Department of Numbers

Waterloo Iowa Residential Rent and Rental Statistics

The median monthly gross residential rent in Waterloo, IA (the Waterloo-Cedar Falls metro area) was $688 in 2015 according to the Census ACS survey.1 Average gross rent in Waterloo was $734 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 Waterloo median and average rent data will be released in September of 2017.

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

Show dollars as: Nominal Real

Real Gross Rent in Waterloo 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%
Waterloo, IA Median Gross Rent $688 -2.27% +7.17%

Waterloo, IA Real Gross Rent Trends

Median gross rent for Waterloo peaked in real terms in 2014 at $704 and is now $16 (2.27%) lower. Average gross rent for Waterloo peaked in real terms in 2014 at $741 and is now $7 (0.94%) lower.

Real Gross Rent in Waterloo: Waterloo IA Median, Waterloo IA Average, Iowa Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Waterloo

Date US
Median
Iowa
Median
Waterloo, IA
Median
Waterloo, IA
Average
2015 $959 $718 $688 $734
2014 $930 $708 $704 $741
2013 $898 $674 $680 $705
2012 $886 $663 $642 $703
2011 $887 $655 $647 $677
2010 $901 $663 $655 $674
2009 $905 $656 $629 $690
2008 $920 $678 $680 $710
2007 $874 $628 $621 $669
2006 $883 $676 $662 $662
2005 $858 $659 $658 $684

Waterloo 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 Waterloo Iowa was 6.44% according to Census ACS data.

Rental Vacancy Rate in Waterloo Iowa

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
Iowa 6.41% +0.94% -0.36%
Waterloo, IA 6.44% +1.61% -5.23%

Trends in Waterloo, IA Rental Vacancy Rate

The rental vacancy rate in Waterloo peaked in 2012 at 11.67%. Since then it has fallen by 5.23% to 6.44%. Data records for this series originated in 2005.

Rental Vacancy Rate: Waterloo IA, Iowa, US

Rental vacancy rate in Iowa

Historical Rental Vacancy Rate data for Waterloo

Date US Iowa Waterloo, IA
2015 5.85% 6.41% 6.44%
2014 6.32% 5.47% 4.83%
2013 6.49% 6.03% 9.53%
2012 6.77% 6.77% 11.67%
2011 7.40% 6.64%
2010 8.17% 6.38% 7.99%
2009 8.43% 5.97% 0.81%
2008 7.86% 6.80% 5.68%
2007 7.87% 7.54% 6.20%
2006 7.70% 6.28% 7.42%
2005 7.74% 7.17% 4.16%

Rent as a Fraction of Income

Using median household income data for Waterloo, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Waterloo, median monthly gross rent as a fraction of median household income was 15.80% in 2015 according to the ACS.

Waterloo 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%
Waterloo, IA 15.80% -0.21% +0.66%

Trends in Waterloo, IA Rent as a Fraction of Income

The fraction of median Waterloo household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 17.16%. Since then it has fallen by 1.36% to 15.80%.

Fraction of Income towards Rent: Waterloo IA, Iowa, US

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

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

Date US Iowa Waterloo, IA
2015 20.63% 15.74% 15.80%
2014 20.89% 15.88% 16.01%
2013 20.78% 15.60% 16.76%
2012 20.65% 15.57% 15.14%
2011 20.70% 15.61% 17.16%
2010 20.50% 15.74% 16.29%
2009 20.12% 15.26% 15.78%
2008 19.00% 14.87% 15.13%
2007 18.66% 14.39% 15.61%
2006 18.90% 15.75% 15.67%
2005 18.89% 15.38% 16.25%

Renter Fraction in Waterloo Iowa

You can calculate the renter fraction in Waterloo 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 Waterloo as a fraction of total Waterloo households. In 2015 30.15% of households were renters according to Census ACS data.

Waterloo 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%
Waterloo, IA 30.15% -0.91% +1.61%

Trends in the Waterloo, IA Renter Fraction

The Waterloo household renter fraction peaked in in 2010 at 31.78% and is now 1.63% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Waterloo IA, Iowa, US

Fraction of renters in Waterloo

History of Waterloo Renter Fraction

Date US Iowa Waterloo, IA
2015 36.97% 29.33% 30.15%
2014 36.90% 29.13% 31.06%
2013 36.50% 29.19% 30.28%
2012 36.09% 28.07% 28.54%
2011 35.42% 27.65% 28.99%
2010 34.65% 27.64% 31.78%
2009 34.13% 27.92% 30.11%
2008 33.36% 27.11% 26.33%
2007 32.80% 26.31% 27.57%
2006 32.73% 26.70% 27.66%
2005 33.10% 26.90% 28.48%

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.