Rochester Minnesota Residential Rent and Rental Statistics
The median monthly gross residential rent in Rochester, MN (the Rochester metro area) was $949 in 2019 according to the Census ACS survey.1 Average gross rent in Rochester was $906 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 Rochester median and average rent data will be released in September of 2021.
Data is also available below for Rochester rental vacancy rates, Rochester rent as a percent of median income and the fraction of renters in Rochester.
Real Gross Rent in Rochester 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% |
| Rochester, MN Median Gross Rent | $949 | +1.28% | +7.47% |
Rochester, MN Real Gross Rent Trends
At $949, real median gross rent in Rochester was at its highest level in 2019 since the series began in 2005. Average gross rent for Rochester peaked in real terms in 2018 at $979 and is now $73 (7.46%) lower.
Real Gross Rent in Rochester: Rochester MN Median, Rochester MN Average, Minnesota Median, US Median
Real Gross Rent History for Rochester
| Date | US Median |
Minnesota Median |
Rochester, MN Median |
Rochester, MN Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,016 | $949 | $906 |
| 2018 | $1,077 | $987 | $937 | $979 |
| 2017 | $1,043 | $968 | $930 | $968 |
| 2016 | $1,027 | $955 | $883 | $923 |
| 2015 | $1,017 | $942 | $851 | $894 |
| 2014 | $986 | $907 | $876 | $934 |
| 2013 | $953 | $876 | $803 | $805 |
| 2012 | $940 | $865 | $797 | $865 |
| 2011 | $941 | $850 | $823 | $836 |
| 2010 | $955 | $854 | $799 | $851 |
| 2009 | $960 | $863 | $867 | $881 |
| 2007 | $927 | $835 | $772 | $871 |
| 2005 | $910 | $865 | $828 | $858 |
Rochester 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 Rochester Minnesota was 5.27% according to Census ACS data.
Rental Vacancy Rate in Rochester Minnesota
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Minnesota | 4.76% | +0.21% | +0.75% |
| Rochester, MN | 5.27% | -0.14% | +2.58% |
Trends in Rochester, MN Rental Vacancy Rate
The rental vacancy rate in Rochester peaked in 2005 at 11.47%. Since then it has fallen by 6.20% to 5.27%. Data records for this series originated in 2005. From a 2016 post peak low of 2.69%, the rental vacancy rate has increased by 2.58%.
Rental Vacancy Rate: Rochester MN, Minnesota, US
Historical Rental Vacancy Rate data for Rochester
| Date | US | Minnesota | Rochester, MN |
|---|---|---|---|
| 2019 | 5.97% | 4.76% | 5.27% |
| 2018 | 6.15% | 4.55% | 5.41% |
| 2017 | 6.18% | 4.31% | 5.37% |
| 2016 | 5.89% | 4.01% | 2.69% |
| 2015 | 5.85% | 4.35% | 3.74% |
| 2014 | 6.32% | 4.53% | 3.55% |
| 2013 | 6.49% | 3.94% | 7.62% |
| 2012 | 6.77% | 4.10% | 6.80% |
| 2011 | 7.40% | 5.37% | 6.95% |
| 2010 | 8.17% | 5.96% | 8.95% |
| 2009 | 8.43% | 5.97% | 11.10% |
| 2007 | 7.87% | 7.07% | 8.55% |
| 2005 | 7.74% | 8.20% | 11.47% |
Rent as a Fraction of Income
Using median household income data for Rochester, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Rochester, median monthly gross rent as a fraction of median household income was 15.00% in 2019 according to the ACS.
Rochester 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% |
| Rochester, MN | 15.00% | -0.31% | +0.56% |
Trends in Rochester, MN Rent as a Fraction of Income
The fraction of median Rochester household income required to pay median monthly gross rent peaked in 2018 (relative to the 2005 series origin) at 15.31%. Since then it has fallen by 0.31% to 15.00%.
Fraction of Income towards Rent: Rochester MN, Minnesota, US
Historical Data for Annual Rent as a Fraction of Income in Rochester Minnesota
| Date | US | Minnesota | Rochester, MN |
|---|---|---|---|
| 2019 | 20.03% | 16.34% | 15.00% |
| 2018 | 20.50% | 16.54% | 15.31% |
| 2017 | 20.13% | 16.48% | 15.04% |
| 2016 | 20.43% | 16.68% | 14.44% |
| 2015 | 20.63% | 16.78% | 14.66% |
| 2014 | 20.89% | 16.77% | 15.04% |
| 2013 | 20.78% | 16.45% | 14.62% |
| 2012 | 20.65% | 16.56% | 14.10% |
| 2011 | 20.70% | 16.58% | 13.95% |
| 2010 | 20.50% | 16.53% | 14.37% |
| 2009 | 20.12% | 16.33% | 14.62% |
| 2007 | 18.66% | 15.29% | 13.42% |
| 2005 | 18.89% | 15.96% | 13.99% |
Renter Fraction in Rochester Minnesota
You can calculate the renter fraction in Rochester 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 Rochester as a fraction of total Rochester households. In 2019 25.73% of households were renters according to Census ACS data.
Rochester 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% |
| Rochester, MN | 25.73% | -1.13% | +2.62% |
Trends in the Rochester, MN Renter Fraction
The Rochester household renter fraction peaked in in 2018 at 26.86% and is now 1.13% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Rochester MN, Minnesota, US
History of Rochester Renter Fraction
| Date | US | Minnesota | Rochester, MN |
|---|---|---|---|
| 2019 | 35.89% | 28.08% | 25.73% |
| 2018 | 36.05% | 28.55% | 26.86% |
| 2017 | 36.13% | 28.43% | 25.25% |
| 2016 | 36.88% | 28.70% | 23.11% |
| 2015 | 36.97% | 29.06% | 24.19% |
| 2014 | 36.90% | 28.31% | 24.55% |
| 2013 | 36.50% | 28.45% | 23.52% |
| 2012 | 36.09% | 28.56% | 24.58% |
| 2011 | 35.42% | 27.24% | 22.65% |
| 2010 | 34.65% | 26.98% | 21.99% |
| 2009 | 34.13% | 26.29% | 20.52% |
| 2007 | 32.80% | 24.76% | 22.17% |
| 2005 | 33.10% | 24.23% | 20.68% |
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. ↩
