Sherman Texas Residential Rent and Rental Statistics
The median monthly gross residential rent in Sherman, TX (the Sherman-Denison metro area) was $906 in 2019 according to the Census ACS survey.1 Average gross rent in Sherman was $905 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 Sherman median and average rent data will be released in September of 2021.
Data is also available below for Sherman rental vacancy rates, Sherman rent as a percent of median income and the fraction of renters in Sherman.
Real Gross Rent in Sherman 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% |
| Sherman, TX Median Gross Rent | $906 | -0.44% | +12.69% |
Sherman, TX Real Gross Rent Trends
Median gross rent for Sherman peaked in real terms in 2018 at $910 and is now $4 (0.44%) lower. Average gross rent for Sherman peaked in real terms in 2018 at $932 and is now $27 (2.90%) lower.
Real Gross Rent in Sherman: Sherman TX Median, Sherman TX Average, Texas Median, US Median
Real Gross Rent History for Sherman
| Date | US Median |
Texas Median |
Sherman, TX Median |
Sherman, TX Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,091 | $906 | $905 |
| 2018 | $1,077 | $1,065 | $910 | $932 |
| 2017 | $1,043 | $1,018 | $897 | $875 |
| 2016 | $1,027 | $1,001 | $804 | $851 |
| 2015 | $1,017 | $989 | $831 | $847 |
| 2014 | $986 | $946 | $845 | $835 |
| 2013 | $953 | $902 | $808 | $729 |
| 2012 | $940 | $884 | $810 | $756 |
| 2011 | $941 | $878 | $794 | $781 |
| 2010 | $955 | $895 | $856 | $799 |
| 2009 | $960 | $898 | $794 | $733 |
| 2007 | $927 | $862 | $807 | $751 |
| 2005 | $910 | $839 | $739 | $723 |
Sherman 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 Sherman Texas was 4.00% according to Census ACS data.
Rental Vacancy Rate in Sherman Texas
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Texas | 8.15% | -0.06% | +0.50% |
| Sherman, TX | 4.00% | -5.44% | -0.99% |
Trends in Sherman, TX Rental Vacancy Rate
The rental vacancy rate in Sherman peaked in 2005 at 13.20%. Since then it has fallen by 9.20% to 4.00%. Data records for this series originated in 2005. From a 2015 post peak low of 2.72%, the rental vacancy rate has increased by 1.28%.
Rental Vacancy Rate: Sherman TX, Texas, US
Historical Rental Vacancy Rate data for Sherman
| Date | US | Texas | Sherman, TX |
|---|---|---|---|
| 2019 | 5.97% | 8.15% | 4.00% |
| 2018 | 6.15% | 8.21% | 9.44% |
| 2017 | 6.18% | 8.49% | — |
| 2016 | 5.89% | 7.65% | 4.99% |
| 2015 | 5.85% | 6.95% | 2.72% |
| 2014 | 6.32% | 7.30% | 7.81% |
| 2013 | 6.49% | 7.86% | 8.75% |
| 2012 | 6.77% | 8.53% | 10.27% |
| 2011 | 7.40% | 9.23% | 8.78% |
| 2010 | 8.17% | 10.60% | 11.59% |
| 2009 | 8.43% | 10.69% | 11.28% |
| 2007 | 7.87% | 10.61% | 11.82% |
| 2005 | 7.74% | 10.60% | 13.20% |
Rent as a Fraction of Income
Using median household income data for Sherman, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Sherman, median monthly gross rent as a fraction of median household income was 18.92% in 2019 according to the ACS.
Sherman 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% |
| Sherman, TX | 18.92% | -2.05% | +1.22% |
Trends in Sherman, TX Rent as a Fraction of Income
The fraction of median Sherman household income required to pay median monthly gross rent peaked in 2018 (relative to the 2005 series origin) at 20.97%. Since then it has fallen by 2.05% to 18.92%.
Fraction of Income towards Rent: Sherman TX, Texas, US
Historical Data for Annual Rent as a Fraction of Income in Sherman Texas
| Date | US | Texas | Sherman, TX |
|---|---|---|---|
| 2019 | 20.03% | 20.45% | 18.92% |
| 2018 | 20.50% | 20.70% | 20.97% |
| 2017 | 20.13% | 20.00% | 18.41% |
| 2016 | 20.43% | 20.28% | 17.69% |
| 2015 | 20.63% | 20.10% | 19.52% |
| 2014 | 20.89% | 20.27% | 18.44% |
| 2013 | 20.78% | 19.89% | 20.74% |
| 2012 | 20.65% | 19.65% | 19.24% |
| 2011 | 20.70% | 19.75% | 19.79% |
| 2010 | 20.50% | 19.77% | 20.17% |
| 2009 | 20.12% | 19.59% | 19.33% |
| 2007 | 18.66% | 18.52% | 18.40% |
| 2005 | 18.89% | 19.11% | 18.24% |
Renter Fraction in Sherman Texas
You can calculate the renter fraction in Sherman 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 Sherman as a fraction of total Sherman households. In 2019 30.80% of households were renters according to Census ACS data.
Sherman 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% |
| Sherman, TX | 30.80% | -2.22% | -1.65% |
Trends in the Sherman, TX Renter Fraction
The Sherman household renter fraction peaked in in 2013 at 36.20% and is now 5.40% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Sherman TX, Texas, US
History of Sherman Renter Fraction
| Date | US | Texas | Sherman, TX |
|---|---|---|---|
| 2019 | 35.89% | 38.12% | 30.80% |
| 2018 | 36.05% | 38.28% | 33.02% |
| 2017 | 36.13% | 38.03% | 32.95% |
| 2016 | 36.88% | 38.91% | 32.45% |
| 2015 | 36.97% | 38.94% | 31.87% |
| 2014 | 36.90% | 38.84% | 32.43% |
| 2013 | 36.50% | 38.16% | 36.20% |
| 2012 | 36.09% | 37.72% | 30.78% |
| 2011 | 35.42% | 37.08% | 34.42% |
| 2010 | 34.65% | 36.42% | 32.17% |
| 2009 | 34.13% | 36.32% | 33.64% |
| 2007 | 32.80% | 34.82% | 31.18% |
| 2005 | 33.10% | 35.29% | 31.18% |
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. ↩
