Department of Numbers

Montgomery Alabama Residential Rent and Rental Statistics

The median monthly gross residential rent in Montgomery, AL (the Montgomery metro area) was $819 in 2015 according to the Census ACS survey.1 Average gross rent in Montgomery was $811 in 2015. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2016 Montgomery median and average rent data will be released in September of 2017.

Data is also available below for Montgomery rental vacancy rates, Montgomery rent as a percent of median income and the fraction of renters in Montgomery.

Show dollars as: Nominal Real

Real Gross Rent in Montgomery Alabama (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
Alabama Median Gross Rent $729 +2.10% +5.50%
Montgomery, AL Median Gross Rent $819 +0.74% +4.07%

Montgomery, AL Real Gross Rent Trends

Median gross rent for Montgomery peaked in real terms in 2009 at $848 and is now $29 (3.42%) lower. Average gross rent for Montgomery peaked in real terms in 2009 at $811 and is now $0 (0.00%) lower.

Real Gross Rent in Montgomery: Montgomery AL Median, Montgomery AL Average, Alabama Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Montgomery

Date US
Median
Alabama
Median
Montgomery, AL
Median
Montgomery, AL
Average
2015 $959 $729 $819 $811
2014 $930 $714 $813 $792
2013 $898 $689 $790 $764
2012 $886 $691 $787 $761
2011 $887 $699 $767 $748
2010 $901 $703 $823 $786
2009 $905 $706 $848 $811
2008 $920 $704 $815 $782
2007 $874 $666 $756 $707
2006 $883 $663 $777 $714
2005 $858 $630 $696 $686

Montgomery Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2015 the rental vacancy rate for Montgomery Alabama was 8.03% according to Census ACS data.

Rental Vacancy Rate in Montgomery Alabama

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
Alabama 9.72% -0.65% +1.93%
Montgomery, AL 8.03% +0.40% +2.73%

Trends in Montgomery, AL Rental Vacancy Rate

The rental vacancy rate in Montgomery peaked in 2008 at 12.28%. Since then it has fallen by 4.25% to 8.03%. Data records for this series originated in 2005. From a 2013 post peak low of 4.83%, the rental vacancy rate has increased by 3.20%.

Rental Vacancy Rate: Montgomery AL, Alabama, US

Rental vacancy rate in Alabama

Historical Rental Vacancy Rate data for Montgomery

Date US Alabama Montgomery, AL
2015 5.85% 9.72% 8.03%
2014 6.32% 10.37% 7.63%
2013 6.49% 9.17% 4.83%
2012 6.77% 7.79% 5.30%
2011 7.40% 8.30% 9.32%
2010 8.17% 9.64% 9.99%
2009 8.43% 10.33% 8.71%
2008 7.86% 9.73% 12.28%
2007 7.87% 9.25% 7.71%
2006 7.70% 8.72% 8.76%
2005 7.74% 9.21% 7.94%

Rent as a Fraction of Income

Using median household income data for Montgomery, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Montgomery, median monthly gross rent as a fraction of median household income was 21.54% in 2015 according to the ACS.

Montgomery Alabama Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
Alabama 19.54% -0.55% -0.35%
Montgomery, AL 21.54% +0.75% +0.45%

Trends in Montgomery, AL Rent as a Fraction of Income

Montgomery renters paid 21.54% of median household income towards the median monthly gross rent in 2015. This is the highest fraction of median household income going to rent since the series originated in 2005.

Fraction of Income towards Rent: Montgomery AL, Alabama, US

Percent of median household income going towards median monthly gross rent in Montgomery Alabama

Historical Data for Annual Rent as a Fraction of Income in Montgomery Alabama

Date US Alabama Montgomery, AL
2015 20.63% 19.54% 21.54%
2014 20.89% 20.09% 20.79%
2013 20.78% 19.44% 20.83%
2012 20.65% 19.89% 21.09%
2011 20.70% 19.91% 19.77%
2010 20.50% 19.78% 20.59%
2009 20.12% 19.47% 21.38%
2008 19.00% 17.75% 18.87%
2007 18.66% 17.78% 19.05%
2006 18.90% 17.73% 18.75%
2005 18.89% 17.41% 17.23%

Renter Fraction in Montgomery Alabama

You can calculate the renter fraction in Montgomery 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 as a fraction of total Montgomery households. In 2015 36.90% of households were renters according to Census ACS data.

Montgomery Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
Alabama 32.11% -0.21% +0.86%
Montgomery, AL 36.90% +1.68% +2.45%

Trends in the Montgomery, AL Renter Fraction

At 36.90%, the 2015 household based renter fraction in Montgomery was at its highest level. The origin year for the series is 2005.

Fraction of Renting Households: Montgomery AL, Alabama, US

Fraction of renters in Montgomery

History of Montgomery Renter Fraction

Date US Alabama Montgomery, AL
2015 36.97% 32.11% 36.90%
2014 36.90% 32.32% 35.22%
2013 36.50% 31.96% 35.94%
2012 36.09% 31.25% 34.45%
2011 35.42% 30.11% 31.94%
2010 34.65% 29.88% 33.35%
2009 34.13% 30.42% 31.90%
2008 33.36% 29.01% 30.65%
2007 32.80% 29.10% 31.73%
2006 32.73% 28.22% 30.92%
2005 33.10% 29.48% 31.75%

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.