Department of Numbers

Grand Junction Colorado Residential Rent and Rental Statistics

The median monthly gross residential rent in Grand Junction, CO (the Grand Junction metro area) was $897 in 2015 according to the Census ACS survey.1 Average gross rent in Grand Junction was $911 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 Grand Junction median and average rent data will be released in September of 2017.

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

Show dollars as: Nominal Real

Real Gross Rent in Grand Junction Colorado (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
Colorado Median Gross Rent $1,111 +9.46% +18.57%
Grand Junction, CO Median Gross Rent $897 +7.68% +13.11%

Grand Junction, CO Real Gross Rent Trends

Median gross rent for Grand Junction peaked in real terms in 2008 at $967 and is now $70 (7.24%) lower. Average gross rent for Grand Junction peaked in real terms in 2008 at $1,007 and is now $96 (9.53%) lower.

Real Gross Rent in Grand Junction: Grand Junction CO Median, Grand Junction CO Average, Colorado Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Grand Junction

Date US
Median
Colorado
Median
Grand Junction, CO
Median
Grand Junction, CO
Average
2015 $959 $1,111 $897 $911
2014 $930 $1,015 $833 $818
2013 $898 $964 $815 $883
2012 $886 $937 $793 $849
2011 $887 $916 $798 $832
2010 $901 $909 $879 $861
2009 $905 $914 $852 $875
2008 $920 $947 $967 $1,007
2007 $874 $873 $851 $852
2006 $883 $903 $788 $796
2005 $858 $892 $783 $787

Grand Junction 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 Grand Junction Colorado was 5.37% according to Census ACS data.

Rental Vacancy Rate in Grand Junction Colorado

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
Colorado 4.47% -0.38% -1.22%
Grand Junction, CO 5.37% +2.19%

Trends in Grand Junction, CO Rental Vacancy Rate

The rental vacancy rate in Grand Junction peaked in 2010 at 7.32%. Since then it has fallen by 1.95% to 5.37%. Data records for this series originated in 2005.

Rental Vacancy Rate: Grand Junction CO, Colorado, US

Rental vacancy rate in Colorado

Historical Rental Vacancy Rate data for Grand Junction

Date US Colorado Grand Junction, CO
2015 5.85% 4.47% 5.37%
2014 6.32% 4.85% 3.18%
2013 6.49% 5.26% 2.62%
2012 6.77% 5.69%
2011 7.40% 5.63% 3.43%
2010 8.17% 6.72% 7.32%
2009 8.43% 8.00% 3.70%
2008 7.86% 7.45%
2007 7.87% 8.63% 1.72%
2006 7.70% 8.36% 3.06%
2005 7.74% 9.35%

Rent as a Fraction of Income

Using median household income data for Grand Junction, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Grand Junction, median monthly gross rent as a fraction of median household income was 20.92% in 2015 according to the ACS.

Grand Junction Colorado Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
Colorado 20.86% +0.89% +1.12%
Grand Junction, CO 20.92% +0.90% +0.23%

Trends in Grand Junction, CO Rent as a Fraction of Income

The fraction of median Grand Junction household income required to pay median monthly gross rent peaked in 2010 (relative to the 2005 series origin) at 21.65%. Since then it has fallen by 0.73% to 20.92%.

Fraction of Income towards Rent: Grand Junction CO, Colorado, US

Percent of median household income going towards median monthly gross rent in Grand Junction Colorado

Historical Data for Annual Rent as a Fraction of Income in Grand Junction Colorado

Date US Colorado Grand Junction, CO
2015 20.63% 20.86% 20.92%
2014 20.89% 19.97% 20.02%
2013 20.78% 19.81% 21.09%
2012 20.65% 19.74% 20.68%
2011 20.70% 19.50% 19.74%
2010 20.50% 19.16% 21.65%
2009 20.12% 18.42% 17.99%
2008 19.00% 17.85% 18.64%
2007 18.66% 17.13% 18.09%
2006 18.90% 17.99% 19.18%
2005 18.89% 17.93% 20.18%

Renter Fraction in Grand Junction Colorado

You can calculate the renter fraction in Grand Junction 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 Grand Junction as a fraction of total Grand Junction households. In 2015 33.00% of households were renters according to Census ACS data.

Grand Junction Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
Colorado 36.25% +0.11% +0.28%
Grand Junction, CO 33.00% -1.74% +3.95%

Trends in the Grand Junction, CO Renter Fraction

The Grand Junction household renter fraction peaked in in 2014 at 34.74% and is now 1.74% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Grand Junction CO, Colorado, US

Fraction of renters in Grand Junction

History of Grand Junction Renter Fraction

Date US Colorado Grand Junction, CO
2015 36.97% 36.25% 33.00%
2014 36.90% 36.14% 34.74%
2013 36.50% 35.49% 32.23%
2012 36.09% 35.97% 29.05%
2011 35.42% 35.62% 28.52%
2010 34.65% 34.06% 27.52%
2009 34.13% 32.99% 25.51%
2008 33.36% 32.51% 30.43%
2007 32.80% 31.17% 27.27%
2006 32.73% 31.27% 29.67%
2005 33.10% 32.18% 29.82%

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.