | US Median |
Minnesota Median |
Rice County MN Median |
Rice County MN Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,016 | $811 | $721 |
| 2018 | $1,077 | $987 | $868 | $910 |
| 2017 | $1,043 | $968 | $878 | $1,037 |
| 2016 | $1,027 | $955 | $868 | $913 |
| 2015 | $1,017 | $942 | $780 | $809 |
| 2014 | $986 | $907 | $806 | $837 |
| 2013 | $953 | $876 | $767 | $755 |
| 2012 | $940 | $865 | — | — |
| 2011 | $941 | $850 | — | — |
| 2010 | $955 | $854 | — | — |
| 2009 | $960 | $863 | — | — |
| 2007 | $927 | $835 | — | — |
| 2005 | $910 | $865 | — | — |
Historical Rental Vacancy Rate data for Rice County
| Date | US | Minnesota | Rice County MN |
|---|---|---|---|
| 2019 | 5.97% | 4.76% | — |
| 2018 | 6.15% | 4.55% | — |
| 2017 | 6.18% | 4.31% | — |
| 2016 | 5.89% | 4.01% | — |
| 2015 | 5.85% | 4.35% | — |
| 2014 | 6.32% | 4.53% | 11.42% |
| 2013 | 6.49% | 3.94% | — |
| 2012 | 6.77% | 4.10% | — |
| 2011 | 7.40% | 5.37% | — |
| 2010 | 8.17% | 5.96% | — |
| 2009 | 8.43% | 5.97% | — |
| 2007 | 7.87% | 7.07% | — |
| 2005 | 7.74% | 8.20% | — |
Rent as a Fraction of Income
Using median household income data for Rice County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Rice County, median monthly gross rent as a fraction of median household income was 13.43% in 2019 according to the ACS.
Rice 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% |
| Rice County MN | 13.43% | -2.12% | -0.96% |
Trends in Rice County MN Rent as a Fraction of Income
The fraction of median Rice County household income required to pay median monthly gross rent peaked in 2017 (relative to the 2013 series origin) at 15.97%. Since then it has fallen by 2.54% to 13.43%.
Fraction of Income towards Rent: Rice County MN, Minnesota, US
Historical Data for Annual Rent as a Fraction of Income in Rice County Minnesota
| Date | US | Minnesota | Rice County MN |
|---|---|---|---|
| 2019 | 20.03% | 16.34% | 13.43% |
| 2018 | 20.50% | 16.54% | 15.55% |
| 2017 | 20.13% | 16.48% | 15.97% |
| 2016 | 20.43% | 16.68% | 14.39% |
| 2015 | 20.63% | 16.78% | 15.39% |
| 2014 | 20.89% | 16.77% | 15.13% |
| 2013 | 20.78% | 16.45% | 14.91% |
| 2012 | 20.65% | 16.56% | — |
| 2011 | 20.70% | 16.58% | — |
| 2010 | 20.50% | 16.53% | — |
| 2009 | 20.12% | 16.33% | — |
| 2007 | 18.66% | 15.29% | — |
| 2005 | 18.89% | 15.96% | — |
Renter Fraction in Rice County Minnesota
You can calculate the renter fraction in Rice 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 Rice County as a fraction of total Rice County households. In 2019 24.42% of households were renters according to Census ACS data.
Rice 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% |
| Rice County MN | 24.42% | +1.17% | -1.50% |
Trends in the Rice County MN Renter Fraction
The Rice County household renter fraction peaked in in 2015 at 28.19% and is now 3.77% below that level. The origin year for the series is 2013.
Fraction of Renting Households: Rice County MN, Minnesota, US
History of Rice County Renter Fraction
| Date | US | Minnesota | Rice County MN |
|---|---|---|---|
| 2019 | 35.89% | 28.08% | 24.42% |
| 2018 | 36.05% | 28.55% | 23.25% |
| 2017 | 36.13% | 28.43% | 26.02% |
| 2016 | 36.88% | 28.70% | 25.92% |
| 2015 | 36.97% | 29.06% | 28.19% |
| 2014 | 36.90% | 28.31% | 23.07% |
| 2013 | 36.50% | 28.45% | 21.20% |
| 2012 | 36.09% | 28.56% | — |
| 2011 | 35.42% | 27.24% | — |
| 2010 | 34.65% | 26.98% | — |
| 2009 | 34.13% | 26.29% | — |
| 2007 | 32.80% | 24.76% | — |
| 2005 | 33.10% | 24.23% | — |
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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