Albany County New York Residential Rent and Rental Statistics
The median monthly gross residential rent in Albany County NY was $1,037 in 2019 according to the Census ACS survey.1 Average gross rent in Albany County was $1,076 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 Albany County median and average rent data will be released in September of 2021.
Data is also available below for Albany County rental vacancy rates, Albany County rent as a percent of median income and the fraction of renters in Albany County.
Real Gross Rent in Albany County New York (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| New York Median Gross Rent | $1,309 | +0.93% | +4.72% |
| Albany County NY Median Gross Rent | $1,037 | +2.57% | +4.75% |
Albany County NY Real Gross Rent Trends
At $1,037, real median gross rent in Albany County was at its highest level in 2019 since the series began in 2005. At $1,076, real average gross rent in Albany County was at its highest level in 2019 since the series began in 2005.
Real Gross Rent: Albany County NY Median, Albany County NY Average, New York Median, US Median
Real Gross Rent History for Albany County
| Date | US Median |
New York Median |
Albany County NY Median |
Albany County NY Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,309 | $1,037 | $1,076 |
| 2018 | $1,077 | $1,297 | $1,011 | $1,050 |
| 2017 | $1,043 | $1,264 | $1,029 | $1,023 |
| 2016 | $1,027 | $1,250 | $990 | $1,040 |
| 2015 | $1,017 | $1,244 | $982 | $990 |
| 2014 | $986 | $1,212 | $973 | $967 |
| 2013 | $953 | $1,168 | $953 | $955 |
| 2012 | $940 | $1,148 | $919 | $919 |
| 2011 | $941 | $1,143 | $946 | $952 |
| 2010 | $955 | $1,140 | $967 | $953 |
| 2009 | $960 | $1,121 | $966 | $987 |
| 2007 | $927 | $1,066 | $953 | $930 |
| 2005 | $910 | $1,051 | $929 | $894 |
Albany 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 Albany County New York was 6.01% according to Census ACS data.
Rental Vacancy Rate in Albany County New York
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| New York | 4.00% | -0.20% | -0.42% |
| Albany County NY | 6.01% | +0.42% | +4.09% |
Trends in Albany County NY Rental Vacancy Rate
The rental vacancy rate in Albany County peaked in 2012 at 9.26%. Since then it has fallen by 3.25% to 6.01%. Data records for this series originated in 2005. From a 2016 post peak low of 1.92%, the rental vacancy rate has increased by 4.09%.
Rental Vacancy Rate: Albany County NY, New York, US
Historical Rental Vacancy Rate data for Albany County
| Date | US | New York | Albany County NY |
|---|---|---|---|
| 2019 | 5.97% | 4.00% | 6.01% |
| 2018 | 6.15% | 4.20% | 5.59% |
| 2017 | 6.18% | 4.19% | 6.39% |
| 2016 | 5.89% | 4.42% | 1.92% |
| 2015 | 5.85% | 4.41% | 5.62% |
| 2014 | 6.32% | 4.34% | 4.12% |
| 2013 | 6.49% | 4.17% | 4.00% |
| 2012 | 6.77% | 4.34% | 9.26% |
| 2011 | 7.40% | 4.48% | 6.97% |
| 2010 | 8.17% | 5.03% | 4.37% |
| 2009 | 8.43% | 4.78% | 6.09% |
| 2007 | 7.87% | 4.70% | 4.27% |
| 2005 | 7.74% | 4.80% | 5.94% |
Rent as a Fraction of Income
Using median household income data for Albany County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Albany County, median monthly gross rent as a fraction of median household income was 17.79% in 2019 according to the ACS.
Albany County New York Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| New York | 21.78% | -0.75% | -0.99% |
| Albany County NY | 17.79% | -0.70% | -0.57% |
Trends in Albany County NY Rent as a Fraction of Income
The fraction of median Albany County household income required to pay median monthly gross rent peaked in 2015 (relative to the 2005 series origin) at 19.48%. Since then it has fallen by 1.69% to 17.79%.
Fraction of Income towards Rent: Albany County NY, New York, US
Historical Data for Annual Rent as a Fraction of Income in Albany County New York
| Date | US | New York | Albany County NY |
|---|---|---|---|
| 2019 | 20.03% | 21.78% | 17.79% |
| 2018 | 20.50% | 22.53% | 18.49% |
| 2017 | 20.13% | 22.67% | 18.09% |
| 2016 | 20.43% | 22.78% | 18.36% |
| 2015 | 20.63% | 23.13% | 19.48% |
| 2014 | 20.89% | 23.40% | 18.24% |
| 2013 | 20.78% | 23.20% | 19.47% |
| 2012 | 20.65% | 22.94% | 17.65% |
| 2011 | 20.70% | 22.98% | 18.42% |
| 2010 | 20.50% | 22.60% | 19.23% |
| 2009 | 20.12% | 21.60% | 18.57% |
| 2007 | 18.66% | 20.34% | 18.36% |
| 2005 | 18.89% | 20.40% | 17.81% |
Renter Fraction in Albany County New York
You can calculate the renter fraction in Albany 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 Albany County as a fraction of total Albany County households. In 2019 42.06% of households were renters according to Census ACS data.
Albany County Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| New York | 46.48% | +0.15% | -0.24% |
| Albany County NY | 42.06% | -1.59% | -3.51% |
Trends in the Albany County NY Renter Fraction
The Albany County household renter fraction peaked in in 2016 at 45.57% and is now 3.51% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Albany County NY, New York, US
History of Albany County Renter Fraction
| Date | US | New York | Albany County NY |
|---|---|---|---|
| 2019 | 35.89% | 46.48% | 42.06% |
| 2018 | 36.05% | 46.33% | 43.65% |
| 2017 | 36.13% | 46.20% | 43.09% |
| 2016 | 36.88% | 46.72% | 45.57% |
| 2015 | 36.97% | 46.93% | 45.55% |
| 2014 | 36.90% | 47.02% | 42.37% |
| 2013 | 36.50% | 46.35% | 43.11% |
| 2012 | 36.09% | 46.35% | 41.23% |
| 2011 | 35.42% | 46.41% | 39.79% |
| 2010 | 34.65% | 45.75% | 42.95% |
| 2009 | 34.13% | 44.97% | 39.91% |
| 2007 | 32.80% | 44.48% | 39.89% |
| 2005 | 33.10% | 44.67% | 40.23% |
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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