Odessa Texas Residential Rent and Rental Statistics
The median monthly gross residential rent in Odessa, TX (the Odessa metro area) was $1,141 in 2019 according to the Census ACS survey.1 Average gross rent in Odessa was $1,112 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 Odessa median and average rent data will be released in September of 2021.
Data is also available below for Odessa rental vacancy rates, Odessa rent as a percent of median income and the fraction of renters in Odessa.
Real Gross Rent in Odessa Texas (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Texas Median Gross Rent | $1,091 | +2.44% | +8.99% |
| Odessa, TX Median Gross Rent | $1,141 | +8.98% | +21.51% |
Odessa, TX Real Gross Rent Trends
At $1,141, real median gross rent in Odessa was at its highest level in 2019 since the series began in 2005. At $1,112, real average gross rent in Odessa was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Odessa: Odessa TX Median, Odessa TX Average, Texas Median, US Median
Real Gross Rent History for Odessa
| Date | US Median |
Texas Median |
Odessa, TX Median |
Odessa, TX Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,091 | $1,141 | $1,112 |
| 2018 | $1,077 | $1,065 | $1,047 | $979 |
| 2017 | $1,043 | $1,018 | $973 | $964 |
| 2016 | $1,027 | $1,001 | $939 | $910 |
| 2015 | $1,017 | $989 | $1,109 | $1,054 |
| 2014 | $986 | $946 | $1,107 | $969 |
| 2013 | $953 | $902 | $974 | $954 |
| 2012 | $940 | $884 | $851 | $702 |
| 2011 | $941 | $878 | $805 | $793 |
| 2010 | $955 | $895 | $713 | $672 |
| 2009 | $960 | $898 | $829 | $784 |
| 2007 | $927 | $862 | $667 | $652 |
| 2005 | $910 | $839 | $653 | $613 |
Odessa 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 Odessa Texas was 5.61% according to Census ACS data.
Rental Vacancy Rate in Odessa Texas
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Texas | 8.15% | -0.06% | +0.50% |
| Odessa, TX | 5.61% | — | — |
Trends in Odessa, TX Rental Vacancy Rate
The rental vacancy rate in Odessa peaked in 2005 at 16.20%. Since then it has fallen by 10.59% to 5.61%. Data records for this series originated in 2005. From a 2009 post peak low of 4.59%, the rental vacancy rate has increased by 1.02%.
Rental Vacancy Rate: Odessa TX, Texas, US
Historical Rental Vacancy Rate data for Odessa
| Date | US | Texas | Odessa, TX |
|---|---|---|---|
| 2019 | 5.97% | 8.15% | 5.61% |
| 2018 | 6.15% | 8.21% | — |
| 2017 | 6.18% | 8.49% | 5.54% |
| 2016 | 5.89% | 7.65% | — |
| 2015 | 5.85% | 6.95% | — |
| 2014 | 6.32% | 7.30% | 7.50% |
| 2013 | 6.49% | 7.86% | — |
| 2012 | 6.77% | 8.53% | — |
| 2011 | 7.40% | 9.23% | — |
| 2010 | 8.17% | 10.60% | — |
| 2009 | 8.43% | 10.69% | 4.59% |
| 2007 | 7.87% | 10.61% | 8.14% |
| 2005 | 7.74% | 10.60% | 16.20% |
Rent as a Fraction of Income
Using median household income data for Odessa, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Odessa, median monthly gross rent as a fraction of median household income was 20.37% in 2019 according to the ACS.
Odessa Texas Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Texas | 20.45% | -0.26% | +0.16% |
| Odessa, TX | 20.37% | +1.15% | +0.16% |
Trends in Odessa, TX Rent as a Fraction of Income
The fraction of median Odessa household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 21.44%. Since then it has fallen by 1.07% to 20.37%.
Fraction of Income towards Rent: Odessa TX, Texas, US
Historical Data for Annual Rent as a Fraction of Income in Odessa Texas
| Date | US | Texas | Odessa, TX |
|---|---|---|---|
| 2019 | 20.03% | 20.45% | 20.37% |
| 2018 | 20.50% | 20.70% | 19.23% |
| 2017 | 20.13% | 20.00% | 20.46% |
| 2016 | 20.43% | 20.28% | 20.21% |
| 2015 | 20.63% | 20.10% | 19.16% |
| 2014 | 20.89% | 20.27% | 21.44% |
| 2013 | 20.78% | 19.89% | 19.92% |
| 2012 | 20.65% | 19.65% | 18.48% |
| 2011 | 20.70% | 19.75% | 17.89% |
| 2010 | 20.50% | 19.77% | 18.11% |
| 2009 | 20.12% | 19.59% | 19.78% |
| 2007 | 18.66% | 18.52% | 14.63% |
| 2005 | 18.89% | 19.11% | 17.41% |
Renter Fraction in Odessa Texas
You can calculate the renter fraction in Odessa 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 Odessa as a fraction of total Odessa households. In 2019 38.61% of households were renters according to Census ACS data.
Odessa Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Texas | 38.12% | -0.16% | -0.79% |
| Odessa, TX | 38.61% | +3.31% | +3.12% |
Trends in the Odessa, TX Renter Fraction
At 38.61%, the 2019 household based renter fraction in Odessa was at its highest level. The origin year for the series is 2005.
Fraction of Renting Households: Odessa TX, Texas, US
History of Odessa Renter Fraction
| Date | US | Texas | Odessa, TX |
|---|---|---|---|
| 2019 | 35.89% | 38.12% | 38.61% |
| 2018 | 36.05% | 38.28% | 35.30% |
| 2017 | 36.13% | 38.03% | 35.32% |
| 2016 | 36.88% | 38.91% | 35.49% |
| 2015 | 36.97% | 38.94% | 31.28% |
| 2014 | 36.90% | 38.84% | 37.13% |
| 2013 | 36.50% | 38.16% | 35.21% |
| 2012 | 36.09% | 37.72% | 30.95% |
| 2011 | 35.42% | 37.08% | 33.99% |
| 2010 | 34.65% | 36.42% | 37.61% |
| 2009 | 34.13% | 36.32% | 37.28% |
| 2007 | 32.80% | 34.82% | 27.71% |
| 2005 | 33.10% | 35.29% | 26.89% |
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. ↩
