Department of Numbers

Fairbanks Alaska Residential Rent and Rental Statistics

The median monthly gross residential rent in Fairbanks, AK (the Fairbanks metro area) was $1,194 in 2015 according to the Census ACS survey.1 Average gross rent in Fairbanks was $1,235 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 Fairbanks median and average rent data will be released in September of 2017.

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

Show dollars as: Nominal Real

Real Gross Rent in Fairbanks Alaska (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
Alaska Median Gross Rent $1,163 -1.19% +3.56%
Fairbanks, AK Median Gross Rent $1,194 -2.61% -2.53%

Fairbanks, AK Real Gross Rent Trends

Median gross rent for Fairbanks peaked in real terms in 2011 at $1,272 and is now $78 (6.13%) lower. Average gross rent for Fairbanks peaked in real terms in 2014 at $1,240 and is now $5 (0.40%) lower.

Real Gross Rent in Fairbanks: Fairbanks AK Median, Fairbanks AK Average, Alaska Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Fairbanks

Date US
Median
Alaska
Median
Fairbanks, AK
Median
Fairbanks, AK
Average
2015 $959 $1,163 $1,194 $1,235
2014 $930 $1,177 $1,226 $1,240
2013 $898 $1,109 $1,133 $1,235
2012 $886 $1,123 $1,225 $1,222
2011 $887 $1,068 $1,272 $1,180
2010 $901 $1,033 $1,184 $1,144
2009 $905 $1,082 $1,046 $1,055
2008 $920 $1,060 $1,100 $1,025
2007 $874 $1,017 $1,041 $971
2006 $883 $1,022 $977 $801
2005 $858 $981 $930 $764

Fairbanks 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 Fairbanks Alaska was 6.87% according to Census ACS data.

Rental Vacancy Rate in Fairbanks Alaska

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
Alaska 5.74% -0.15% +0.12%
Fairbanks, AK 6.87% +2.59%

Trends in Fairbanks, AK Rental Vacancy Rate

The rental vacancy rate in Fairbanks peaked in 2013 at 17.13%. Since then it has fallen by 10.26% to 6.87%. Data records for this series originated in 2005.

Rental Vacancy Rate: Fairbanks AK, Alaska, US

Rental vacancy rate in Alaska

Historical Rental Vacancy Rate data for Fairbanks

Date US Alaska Fairbanks, AK
2015 5.85% 5.74% 6.87%
2014 6.32% 5.89%
2013 6.49% 7.74% 17.13%
2012 6.77% 5.62% 4.28%
2011 7.40% 5.94%
2010 8.17% 3.73%
2009 8.43% 6.82% 13.43%
2008 7.86% 4.80% 10.95%
2007 7.87% 5.99%
2006 7.70% 7.46% 13.36%
2005 7.74% 6.87%

Rent as a Fraction of Income

Using median household income data for Fairbanks, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Fairbanks, median monthly gross rent as a fraction of median household income was 19.63% in 2015 according to the ACS.

Fairbanks Alaska Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
Alaska 19.03% -0.81% -0.82%
Fairbanks, AK 19.63% -1.54% -2.40%

Trends in Fairbanks, AK Rent as a Fraction of Income

The fraction of median Fairbanks household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 22.74%. Since then it has fallen by 3.10% to 19.63%.

Fraction of Income towards Rent: Fairbanks AK, Alaska, US

Percent of median household income going towards median monthly gross rent in Fairbanks Alaska

Historical Data for Annual Rent as a Fraction of Income in Fairbanks Alaska

Date US Alaska Fairbanks, AK
2015 20.63% 19.03% 19.63%
2014 20.89% 19.83% 21.17%
2013 20.78% 18.56% 19.81%
2012 20.65% 19.85% 22.04%
2011 20.70% 18.56% 22.74%
2010 20.50% 18.23% 22.19%
2009 20.12% 18.05% 16.55%
2008 19.00% 16.63% 17.10%
2007 18.66% 17.12% 17.27%
2006 18.90% 17.84% 17.21%
2005 18.89% 17.75% 16.74%

Renter Fraction in Fairbanks Alaska

You can calculate the renter fraction in Fairbanks 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 Fairbanks as a fraction of total Fairbanks households. In 2015 42.81% of households were renters according to Census ACS data.

Fairbanks Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
Alaska 36.08% -1.43% -0.57%
Fairbanks, AK 42.81% -0.64% +2.48%

Trends in the Fairbanks, AK Renter Fraction

The Fairbanks household renter fraction peaked in in 2014 at 43.45% and is now 0.64% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Fairbanks AK, Alaska, US

Fraction of renters in Fairbanks

History of Fairbanks Renter Fraction

Date US Alaska Fairbanks, AK
2015 36.97% 36.08% 42.81%
2014 36.90% 37.51% 43.45%
2013 36.50% 36.55% 38.90%
2012 36.09% 36.65% 40.33%
2011 35.42% 36.92% 41.93%
2010 34.65% 36.06% 42.25%
2009 34.13% 34.77% 35.66%
2008 33.36% 35.05% 37.85%
2007 32.80% 36.97% 42.60%
2006 32.73% 35.51% 38.77%
2005 33.10% 36.97% 43.34%

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.