Department of Numbers

Glens Falls New York Residential Rent and Rental Statistics

The median monthly gross residential rent in Glens Falls, NY (the Glens Falls metro area) was $841 in 2015 according to the Census ACS survey.1 Average gross rent in Glens Falls was $797 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 Glens Falls median and average rent data will be released in September of 2017.

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

Show dollars as: Nominal Real

Real Gross Rent in Glens Falls 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%
Glens Falls, NY Median Gross Rent $841 +4.34% -0.12%

Glens Falls, NY Real Gross Rent Trends

Median gross rent for Glens Falls peaked in real terms in 2008 at $859 and is now $18 (2.10%) lower. Average gross rent for Glens Falls peaked in real terms in 2012 at $848 and is now $51 (6.01%) lower.

Real Gross Rent in Glens Falls: Glens Falls NY Median, Glens Falls NY Average, New York Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Glens Falls

Date US
Median
New York
Median
Glens Falls, NY
Median
Glens Falls, NY
Average
2015 $959 $1,173 $841 $797
2014 $930 $1,143 $806 $751
2013 $898 $1,101 $820 $791
2012 $886 $1,082 $842 $848
2011 $887 $1,077 $801 $791
2010 $901 $1,074 $805 $800
2009 $905 $1,057 $835 $767
2008 $920 $1,064 $859 $827
2007 $874 $1,004 $797 $733
2006 $883 $1,013 $839 $794
2005 $858 $991 $790 $722

Glens Falls 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 Glens Falls New York was 4.57% according to Census ACS data.

Rental Vacancy Rate in Glens Falls New York

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
New York 4.41% +0.07% +0.07%
Glens Falls, NY 4.57% -3.06% -1.45%

Trends in Glens Falls, NY Rental Vacancy Rate

The rental vacancy rate in Glens Falls peaked in 2014 at 7.63%. Since then it has fallen by 3.06% to 4.57%. Data records for this series originated in 2005.

Rental Vacancy Rate: Glens Falls NY, New York, US

Rental vacancy rate in New York

Historical Rental Vacancy Rate data for Glens Falls

Date US New York Glens Falls, NY
2015 5.85% 4.41% 4.57%
2014 6.32% 4.34% 7.63%
2013 6.49% 4.17% 5.26%
2012 6.77% 4.34% 6.02%
2011 7.40% 4.48% 3.26%
2010 8.17% 5.03% 5.60%
2009 8.43% 4.78% 5.79%
2008 7.86% 4.68% 3.40%
2007 7.87% 4.70% 4.87%
2006 7.70% 4.94% 6.20%
2005 7.74% 4.80% 5.86%

Rent as a Fraction of Income

Using median household income data for Glens Falls, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Glens Falls, median monthly gross rent as a fraction of median household income was 18.29% in 2015 according to the ACS.

Glens Falls 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%
Glens Falls, NY 18.29% -0.45% -0.60%

Trends in Glens Falls, NY Rent as a Fraction of Income

The fraction of median Glens Falls household income required to pay median monthly gross rent peaked in 2008 (relative to the 2005 series origin) at 19.09%. Since then it has fallen by 0.80% to 18.29%.

Fraction of Income towards Rent: Glens Falls NY, New York, US

Percent of median household income going towards median monthly gross rent in Glens Falls New York

Historical Data for Annual Rent as a Fraction of Income in Glens Falls New York

Date US New York Glens Falls, NY
2015 20.63% 23.13% 18.29%
2014 20.89% 23.40% 18.74%
2013 20.78% 23.20% 18.51%
2012 20.65% 22.94% 18.89%
2011 20.70% 22.98% 18.26%
2010 20.50% 22.60% 18.00%
2009 20.12% 21.60% 18.26%
2008 19.00% 20.41% 19.09%
2007 18.66% 20.34% 19.01%
2006 18.90% 20.43% 18.92%
2005 18.89% 20.40% 17.52%

Renter Fraction in Glens Falls New York

You can calculate the renter fraction in Glens Falls 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 Glens Falls as a fraction of total Glens Falls households. In 2015 28.64% of households were renters according to Census ACS data.

Glens Falls 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%
Glens Falls, NY 28.64% +0.78% +2.00%

Trends in the Glens Falls, NY Renter Fraction

The Glens Falls household renter fraction peaked in in 2008 at 32.51% and is now 3.87% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Glens Falls NY, New York, US

Fraction of renters in Glens Falls

History of Glens Falls Renter Fraction

Date US New York Glens Falls, NY
2015 36.97% 46.93% 28.64%
2014 36.90% 47.02% 27.86%
2013 36.50% 46.35% 29.78%
2012 36.09% 46.35% 26.64%
2011 35.42% 46.41% 28.72%
2010 34.65% 45.75% 27.97%
2009 34.13% 44.97% 26.77%
2008 33.36% 44.71% 32.51%
2007 32.80% 44.48% 28.28%
2006 32.73% 44.40% 31.30%
2005 33.10% 44.67% 26.52%

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.