Department of Numbers

Cedar Rapids Iowa Residential Rent and Rental Statistics

The median monthly gross residential rent in Cedar Rapids, IA (the Cedar Rapids metro area) was $699 in 2015 according to the Census ACS survey.1 Average gross rent in Cedar Rapids was $692 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 Cedar Rapids median and average rent data will be released in September of 2017.

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

Show dollars as: Nominal Real

Real Gross Rent in Cedar Rapids Iowa (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
Iowa Median Gross Rent $718 +1.41% +8.30%
Cedar Rapids, IA Median Gross Rent $699 +1.01% +4.33%

Cedar Rapids, IA Real Gross Rent Trends

At $699, real median gross rent in Cedar Rapids was at its highest level in 2015 since the series began in 2005. Average gross rent for Cedar Rapids peaked in real terms in 2006 at $705 and is now $13 (1.84%) lower. From a recent low of 626.0 in 2007, real average gross rent has now increased by $66 (10.54%).

Real Gross Rent in Cedar Rapids: Cedar Rapids IA Median, Cedar Rapids IA Average, Iowa Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Cedar Rapids

Date US
Median
Iowa
Median
Cedar Rapids, IA
Median
Cedar Rapids, IA
Average
2015 $959 $718 $699 $692
2014 $930 $708 $692 $659
2013 $898 $674 $667 $690
2012 $886 $663 $670 $697
2011 $887 $655 $619 $692
2010 $901 $663 $694 $697
2009 $905 $656 $659 $661
2008 $920 $678 $656 $672
2007 $874 $628 $601 $626
2006 $883 $676 $691 $705
2005 $858 $659 $661 $665

Cedar Rapids 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 Cedar Rapids Iowa was 8.16% according to Census ACS data.

Rental Vacancy Rate in Cedar Rapids Iowa

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
Iowa 6.41% +0.94% -0.36%
Cedar Rapids, IA 8.16% +1.11% -1.82%

Trends in Cedar Rapids, IA Rental Vacancy Rate

The rental vacancy rate in Cedar Rapids peaked in 2006 at 10.59%. Since then it has fallen by 2.43% to 8.16%. Data records for this series originated in 2005. From a 2007 post peak low of 3.20%, the rental vacancy rate has increased by 4.96%.

Rental Vacancy Rate: Cedar Rapids IA, Iowa, US

Rental vacancy rate in Iowa

Historical Rental Vacancy Rate data for Cedar Rapids

Date US Iowa Cedar Rapids, IA
2015 5.85% 6.41% 8.16%
2014 6.32% 5.47% 7.05%
2013 6.49% 6.03% 9.71%
2012 6.77% 6.77% 9.98%
2011 7.40% 6.64% 8.49%
2010 8.17% 6.38% 5.14%
2009 8.43% 5.97% 6.97%
2008 7.86% 6.80% 9.06%
2007 7.87% 7.54% 3.20%
2006 7.70% 6.28% 10.59%
2005 7.74% 7.17% 7.11%

Rent as a Fraction of Income

Using median household income data for Cedar Rapids, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Cedar Rapids, median monthly gross rent as a fraction of median household income was 14.46% in 2015 according to the ACS.

Cedar Rapids Iowa Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
Iowa 15.74% -0.14% +0.17%
Cedar Rapids, IA 14.46% +0.98% +0.45%

Trends in Cedar Rapids, IA Rent as a Fraction of Income

The fraction of median Cedar Rapids household income required to pay median monthly gross rent peaked in 2006 (relative to the 2005 series origin) at 15.56%. Since then it has fallen by 1.11% to 14.46%. From a 2007 low of 12.53%, the fraction of income going to rent has increased by 1.93%.

Fraction of Income towards Rent: Cedar Rapids IA, Iowa, US

Percent of median household income going towards median monthly gross rent in Cedar Rapids Iowa

Historical Data for Annual Rent as a Fraction of Income in Cedar Rapids Iowa

Date US Iowa Cedar Rapids, IA
2015 20.63% 15.74% 14.46%
2014 20.89% 15.88% 13.48%
2013 20.78% 15.60% 14.30%
2012 20.65% 15.57% 14.01%
2011 20.70% 15.61% 13.33%
2010 20.50% 15.74% 14.71%
2009 20.12% 15.26% 13.79%
2008 19.00% 14.87% 13.14%
2007 18.66% 14.39% 12.53%
2006 18.90% 15.75% 15.56%
2005 18.89% 15.38% 13.95%

Renter Fraction in Cedar Rapids Iowa

You can calculate the renter fraction in Cedar Rapids 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 Cedar Rapids as a fraction of total Cedar Rapids households. In 2015 26.76% of households were renters according to Census ACS data.

Cedar Rapids Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
Iowa 29.33% +0.20% +1.26%
Cedar Rapids, IA 26.76% +1.88% +1.06%

Trends in the Cedar Rapids, IA Renter Fraction

The Cedar Rapids household renter fraction peaked in in 2007 at 26.84% and is now 0.08% below that level. From a recent low of 24.30% in 2011, the household based renter fraction has now grown by 2.46%. The origin year for the series is 2005.

Fraction of Renting Households: Cedar Rapids IA, Iowa, US

Fraction of renters in Cedar Rapids

History of Cedar Rapids Renter Fraction

Date US Iowa Cedar Rapids, IA
2015 36.97% 29.33% 26.76%
2014 36.90% 29.13% 24.88%
2013 36.50% 29.19% 26.07%
2012 36.09% 28.07% 25.70%
2011 35.42% 27.65% 24.30%
2010 34.65% 27.64% 26.36%
2009 34.13% 27.92% 25.91%
2008 33.36% 27.11% 25.70%
2007 32.80% 26.31% 26.84%
2006 32.73% 26.70% 26.74%
2005 33.10% 26.90% 26.29%

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.