Waco Texas Residential Rent and Rental Statistics
The median monthly gross residential rent in Waco, TX (the Waco metro area) was $877 in 2019 according to the Census ACS survey.1 Average gross rent in Waco was $865 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 Waco median and average rent data will be released in September of 2021.
Data is also available below for Waco rental vacancy rates, Waco rent as a percent of median income and the fraction of renters in Waco.
Real Gross Rent in Waco 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% |
| Waco, TX Median Gross Rent | $877 | -2.34% | +3.66% |
Waco, TX Real Gross Rent Trends
Median gross rent for Waco peaked in real terms in 2018 at $898 and is now $21 (2.34%) lower. At $865, real average gross rent in Waco was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Waco: Waco TX Median, Waco TX Average, Texas Median, US Median
Real Gross Rent History for Waco
| Date | US Median |
Texas Median |
Waco, TX Median |
Waco, TX Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,091 | $877 | $865 |
| 2018 | $1,077 | $1,065 | $898 | $848 |
| 2017 | $1,043 | $1,018 | $841 | $840 |
| 2016 | $1,027 | $1,001 | $846 | $833 |
| 2015 | $1,017 | $989 | $862 | $844 |
| 2014 | $986 | $946 | $810 | $814 |
| 2013 | $953 | $902 | $763 | $773 |
| 2012 | $940 | $884 | $800 | $816 |
| 2011 | $941 | $878 | $755 | $780 |
| 2010 | $955 | $895 | $830 | $818 |
| 2009 | $960 | $898 | $806 | $802 |
| 2007 | $927 | $862 | $841 | $839 |
| 2005 | $910 | $839 | $771 | $768 |
Waco 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 Waco Texas was 3.75% according to Census ACS data.
Rental Vacancy Rate in Waco Texas
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Texas | 8.15% | -0.06% | +0.50% |
| Waco, TX | 3.75% | -1.88% | -0.13% |
Trends in Waco, TX Rental Vacancy Rate
The rental vacancy rate in Waco peaked in 2005 at 13.77%. Since then it has fallen by 10.02% to 3.75%. Data records for this series originated in 2005. From a 2015 post peak low of 2.89%, the rental vacancy rate has increased by 0.86%.
Rental Vacancy Rate: Waco TX, Texas, US
Historical Rental Vacancy Rate data for Waco
| Date | US | Texas | Waco, TX |
|---|---|---|---|
| 2019 | 5.97% | 8.15% | 3.75% |
| 2018 | 6.15% | 8.21% | 5.63% |
| 2017 | 6.18% | 8.49% | 5.67% |
| 2016 | 5.89% | 7.65% | 3.88% |
| 2015 | 5.85% | 6.95% | 2.89% |
| 2014 | 6.32% | 7.30% | 6.37% |
| 2013 | 6.49% | 7.86% | 4.82% |
| 2012 | 6.77% | 8.53% | 9.05% |
| 2011 | 7.40% | 9.23% | 7.63% |
| 2010 | 8.17% | 10.60% | 9.52% |
| 2009 | 8.43% | 10.69% | 9.07% |
| 2007 | 7.87% | 10.61% | 7.40% |
| 2005 | 7.74% | 10.60% | 13.77% |
Rent as a Fraction of Income
Using median household income data for Waco, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Waco, median monthly gross rent as a fraction of median household income was 20.89% in 2019 according to the ACS.
Waco 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% |
| Waco, TX | 20.89% | -1.47% | +0.08% |
Trends in Waco, TX Rent as a Fraction of Income
The fraction of median Waco household income required to pay median monthly gross rent peaked in 2010 (relative to the 2005 series origin) at 22.78%. Since then it has fallen by 1.88% to 20.89%.
Fraction of Income towards Rent: Waco TX, Texas, US
Historical Data for Annual Rent as a Fraction of Income in Waco Texas
| Date | US | Texas | Waco, TX |
|---|---|---|---|
| 2019 | 20.03% | 20.45% | 20.89% |
| 2018 | 20.50% | 20.70% | 22.36% |
| 2017 | 20.13% | 20.00% | 21.31% |
| 2016 | 20.43% | 20.28% | 20.81% |
| 2015 | 20.63% | 20.10% | 21.07% |
| 2014 | 20.89% | 20.27% | 21.31% |
| 2013 | 20.78% | 19.89% | 21.66% |
| 2012 | 20.65% | 19.65% | 22.19% |
| 2011 | 20.70% | 19.75% | 20.72% |
| 2010 | 20.50% | 19.77% | 22.78% |
| 2009 | 20.12% | 19.59% | 21.85% |
| 2007 | 18.66% | 18.52% | 21.21% |
| 2005 | 18.89% | 19.11% | 20.49% |
Renter Fraction in Waco Texas
You can calculate the renter fraction in Waco 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 Waco as a fraction of total Waco households. In 2019 37.67% of households were renters according to Census ACS data.
Waco 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% |
| Waco, TX | 37.67% | -4.18% | -2.38% |
Trends in the Waco, TX Renter Fraction
The Waco household renter fraction peaked in in 2013 at 44.38% and is now 6.71% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Waco TX, Texas, US
History of Waco Renter Fraction
| Date | US | Texas | Waco, TX |
|---|---|---|---|
| 2019 | 35.89% | 38.12% | 37.67% |
| 2018 | 36.05% | 38.28% | 41.85% |
| 2017 | 36.13% | 38.03% | 40.76% |
| 2016 | 36.88% | 38.91% | 40.05% |
| 2015 | 36.97% | 38.94% | 40.27% |
| 2014 | 36.90% | 38.84% | 40.95% |
| 2013 | 36.50% | 38.16% | 44.38% |
| 2012 | 36.09% | 37.72% | 37.59% |
| 2011 | 35.42% | 37.08% | 40.15% |
| 2010 | 34.65% | 36.42% | 40.97% |
| 2009 | 34.13% | 36.32% | 40.35% |
| 2007 | 32.80% | 34.82% | 38.95% |
| 2005 | 33.10% | 35.29% | 39.11% |
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. ↩
