# Albany New York Residential Rent and Rental Statistics

The **median monthly gross residential rent in Albany, NY (the Albany-Schenectady-Troy metro area) was $923 in 2015** according to the Census ACS survey.^{1} **Average gross rent in Albany was $939 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 Albany median and average rent data will be released in September of 2017.

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

###
Real Gross Rent in Albany New York (2015 dollars)^{2}

2015 | 1 Year Change | 3 Year Change | |
---|---|---|---|

US Median Gross Rent | $959 | +3.12% | +8.24% |

New York Median Gross Rent | $1,173 | +2.62% | +8.41% |

Albany, NY Median Gross Rent | $923 | -0.43% | +6.58% |

## Albany, NY Real Gross Rent Trends

Median gross rent for Albany peaked in real terms in 2014 at $927 and is now $4 (0.43%) lower. At $939, real average gross rent in Albany was at its highest level in 2015 since the series began in 2005.

### Real Gross Rent in Albany: Albany NY Median, Albany NY Average, New York Median, US Median

## Real Gross Rent History for Albany

Date |
US Median |
New York Median |
Albany, NY Median |
Albany, NY Average |
---|---|---|---|---|

2015 | $959 | $1,173 | $923 | $939 |

2014 | $930 | $1,143 | $927 | $917 |

2013 | $898 | $1,101 | $882 | $894 |

2012 | $886 | $1,082 | $866 | $868 |

2011 | $887 | $1,077 | $876 | $881 |

2010 | $901 | $1,074 | $891 | $882 |

2009 | $905 | $1,057 | $895 | $902 |

2008 | $920 | $1,064 | $908 | $902 |

2007 | $874 | $1,004 | $863 | $854 |

2006 | $883 | $1,013 | $873 | $862 |

2005 | $858 | $991 | $847 | $813 |

## Albany 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 Albany New York was 5.69%** according to Census ACS data.

### Rental Vacancy Rate in Albany New York

2015 | 1 Year Change | 3 Year Change | |
---|---|---|---|

US | 5.85% | -0.47% | -0.92% |

New York | 4.41% | +0.07% | +0.07% |

Albany, NY | 5.69% | +0.89% | -2.15% |

## Trends in Albany, NY Rental Vacancy Rate

The rental vacancy rate in Albany peaked in 2012 at 7.84%. Since then it has fallen by 2.15% to 5.69%. Data records for this series originated in 2005.

### Rental Vacancy Rate: Albany NY, New York, US

## Historical Rental Vacancy Rate data for Albany

Date | US | New York | Albany, NY |
---|---|---|---|

2015 | 5.85% | 4.41% | 5.69% |

2014 | 6.32% | 4.34% | 4.80% |

2013 | 6.49% | 4.17% | 4.06% |

2012 | 6.77% | 4.34% | 7.84% |

2011 | 7.40% | 4.48% | 4.66% |

2010 | 8.17% | 5.03% | 3.96% |

2009 | 8.43% | 4.78% | 5.88% |

2008 | 7.86% | 4.68% | 4.96% |

2007 | 7.87% | 4.70% | 5.45% |

2006 | 7.70% | 4.94% | 5.72% |

2005 | 7.74% | 4.80% | 5.85% |

## Rent as a Fraction of Income

Using median household income data for Albany, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. **For Albany, median monthly gross rent as a fraction of median household income was 17.56% in 2015** according to the ACS.

### Albany New York Median Annual Rent as a Fraction of Median Household Income

2015 | 1 Year Change | 3 Year Change | |
---|---|---|---|

US | 20.63% | -0.26% | -0.02% |

New York | 23.13% | -0.27% | +0.19% |

Albany, NY | 17.56% | -0.38% | +0.46% |

## Trends in Albany, NY Rent as a Fraction of Income

The fraction of median Albany household income required to pay median monthly gross rent peaked in 2010 (relative to the 2005 series origin) at 18.19%. Since then it has fallen by 0.64% to 17.56%.

### Fraction of Income towards Rent: Albany NY, New York, US

## Historical Data for Annual Rent as a Fraction of Income in Albany New York

Date | US | New York | Albany, NY |
---|---|---|---|

2015 | 20.63% | 23.13% | 17.56% |

2014 | 20.89% | 23.40% | 17.94% |

2013 | 20.78% | 23.20% | 17.89% |

2012 | 20.65% | 22.94% | 17.10% |

2011 | 20.70% | 22.98% | 17.61% |

2010 | 20.50% | 22.60% | 18.19% |

2009 | 20.12% | 21.60% | 17.33% |

2008 | 19.00% | 20.41% | 16.60% |

2007 | 18.66% | 20.34% | 16.96% |

2006 | 18.90% | 20.43% | 17.01% |

2005 | 18.89% | 20.40% | 16.97% |

## Renter Fraction in Albany New York

You can calculate the renter fraction in Albany 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 Albany as a fraction of total Albany households. **In 2015 36.12% of households were renters** according to Census ACS data.

### Albany Fraction of Renters by Household Units

2015 | 1 Year Change | 3 Year Change | |
---|---|---|---|

US | 36.97% | +0.07% | +0.88% |

New York | 46.93% | -0.09% | +0.58% |

Albany, NY | 36.12% | +0.10% | +0.66% |

## Trends in the Albany, NY Renter Fraction

At 36.12%, the 2015 household based renter fraction in Albany was at its highest level. The origin year for the series is 2005.

### Fraction of Renting Households: Albany NY, New York, US

## History of Albany Renter Fraction

Date | US | New York | Albany, NY |
---|---|---|---|

2015 | 36.97% | 46.93% | 36.12% |

2014 | 36.90% | 47.02% | 36.02% |

2013 | 36.50% | 46.35% | 35.28% |

2012 | 36.09% | 46.35% | 35.46% |

2011 | 35.42% | 46.41% | 34.01% |

2010 | 34.65% | 45.75% | 35.22% |

2009 | 34.13% | 44.97% | 33.39% |

2008 | 33.36% | 44.71% | 32.95% |

2007 | 32.80% | 44.48% | 33.10% |

2006 | 32.73% | 44.40% | 34.57% |

2005 | 33.10% | 44.67% | 33.26% |

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. ↩