Charlottesville Virginia Residential Rent and Rental Statistics
The median monthly gross residential rent in Charlottesville, VA (the Charlottesville metro area) was $1,187 in 2019 according to the Census ACS survey.1 Average gross rent in Charlottesville was $1,144 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 Charlottesville median and average rent data will be released in September of 2021.
Data is also available below for Charlottesville rental vacancy rates, Charlottesville rent as a percent of median income and the fraction of renters in Charlottesville.
Real Gross Rent in Charlottesville 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% |
| Charlottesville, VA Median Gross Rent | $1,187 | -1.66% | -1.82% |
Charlottesville, VA Real Gross Rent Trends
Median gross rent for Charlottesville peaked in real terms in 2016 at $1,209 and is now $22 (1.82%) lower. Average gross rent for Charlottesville peaked in real terms in 2018 at $1,158 and is now $14 (1.21%) lower.
Real Gross Rent in Charlottesville: Charlottesville VA Median, Charlottesville VA Average, Virginia Median, US Median
Real Gross Rent History for Charlottesville
| Date | US Median |
Virginia Median |
Charlottesville, VA Median |
Charlottesville, VA Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,254 | $1,187 | $1,144 |
| 2018 | $1,077 | $1,237 | $1,207 | $1,158 |
| 2017 | $1,043 | $1,216 | $1,176 | $1,121 |
| 2016 | $1,027 | $1,214 | $1,209 | $1,110 |
| 2015 | $1,017 | $1,214 | $1,173 | $1,151 |
| 2014 | $986 | $1,178 | $1,098 | $1,069 |
| 2013 | $953 | $1,144 | $1,115 | $1,048 |
| 2012 | $940 | $1,136 | $1,026 | $1,003 |
| 2011 | $941 | $1,147 | $1,119 | $1,081 |
| 2010 | $955 | $1,139 | $1,165 | $1,089 |
| 2009 | $960 | $1,127 | $1,091 | $1,127 |
| 2007 | $927 | $1,048 | $1,033 | $1,001 |
| 2005 | $910 | $1,015 | $1,018 | $960 |
Charlottesville 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 Charlottesville Virginia was 3.08% according to Census ACS data.
Rental Vacancy Rate in Charlottesville Virginia
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Virginia | 5.53% | +0.36% | -0.06% |
| Charlottesville, VA | 3.08% | -0.43% | -3.06% |
Trends in Charlottesville, VA Rental Vacancy Rate
The rental vacancy rate in Charlottesville peaked in 2010 at 10.59%. Since then it has fallen by 7.51% to 3.08%. Data records for this series originated in 2005. From a 2017 post peak low of 1.91%, the rental vacancy rate has increased by 1.17%.
Rental Vacancy Rate: Charlottesville VA, Virginia, US
Historical Rental Vacancy Rate data for Charlottesville
| Date | US | Virginia | Charlottesville, VA |
|---|---|---|---|
| 2019 | 5.97% | 5.53% | 3.08% |
| 2018 | 6.15% | 5.17% | 3.51% |
| 2017 | 6.18% | 6.45% | 1.91% |
| 2016 | 5.89% | 5.59% | 6.14% |
| 2015 | 5.85% | 5.13% | 5.88% |
| 2014 | 6.32% | 5.79% | 5.87% |
| 2013 | 6.49% | 6.38% | 6.64% |
| 2012 | 6.77% | 6.18% | 10.26% |
| 2011 | 7.40% | 7.54% | 9.31% |
| 2010 | 8.17% | 7.02% | 10.59% |
| 2009 | 8.43% | 7.29% | 9.53% |
| 2007 | 7.87% | 7.11% | 5.40% |
| 2005 | 7.74% | 7.20% | 3.92% |
Rent as a Fraction of Income
Using median household income data for Charlottesville, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Charlottesville, median monthly gross rent as a fraction of median household income was 18.77% in 2019 according to the ACS.
Charlottesville 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% |
| Charlottesville, VA | 18.77% | -1.27% | -3.40% |
Trends in Charlottesville, VA Rent as a Fraction of Income
The fraction of median Charlottesville household income required to pay median monthly gross rent peaked in 2016 (relative to the 2005 series origin) at 22.17%. Since then it has fallen by 3.40% to 18.77%.
Fraction of Income towards Rent: Charlottesville VA, Virginia, US
Historical Data for Annual Rent as a Fraction of Income in Charlottesville Virginia
| Date | US | Virginia | Charlottesville, VA |
|---|---|---|---|
| 2019 | 20.03% | 19.68% | 18.77% |
| 2018 | 20.50% | 20.09% | 20.03% |
| 2017 | 20.13% | 19.78% | 20.48% |
| 2016 | 20.43% | 20.42% | 22.17% |
| 2015 | 20.63% | 20.72% | 20.76% |
| 2014 | 20.89% | 20.63% | 21.45% |
| 2013 | 20.78% | 20.80% | 21.77% |
| 2012 | 20.65% | 20.76% | 18.40% |
| 2011 | 20.70% | 20.59% | 21.94% |
| 2010 | 20.50% | 20.15% | 22.03% |
| 2009 | 20.12% | 20.00% | 20.60% |
| 2007 | 18.66% | 17.97% | 19.75% |
| 2005 | 18.89% | 17.96% | 20.55% |
Renter Fraction in Charlottesville Virginia
You can calculate the renter fraction in Charlottesville 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 Charlottesville as a fraction of total Charlottesville households. In 2019 35.00% of households were renters according to Census ACS data.
Charlottesville 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% |
| Charlottesville, VA | 35.00% | -2.18% | -2.78% |
Trends in the Charlottesville, VA Renter Fraction
The Charlottesville household renter fraction peaked in in 2014 at 38.57% and is now 3.57% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Charlottesville VA, Virginia, US
History of Charlottesville Renter Fraction
| Date | US | Virginia | Charlottesville, VA |
|---|---|---|---|
| 2019 | 35.89% | 33.87% | 35.00% |
| 2018 | 36.05% | 34.08% | 37.18% |
| 2017 | 36.13% | 33.43% | 37.19% |
| 2016 | 36.88% | 34.71% | 37.78% |
| 2015 | 36.97% | 34.99% | 34.83% |
| 2014 | 36.90% | 34.67% | 38.57% |
| 2013 | 36.50% | 34.38% | 33.21% |
| 2012 | 36.09% | 33.84% | 35.90% |
| 2011 | 35.42% | 32.67% | 35.34% |
| 2010 | 34.65% | 32.33% | 36.25% |
| 2009 | 34.13% | 31.87% | 33.67% |
| 2007 | 32.80% | 30.49% | 34.84% |
| 2005 | 33.10% | 30.36% | 36.99% |
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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