Albemarle County Virginia Residential Rent and Rental Statistics
The median monthly gross residential rent in Albemarle County VA was $1,266 in 2019 according to the Census ACS survey.1 Average gross rent in Albemarle County was $1,181 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 Albemarle County median and average rent data will be released in September of 2021.
Data is also available below for Albemarle County rental vacancy rates, Albemarle County rent as a percent of median income and the fraction of renters in Albemarle County.
Real Gross Rent in Albemarle County Virginia (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Virginia Median Gross Rent | $1,254 | +1.37% | +3.29% |
| Albemarle County VA Median Gross Rent | $1,266 | -4.45% | -1.02% |
Albemarle County VA Real Gross Rent Trends
Median gross rent for Albemarle County peaked in real terms in 2018 at $1,325 and is now $59 (4.45%) lower. Average gross rent for Albemarle County peaked in real terms in 2018 at $1,266 and is now $85 (6.71%) lower.
Real Gross Rent: Albemarle County VA Median, Albemarle County VA Average, Virginia Median, US Median
Real Gross Rent History for Albemarle County
| Date | US Median |
Virginia Median |
Albemarle County VA Median |
Albemarle County VA Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,254 | $1,266 | $1,181 |
| 2018 | $1,077 | $1,237 | $1,325 | $1,266 |
| 2017 | $1,043 | $1,216 | $1,262 | $1,191 |
| 2016 | $1,027 | $1,214 | $1,279 | $1,204 |
| 2015 | $1,017 | $1,214 | $1,244 | $1,235 |
| 2014 | $986 | $1,178 | $1,180 | $1,194 |
| 2013 | $953 | $1,144 | $1,188 | $1,144 |
| 2012 | $940 | $1,136 | $1,077 | $1,089 |
| 2011 | $941 | $1,147 | $1,124 | $1,119 |
| 2010 | $955 | $1,139 | $1,247 | $1,198 |
| 2009 | $960 | $1,127 | $1,227 | $1,250 |
| 2007 | $927 | $1,048 | $1,115 | $1,089 |
| 2005 | $910 | $1,015 | $1,060 | $1,025 |
Albemarle County 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 Albemarle County Virginia was 9.70% according to Census ACS data.
Rental Vacancy Rate in Albemarle County Virginia
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Virginia | 5.53% | +0.36% | -0.06% |
| Albemarle County VA | — | — | — |
Trends in Albemarle County VA Rental Vacancy Rate
The rental vacancy rate in Albemarle County peaked in 2009 at 13.34%. Since then it has fallen by 3.64% to 9.70%. Data records for this series originated in 2005.
Rental Vacancy Rate: Albemarle County VA, Virginia, US
Historical Rental Vacancy Rate data for Albemarle County
| Date | US | Virginia | Albemarle County VA |
|---|---|---|---|
| 2019 | 5.97% | 5.53% | — |
| 2018 | 6.15% | 5.17% | — |
| 2017 | 6.18% | 6.45% | — |
| 2016 | 5.89% | 5.59% | 9.70% |
| 2015 | 5.85% | 5.13% | — |
| 2014 | 6.32% | 5.79% | 7.51% |
| 2013 | 6.49% | 6.38% | 6.73% |
| 2012 | 6.77% | 6.18% | 13.32% |
| 2011 | 7.40% | 7.54% | — |
| 2010 | 8.17% | 7.02% | — |
| 2009 | 8.43% | 7.29% | 13.34% |
| 2007 | 7.87% | 7.11% | — |
| 2005 | 7.74% | 7.20% | — |
Rent as a Fraction of Income
Using median household income data for Albemarle County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Albemarle County, median monthly gross rent as a fraction of median household income was 17.58% in 2019 according to the ACS.
Albemarle County Virginia Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Virginia | 19.68% | -0.41% | -0.74% |
| Albemarle County VA | 17.58% | -2.28% | -2.77% |
Trends in Albemarle County VA Rent as a Fraction of Income
The fraction of median Albemarle County household income required to pay median monthly gross rent peaked in 2010 (relative to the 2005 series origin) at 22.51%. Since then it has fallen by 4.92% to 17.58%. From a 2012 low of 16.65%, the fraction of income going to rent has increased by 0.93%.
Fraction of Income towards Rent: Albemarle County VA, Virginia, US
Historical Data for Annual Rent as a Fraction of Income in Albemarle County Virginia
| Date | US | Virginia | Albemarle County VA |
|---|---|---|---|
| 2019 | 20.03% | 19.68% | 17.58% |
| 2018 | 20.50% | 20.09% | 19.87% |
| 2017 | 20.13% | 19.78% | 19.03% |
| 2016 | 20.43% | 20.42% | 20.36% |
| 2015 | 20.63% | 20.72% | 19.94% |
| 2014 | 20.89% | 20.63% | 20.73% |
| 2013 | 20.78% | 20.80% | 19.25% |
| 2012 | 20.65% | 20.76% | 16.65% |
| 2011 | 20.70% | 20.59% | 19.83% |
| 2010 | 20.50% | 20.15% | 22.51% |
| 2009 | 20.12% | 20.00% | 20.36% |
| 2007 | 18.66% | 17.97% | 18.01% |
| 2005 | 18.89% | 17.96% | 16.85% |
Renter Fraction in Albemarle County Virginia
You can calculate the renter fraction in Albemarle 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 Albemarle County as a fraction of total Albemarle County households. In 2019 34.04% of households were renters according to Census ACS data.
Albemarle County Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Virginia | 33.87% | -0.21% | -0.84% |
| Albemarle County VA | 34.04% | -3.39% | -4.87% |
Trends in the Albemarle County VA Renter Fraction
The Albemarle County household renter fraction peaked in in 2017 at 39.69% and is now 5.65% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Albemarle County VA, Virginia, US
History of Albemarle County Renter Fraction
| Date | US | Virginia | Albemarle County VA |
|---|---|---|---|
| 2019 | 35.89% | 33.87% | 34.04% |
| 2018 | 36.05% | 34.08% | 37.43% |
| 2017 | 36.13% | 33.43% | 39.69% |
| 2016 | 36.88% | 34.71% | 38.91% |
| 2015 | 36.97% | 34.99% | 35.78% |
| 2014 | 36.90% | 34.67% | 39.47% |
| 2013 | 36.50% | 34.38% | 29.64% |
| 2012 | 36.09% | 33.84% | 32.40% |
| 2011 | 35.42% | 32.67% | 35.13% |
| 2010 | 34.65% | 32.33% | 34.54% |
| 2009 | 34.13% | 31.87% | 33.84% |
| 2007 | 32.80% | 30.49% | 35.69% |
| 2005 | 33.10% | 30.36% | 35.67% |
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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