Lynchburg Virginia Residential Rent and Rental Statistics
The median monthly gross residential rent in Lynchburg, VA (the Lynchburg metro area) was $834 in 2019 according to the Census ACS survey.1 Average gross rent in Lynchburg was $806 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 Lynchburg median and average rent data will be released in September of 2021.
Data is also available below for Lynchburg rental vacancy rates, Lynchburg rent as a percent of median income and the fraction of renters in Lynchburg.
Real Gross Rent in Lynchburg 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% |
| Lynchburg, VA Median Gross Rent | $834 | +3.99% | +9.45% |
Lynchburg, VA Real Gross Rent Trends
At $834, real median gross rent in Lynchburg was at its highest level in 2019 since the series began in 2005. Average gross rent for Lynchburg peaked in real terms in 2015 at $814 and is now $8 (0.98%) lower.
Real Gross Rent in Lynchburg: Lynchburg VA Median, Lynchburg VA Average, Virginia Median, US Median
Real Gross Rent History for Lynchburg
| Date | US Median |
Virginia Median |
Lynchburg, VA Median |
Lynchburg, VA Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,254 | $834 | $806 |
| 2018 | $1,077 | $1,237 | $802 | $764 |
| 2017 | $1,043 | $1,216 | $801 | $773 |
| 2016 | $1,027 | $1,214 | $762 | $762 |
| 2015 | $1,017 | $1,214 | $805 | $814 |
| 2014 | $986 | $1,178 | $831 | $780 |
| 2013 | $953 | $1,144 | $778 | $752 |
| 2012 | $940 | $1,136 | $719 | $696 |
| 2011 | $941 | $1,147 | $777 | $739 |
| 2010 | $955 | $1,139 | $759 | $717 |
| 2009 | $960 | $1,127 | $729 | $653 |
| 2007 | $927 | $1,048 | $674 | $623 |
| 2005 | $910 | $1,015 | $651 | $609 |
Lynchburg 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 Lynchburg Virginia was 6.55% according to Census ACS data.
Rental Vacancy Rate in Lynchburg Virginia
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Virginia | 5.53% | +0.36% | -0.06% |
| Lynchburg, VA | 6.55% | +3.04% | +0.87% |
Trends in Lynchburg, VA Rental Vacancy Rate
The rental vacancy rate in Lynchburg peaked in 2012 at 7.40%. Since then it has fallen by 0.85% to 6.55%. Data records for this series originated in 2005. From a 2018 post peak low of 3.51%, the rental vacancy rate has increased by 3.04%.
Rental Vacancy Rate: Lynchburg VA, Virginia, US
Historical Rental Vacancy Rate data for Lynchburg
| Date | US | Virginia | Lynchburg, VA |
|---|---|---|---|
| 2019 | 5.97% | 5.53% | 6.55% |
| 2018 | 6.15% | 5.17% | 3.51% |
| 2017 | 6.18% | 6.45% | 5.29% |
| 2016 | 5.89% | 5.59% | 5.68% |
| 2015 | 5.85% | 5.13% | 4.69% |
| 2014 | 6.32% | 5.79% | 4.70% |
| 2013 | 6.49% | 6.38% | 4.17% |
| 2012 | 6.77% | 6.18% | 7.40% |
| 2011 | 7.40% | 7.54% | 5.20% |
| 2010 | 8.17% | 7.02% | 6.23% |
| 2009 | 8.43% | 7.29% | 4.37% |
| 2007 | 7.87% | 7.11% | 5.77% |
| 2005 | 7.74% | 7.20% | 5.36% |
Rent as a Fraction of Income
Using median household income data for Lynchburg, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Lynchburg, median monthly gross rent as a fraction of median household income was 17.33% in 2019 according to the ACS.
Lynchburg 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% |
| Lynchburg, VA | 17.33% | -1.16% | -0.67% |
Trends in Lynchburg, VA Rent as a Fraction of Income
The fraction of median Lynchburg household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 19.85%. Since then it has fallen by 2.52% to 17.33%.
Fraction of Income towards Rent: Lynchburg VA, Virginia, US
Historical Data for Annual Rent as a Fraction of Income in Lynchburg Virginia
| Date | US | Virginia | Lynchburg, VA |
|---|---|---|---|
| 2019 | 20.03% | 19.68% | 17.33% |
| 2018 | 20.50% | 20.09% | 18.49% |
| 2017 | 20.13% | 19.78% | 17.60% |
| 2016 | 20.43% | 20.42% | 18.00% |
| 2015 | 20.63% | 20.72% | 18.94% |
| 2014 | 20.89% | 20.63% | 19.85% |
| 2013 | 20.78% | 20.80% | 18.54% |
| 2012 | 20.65% | 20.76% | 18.83% |
| 2011 | 20.70% | 20.59% | 18.46% |
| 2010 | 20.50% | 20.15% | 19.75% |
| 2009 | 20.12% | 20.00% | 17.14% |
| 2007 | 18.66% | 17.97% | 16.37% |
| 2005 | 18.89% | 17.96% | 15.40% |
Renter Fraction in Lynchburg Virginia
You can calculate the renter fraction in Lynchburg 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 Lynchburg as a fraction of total Lynchburg households. In 2019 29.00% of households were renters according to Census ACS data.
Lynchburg 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% |
| Lynchburg, VA | 29.00% | -1.67% | -0.16% |
Trends in the Lynchburg, VA Renter Fraction
The Lynchburg household renter fraction peaked in in 2015 at 31.74% and is now 2.74% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Lynchburg VA, Virginia, US
History of Lynchburg Renter Fraction
| Date | US | Virginia | Lynchburg, VA |
|---|---|---|---|
| 2019 | 35.89% | 33.87% | 29.00% |
| 2018 | 36.05% | 34.08% | 30.67% |
| 2017 | 36.13% | 33.43% | 29.52% |
| 2016 | 36.88% | 34.71% | 29.16% |
| 2015 | 36.97% | 34.99% | 31.74% |
| 2014 | 36.90% | 34.67% | 29.29% |
| 2013 | 36.50% | 34.38% | 29.76% |
| 2012 | 36.09% | 33.84% | 28.12% |
| 2011 | 35.42% | 32.67% | 27.55% |
| 2010 | 34.65% | 32.33% | 29.20% |
| 2009 | 34.13% | 31.87% | 26.87% |
| 2007 | 32.80% | 30.49% | 28.54% |
| 2005 | 33.10% | 30.36% | 26.94% |
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. ↩
