Montgomery County Virginia Residential Rent and Rental Statistics
The median monthly gross residential rent in Montgomery County VA was $996 in 2019 according to the Census ACS survey.1 Average gross rent in Montgomery County was $1,020 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 Montgomery County median and average rent data will be released in September of 2021.
Data is also available below for Montgomery County rental vacancy rates, Montgomery County rent as a percent of median income and the fraction of renters in Montgomery County.
Real Gross Rent in Montgomery 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% |
| Montgomery County VA Median Gross Rent | $996 | -3.68% | +7.21% |
Montgomery County VA Real Gross Rent Trends
Median gross rent for Montgomery County peaked in real terms in 2018 at $1,034 and is now $38 (3.68%) lower. Average gross rent for Montgomery County peaked in real terms in 2018 at $1,103 and is now $83 (7.52%) lower.
Real Gross Rent: Montgomery County VA Median, Montgomery County VA Average, Virginia Median, US Median
Real Gross Rent History for Montgomery County
| Date | US Median |
Virginia Median |
Montgomery County VA Median |
Montgomery County VA Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,254 | $996 | $1,020 |
| 2018 | $1,077 | $1,237 | $1,034 | $1,103 |
| 2017 | $1,043 | $1,216 | $1,019 | $1,029 |
| 2016 | $1,027 | $1,214 | $929 | $994 |
| 2015 | $1,017 | $1,214 | $1,032 | $1,062 |
| 2014 | $986 | $1,178 | $910 | $871 |
| 2013 | $953 | $1,144 | $924 | $939 |
| 2012 | $940 | $1,136 | $823 | $868 |
| 2011 | $941 | $1,147 | $896 | $929 |
| 2010 | $955 | $1,139 | $879 | $904 |
| 2009 | $960 | $1,127 | $853 | $900 |
| 2007 | $927 | $1,048 | $804 | $834 |
| 2005 | $910 | $1,015 | $803 | $823 |
Montgomery County 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 Montgomery County Virginia was 3.09% according to Census ACS data.
Rental Vacancy Rate in Montgomery County Virginia
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Virginia | 5.53% | +0.36% | -0.06% |
| Montgomery County VA | 3.09% | -2.40% | -1.21% |
Trends in Montgomery County VA Rental Vacancy Rate
The rental vacancy rate in Montgomery County peaked in 2017 at 7.46%. Since then it has fallen by 4.37% to 3.09%. Data records for this series originated in 2005.
Rental Vacancy Rate: Montgomery County VA, Virginia, US
Historical Rental Vacancy Rate data for Montgomery County
| Date | US | Virginia | Montgomery County VA |
|---|---|---|---|
| 2019 | 5.97% | 5.53% | 3.09% |
| 2018 | 6.15% | 5.17% | 5.49% |
| 2017 | 6.18% | 6.45% | 7.46% |
| 2016 | 5.89% | 5.59% | 4.30% |
| 2015 | 5.85% | 5.13% | — |
| 2014 | 6.32% | 5.79% | 4.86% |
| 2013 | 6.49% | 6.38% | 4.98% |
| 2012 | 6.77% | 6.18% | 1.84% |
| 2011 | 7.40% | 7.54% | 3.63% |
| 2010 | 8.17% | 7.02% | 2.97% |
| 2009 | 8.43% | 7.29% | — |
| 2007 | 7.87% | 7.11% | — |
| 2005 | 7.74% | 7.20% | — |
Rent as a Fraction of Income
Using median household income data for Montgomery County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Montgomery County, median monthly gross rent as a fraction of median household income was 19.91% in 2019 according to the ACS.
Montgomery 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% |
| Montgomery County VA | 19.91% | -3.57% | +0.80% |
Trends in Montgomery County VA Rent as a Fraction of Income
The fraction of median Montgomery County household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 24.60%. Since then it has fallen by 4.69% to 19.91%. From a 2016 low of 19.11%, the fraction of income going to rent has increased by 0.80%.
Fraction of Income towards Rent: Montgomery County VA, Virginia, US
Historical Data for Annual Rent as a Fraction of Income in Montgomery County Virginia
| Date | US | Virginia | Montgomery County VA |
|---|---|---|---|
| 2019 | 20.03% | 19.68% | 19.91% |
| 2018 | 20.50% | 20.09% | 23.48% |
| 2017 | 20.13% | 19.78% | 21.00% |
| 2016 | 20.43% | 20.42% | 19.11% |
| 2015 | 20.63% | 20.72% | 22.39% |
| 2014 | 20.89% | 20.63% | 24.60% |
| 2013 | 20.78% | 20.80% | 23.04% |
| 2012 | 20.65% | 20.76% | 22.31% |
| 2011 | 20.70% | 20.59% | 22.65% |
| 2010 | 20.50% | 20.15% | 23.21% |
| 2009 | 20.12% | 20.00% | 20.85% |
| 2007 | 18.66% | 17.97% | 19.48% |
| 2005 | 18.89% | 17.96% | 20.79% |
Renter Fraction in Montgomery County Virginia
You can calculate the renter fraction in Montgomery 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 Montgomery County as a fraction of total Montgomery County households. In 2019 46.60% of households were renters according to Census ACS data.
Montgomery 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% |
| Montgomery County VA | 46.60% | +3.64% | -0.28% |
Trends in the Montgomery County VA Renter Fraction
The Montgomery County household renter fraction peaked in in 2012 at 48.45% and is now 1.85% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Montgomery County VA, Virginia, US
History of Montgomery County Renter Fraction
| Date | US | Virginia | Montgomery County VA |
|---|---|---|---|
| 2019 | 35.89% | 33.87% | 46.60% |
| 2018 | 36.05% | 34.08% | 42.96% |
| 2017 | 36.13% | 33.43% | 46.05% |
| 2016 | 36.88% | 34.71% | 46.88% |
| 2015 | 36.97% | 34.99% | 45.79% |
| 2014 | 36.90% | 34.67% | 48.07% |
| 2013 | 36.50% | 34.38% | 45.69% |
| 2012 | 36.09% | 33.84% | 48.45% |
| 2011 | 35.42% | 32.67% | 48.11% |
| 2010 | 34.65% | 32.33% | 42.56% |
| 2009 | 34.13% | 31.87% | 46.78% |
| 2007 | 32.80% | 30.49% | 43.17% |
| 2005 | 33.10% | 30.36% | 43.06% |
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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