Department of Numbers

Elkhart Indiana Residential Rent and Rental Statistics

The median monthly gross residential rent in Elkhart, IN (the Elkhart-Goshen metro area) was $729 in 2015 according to the Census ACS survey.1 Average gross rent in Elkhart was $718 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 Elkhart median and average rent data will be released in September of 2017.

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

Show dollars as: Nominal Real

Real Gross Rent in Elkhart Indiana (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
Indiana Median Gross Rent $758 +1.20% +5.72%
Elkhart, IN Median Gross Rent $729 +2.53% +2.68%

Elkhart, IN Real Gross Rent Trends

Median gross rent for Elkhart peaked in real terms in 2005 at $783 and is now $54 (6.90%) lower. From a recent low of 691.0 in 2013, real median gross rent has now increased by $38 (5.50%). Average gross rent for Elkhart peaked in real terms in 2005 at $765 and is now $47 (6.14%) lower. From a recent low of 659.0 in 2013, real average gross rent has now increased by $59 (8.95%).

Real Gross Rent in Elkhart: Elkhart IN Median, Elkhart IN Average, Indiana Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Elkhart

Date US
Median
Indiana
Median
Elkhart, IN
Median
Elkhart, IN
Average
2015 $959 $758 $729 $718
2014 $930 $749 $711 $665
2013 $898 $725 $691 $659
2012 $886 $717 $710 $664
2011 $887 $720 $715 $683
2010 $901 $719 $705 $668
2009 $905 $738 $734 $755
2008 $920 $748 $766 $746
2007 $874 $707 $754 $710
2006 $883 $739 $756 $749
2005 $858 $725 $783 $765

Elkhart 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 Elkhart Indiana was 6.56% according to Census ACS data.

Rental Vacancy Rate in Elkhart Indiana

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
Indiana 7.94% -0.15% -0.49%
Elkhart, IN 6.56% -0.41%

Trends in Elkhart, IN Rental Vacancy Rate

The rental vacancy rate in Elkhart peaked in 2009 at 19.29%. Since then it has fallen by 12.73% to 6.56%. Data records for this series originated in 2005.

Rental Vacancy Rate: Elkhart IN, Indiana, US

Rental vacancy rate in Indiana

Historical Rental Vacancy Rate data for Elkhart

Date US Indiana Elkhart, IN
2015 5.85% 7.94% 6.56%
2014 6.32% 8.09%
2013 6.49% 7.00% 6.47%
2012 6.77% 8.43% 6.97%
2011 7.40% 8.47%
2010 8.17% 8.78% 18.02%
2009 8.43% 10.44% 19.29%
2008 7.86% 9.02%
2007 7.87% 9.72% 4.77%
2006 7.70% 11.17% 8.45%
2005 7.74% 10.67%

Rent as a Fraction of Income

Using median household income data for Elkhart, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Elkhart, median monthly gross rent as a fraction of median household income was 17.65% in 2015 according to the ACS.

Elkhart Indiana Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
Indiana 18.00% -0.27% -0.26%
Elkhart, IN 17.65% +0.50% -1.10%

Trends in Elkhart, IN Rent as a Fraction of Income

The fraction of median Elkhart household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 19.45%. Since then it has fallen by 1.79% to 17.65%.

Fraction of Income towards Rent: Elkhart IN, Indiana, US

Percent of median household income going towards median monthly gross rent in Elkhart Indiana

Historical Data for Annual Rent as a Fraction of Income in Elkhart Indiana

Date US Indiana Elkhart, IN
2015 20.63% 18.00% 17.65%
2014 20.89% 18.27% 17.16%
2013 20.78% 18.43% 18.40%
2012 20.65% 18.27% 18.75%
2011 20.70% 18.27% 19.45%
2010 20.50% 18.37% 19.23%
2009 20.12% 18.15% 19.16%
2008 19.00% 16.76% 16.63%
2007 18.66% 16.14% 17.04%
2006 18.90% 16.87% 16.78%
2005 18.89% 16.78% 17.75%

Renter Fraction in Elkhart Indiana

You can calculate the renter fraction in Elkhart 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 Elkhart as a fraction of total Elkhart households. In 2015 30.97% of households were renters according to Census ACS data.

Elkhart Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
Indiana 31.82% +0.40% +1.20%
Elkhart, IN 30.97% -0.46% -1.73%

Trends in the Elkhart, IN Renter Fraction

The Elkhart household renter fraction peaked in in 2012 at 32.70% and is now 1.73% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Elkhart IN, Indiana, US

Fraction of renters in Elkhart

History of Elkhart Renter Fraction

Date US Indiana Elkhart, IN
2015 36.97% 31.82% 30.97%
2014 36.90% 31.42% 31.43%
2013 36.50% 31.48% 30.71%
2012 36.09% 30.62% 32.70%
2011 35.42% 30.28% 26.76%
2010 34.65% 29.71% 28.29%
2009 34.13% 29.57% 25.15%
2008 33.36% 28.17% 27.07%
2007 32.80% 28.37% 30.29%
2006 32.73% 27.88% 29.28%
2005 33.10% 28.00% 29.08%

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.