Roanoke Virginia Residential Rent and Rental Statistics
The median monthly gross residential rent in Roanoke, VA (the Roanoke metro area) was $835 in 2019 according to the Census ACS survey.1 Average gross rent in Roanoke was $854 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 Roanoke median and average rent data will be released in September of 2021.
Data is also available below for Roanoke rental vacancy rates, Roanoke rent as a percent of median income and the fraction of renters in Roanoke.
Real Gross Rent in Roanoke 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% |
| Roanoke, VA Median Gross Rent | $835 | -8.24% | +3.99% |
Roanoke, VA Real Gross Rent Trends
Median gross rent for Roanoke peaked in real terms in 2018 at $910 and is now $75 (8.24%) lower. Average gross rent for Roanoke peaked in real terms in 2018 at $938 and is now $84 (8.96%) lower.
Real Gross Rent in Roanoke: Roanoke VA Median, Roanoke VA Average, Virginia Median, US Median
Real Gross Rent History for Roanoke
| Date | US Median |
Virginia Median |
Roanoke, VA Median |
Roanoke, VA Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,254 | $835 | $854 |
| 2018 | $1,077 | $1,237 | $910 | $938 |
| 2017 | $1,043 | $1,216 | $814 | $819 |
| 2016 | $1,027 | $1,214 | $803 | $804 |
| 2015 | $1,017 | $1,214 | $852 | $860 |
| 2014 | $986 | $1,178 | $852 | $822 |
| 2013 | $953 | $1,144 | $788 | $742 |
| 2012 | $940 | $1,136 | $755 | $741 |
| 2011 | $941 | $1,147 | $732 | $740 |
| 2010 | $955 | $1,139 | $787 | $779 |
| 2009 | $960 | $1,127 | $821 | $809 |
| 2007 | $927 | $1,048 | $772 | $751 |
| 2005 | $910 | $1,015 | $716 | $688 |
Roanoke 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 Roanoke Virginia was 8.09% according to Census ACS data.
Rental Vacancy Rate in Roanoke Virginia
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Virginia | 5.53% | +0.36% | -0.06% |
| Roanoke, VA | 8.09% | -0.17% | +0.20% |
Trends in Roanoke, VA Rental Vacancy Rate
The rental vacancy rate in Roanoke peaked in 2005 at 11.85%. Since then it has fallen by 3.76% to 8.09%. Data records for this series originated in 2005. From a 2008 post peak low of 3.91%, the rental vacancy rate has increased by 4.18%.
Rental Vacancy Rate: Roanoke VA, Virginia, US
Historical Rental Vacancy Rate data for Roanoke
| Date | US | Virginia | Roanoke, VA |
|---|---|---|---|
| 2019 | 5.97% | 5.53% | 8.09% |
| 2018 | 6.15% | 5.17% | 8.26% |
| 2017 | 6.18% | 6.45% | 8.93% |
| 2016 | 5.89% | 5.59% | 7.89% |
| 2015 | 5.85% | 5.13% | 8.56% |
| 2014 | 6.32% | 5.79% | 4.75% |
| 2013 | 6.49% | 6.38% | 7.03% |
| 2012 | 6.77% | 6.18% | 6.76% |
| 2011 | 7.40% | 7.54% | 5.70% |
| 2010 | 8.17% | 7.02% | 5.20% |
| 2009 | 8.43% | 7.29% | 9.04% |
| 2007 | 7.87% | 7.11% | 5.36% |
| 2005 | 7.74% | 7.20% | 11.85% |
Rent as a Fraction of Income
Using median household income data for Roanoke, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Roanoke, median monthly gross rent as a fraction of median household income was 16.57% in 2019 according to the ACS.
Roanoke 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% |
| Roanoke, VA | 16.57% | -2.88% | -1.64% |
Trends in Roanoke, VA Rent as a Fraction of Income
The fraction of median Roanoke household income required to pay median monthly gross rent peaked in 2018 (relative to the 2005 series origin) at 19.45%. Since then it has fallen by 2.88% to 16.57%.
Fraction of Income towards Rent: Roanoke VA, Virginia, US
Historical Data for Annual Rent as a Fraction of Income in Roanoke Virginia
| Date | US | Virginia | Roanoke, VA |
|---|---|---|---|
| 2019 | 20.03% | 19.68% | 16.57% |
| 2018 | 20.50% | 20.09% | 19.45% |
| 2017 | 20.13% | 19.78% | 17.46% |
| 2016 | 20.43% | 20.42% | 18.21% |
| 2015 | 20.63% | 20.72% | 19.05% |
| 2014 | 20.89% | 20.63% | 18.87% |
| 2013 | 20.78% | 20.80% | 18.74% |
| 2012 | 20.65% | 20.76% | 18.14% |
| 2011 | 20.70% | 20.59% | 16.19% |
| 2010 | 20.50% | 20.15% | 18.54% |
| 2009 | 20.12% | 20.00% | 18.65% |
| 2007 | 18.66% | 17.97% | 16.81% |
| 2005 | 18.89% | 17.96% | 16.56% |
Renter Fraction in Roanoke Virginia
You can calculate the renter fraction in Roanoke 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 Roanoke as a fraction of total Roanoke households. In 2019 30.74% of households were renters according to Census ACS data.
Roanoke 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% |
| Roanoke, VA | 30.74% | -1.75% | -0.10% |
Trends in the Roanoke, VA Renter Fraction
The Roanoke household renter fraction peaked in in 2014 at 33.01% and is now 2.27% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Roanoke VA, Virginia, US
History of Roanoke Renter Fraction
| Date | US | Virginia | Roanoke, VA |
|---|---|---|---|
| 2019 | 35.89% | 33.87% | 30.74% |
| 2018 | 36.05% | 34.08% | 32.49% |
| 2017 | 36.13% | 33.43% | 31.24% |
| 2016 | 36.88% | 34.71% | 30.84% |
| 2015 | 36.97% | 34.99% | 32.68% |
| 2014 | 36.90% | 34.67% | 33.01% |
| 2013 | 36.50% | 34.38% | 30.56% |
| 2012 | 36.09% | 33.84% | 30.48% |
| 2011 | 35.42% | 32.67% | 28.30% |
| 2010 | 34.65% | 32.33% | 29.04% |
| 2009 | 34.13% | 31.87% | 31.41% |
| 2007 | 32.80% | 30.49% | 25.40% |
| 2005 | 33.10% | 30.36% | 25.30% |
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. ↩
