Corvallis Oregon Residential Rent and Rental Statistics
The median monthly gross residential rent in Corvallis, OR (the Corvallis metro area) was $1,158 in 2019 according to the Census ACS survey.1 Average gross rent in Corvallis was $1,173 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 Corvallis median and average rent data will be released in September of 2021.
Data is also available below for Corvallis rental vacancy rates, Corvallis rent as a percent of median income and the fraction of renters in Corvallis.
Real Gross Rent in Corvallis Oregon (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Oregon Median Gross Rent | $1,185 | +3.04% | +11.48% |
| Corvallis, OR Median Gross Rent | $1,158 | +6.14% | +6.34% |
Corvallis, OR Real Gross Rent Trends
At $1,158, real median gross rent in Corvallis was at its highest level in 2019 since the series began in 2005. At $1,173, real average gross rent in Corvallis was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Corvallis: Corvallis OR Median, Corvallis OR Average, Oregon Median, US Median
Real Gross Rent History for Corvallis
| Date | US Median |
Oregon Median |
Corvallis, OR Median |
Corvallis, OR Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,185 | $1,158 | $1,173 |
| 2018 | $1,077 | $1,150 | $1,091 | $1,128 |
| 2017 | $1,043 | $1,113 | $1,084 | $1,143 |
| 2016 | $1,027 | $1,063 | $1,089 | $1,114 |
| 2015 | $1,017 | $1,000 | $939 | $1,010 |
| 2014 | $986 | $976 | $943 | $1,037 |
| 2013 | $953 | $934 | $884 | $961 |
| 2012 | $940 | $917 | $867 | $900 |
| 2011 | $941 | $907 | $832 | $844 |
| 2010 | $955 | $912 | $816 | $854 |
| 2009 | $960 | $933 | $864 | $963 |
| 2007 | $927 | $873 | $806 | $802 |
| 2005 | $910 | $861 | $806 | $861 |
Corvallis Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Corvallis Oregon was 8.59% according to Census ACS data.
Rental Vacancy Rate in Corvallis Oregon
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Oregon | 4.00% | -0.35% | +0.83% |
| Corvallis, OR | — | — | — |
Trends in Corvallis, OR Rental Vacancy Rate
The rental vacancy rate in Corvallis peaked in 2010 at 10.22%. Since then it has fallen by 1.63% to 8.59%. Data records for this series originated in 2005. From a 2014 post peak low of 6.05%, the rental vacancy rate has increased by 2.54%.
Rental Vacancy Rate: Corvallis OR, Oregon, US
Historical Rental Vacancy Rate data for Corvallis
| Date | US | Oregon | Corvallis, OR |
|---|---|---|---|
| 2019 | 5.97% | 4.00% | — |
| 2018 | 6.15% | 4.35% | — |
| 2017 | 6.18% | 3.80% | — |
| 2016 | 5.89% | 3.17% | 8.59% |
| 2015 | 5.85% | 3.64% | — |
| 2014 | 6.32% | 3.57% | 6.05% |
| 2013 | 6.49% | 4.45% | — |
| 2012 | 6.77% | 4.75% | — |
| 2011 | 7.40% | 5.06% | — |
| 2010 | 8.17% | 5.60% | 10.22% |
| 2009 | 8.43% | 6.30% | — |
| 2007 | 7.87% | 5.08% | — |
| 2005 | 7.74% | 6.39% | — |
Rent as a Fraction of Income
Using median household income data for Corvallis, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Corvallis, median monthly gross rent as a fraction of median household income was 19.62% in 2019 according to the ACS.
Corvallis Oregon Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Oregon | 21.21% | -0.17% | +0.03% |
| Corvallis, OR | 19.62% | -0.55% | -2.89% |
Trends in Corvallis, OR Rent as a Fraction of Income
The fraction of median Corvallis household income required to pay median monthly gross rent peaked in 2016 (relative to the 2005 series origin) at 22.50%. Since then it has fallen by 2.89% to 19.62%.
Fraction of Income towards Rent: Corvallis OR, Oregon, US
Historical Data for Annual Rent as a Fraction of Income in Corvallis Oregon
| Date | US | Oregon | Corvallis, OR |
|---|---|---|---|
| 2019 | 20.03% | 21.21% | 19.62% |
| 2018 | 20.50% | 21.38% | 20.17% |
| 2017 | 20.13% | 21.50% | 20.93% |
| 2016 | 20.43% | 21.17% | 22.50% |
| 2015 | 20.63% | 20.90% | 20.09% |
| 2014 | 20.89% | 21.71% | 20.42% |
| 2013 | 20.78% | 21.18% | 21.06% |
| 2012 | 20.65% | 21.04% | 19.13% |
| 2011 | 20.70% | 21.53% | 21.73% |
| 2010 | 20.50% | 21.03% | 19.08% |
| 2009 | 20.12% | 20.28% | 20.39% |
| 2007 | 18.66% | 18.30% | 18.06% |
| 2005 | 18.89% | 19.25% | 17.50% |
Renter Fraction in Corvallis Oregon
You can calculate the renter fraction in Corvallis 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 Corvallis as a fraction of total Corvallis households. In 2019 42.68% of households were renters according to Census ACS data.
Corvallis Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Oregon | 37.12% | -0.39% | -1.19% |
| Corvallis, OR | 42.68% | +1.52% | +1.21% |
Trends in the Corvallis, OR Renter Fraction
The Corvallis household renter fraction peaked in in 2014 at 45.41% and is now 2.73% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Corvallis OR, Oregon, US
History of Corvallis Renter Fraction
| Date | US | Oregon | Corvallis, OR |
|---|---|---|---|
| 2019 | 35.89% | 37.12% | 42.68% |
| 2018 | 36.05% | 37.51% | 41.16% |
| 2017 | 36.13% | 37.20% | 44.64% |
| 2016 | 36.88% | 38.31% | 41.47% |
| 2015 | 36.97% | 38.91% | 41.81% |
| 2014 | 36.90% | 39.28% | 45.41% |
| 2013 | 36.50% | 39.17% | 42.73% |
| 2012 | 36.09% | 38.44% | 42.43% |
| 2011 | 35.42% | 39.22% | 43.83% |
| 2010 | 34.65% | 37.45% | 40.92% |
| 2009 | 34.13% | 36.95% | 44.22% |
| 2007 | 32.80% | 35.41% | 43.47% |
| 2005 | 33.10% | 36.22% | 41.60% |
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. ↩
