Department of Numbers

Ithaca New York Residential Rent and Rental Statistics

The median monthly gross residential rent in Ithaca, NY (the Ithaca metro area) was $1,080 in 2015 according to the Census ACS survey.1 Average gross rent in Ithaca was $1,135 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 Ithaca median and average rent data will be released in September of 2017.

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

Show dollars as: Nominal Real

Real Gross Rent in Ithaca 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%
Ithaca, NY Median Gross Rent $1,080 +9.09% +10.32%

Ithaca, NY Real Gross Rent Trends

At $1,080, real median gross rent in Ithaca was at its highest level in 2015 since the series began in 2005. At $1,135, real average gross rent in Ithaca was at its highest level in 2015 since the series began in 2005.

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Ithaca

Date US
Median
New York
Median
Ithaca, NY
Median
Ithaca, NY
Average
2015 $959 $1,173 $1,080 $1,135
2014 $930 $1,143 $990 $1,087
2013 $898 $1,101 $897 $1,007
2012 $886 $1,082 $979 $1,072
2011 $887 $1,077 $948 $1,022
2010 $901 $1,074 $937 $1,029
2009 $905 $1,057 $928 $1,015
2008 $920 $1,064 $936 $1,005
2007 $874 $1,004 $870 $976
2006 $883 $1,013 $906 $962
2005 $858 $991 $883 $1,022

Ithaca 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 Ithaca New York was 1.95% according to Census ACS data.

Rental Vacancy Rate in Ithaca New York

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
New York 4.41% +0.07% +0.07%
Ithaca, NY 1.95% -1.69%

Trends in Ithaca, NY Rental Vacancy Rate

The rental vacancy rate in Ithaca peaked in 2014 at 3.64%. Since then it has fallen by 1.69% to 1.95%. Data records for this series originated in 2005.

Rental Vacancy Rate: Ithaca NY, New York, US

Rental vacancy rate in New York

Historical Rental Vacancy Rate data for Ithaca

Date US New York Ithaca, NY
2015 5.85% 4.41% 1.95%
2014 6.32% 4.34% 3.64%
2013 6.49% 4.17%
2012 6.77% 4.34%
2011 7.40% 4.48%
2010 8.17% 5.03% 2.48%
2009 8.43% 4.78% 3.06%
2008 7.86% 4.68%
2007 7.87% 4.70%
2006 7.70% 4.94% 2.21%
2005 7.74% 4.80% 2.63%

Rent as a Fraction of Income

Using median household income data for Ithaca, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Ithaca, median monthly gross rent as a fraction of median household income was 22.31% in 2015 according to the ACS.

Ithaca 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%
Ithaca, NY 22.31% -0.26% -1.14%

Trends in Ithaca, NY Rent as a Fraction of Income

The fraction of median Ithaca household income required to pay median monthly gross rent peaked in 2012 (relative to the 2005 series origin) at 23.46%. Since then it has fallen by 1.14% to 22.31%.

Fraction of Income towards Rent: Ithaca NY, New York, US

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

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

Date US New York Ithaca, NY
2015 20.63% 23.13% 22.31%
2014 20.89% 23.40% 22.58%
2013 20.78% 23.20% 22.36%
2012 20.65% 22.94% 23.46%
2011 20.70% 22.98% 21.66%
2010 20.50% 22.60% 20.51%
2009 20.12% 21.60% 23.03%
2008 19.00% 20.41% 20.71%
2007 18.66% 20.34% 21.74%
2006 18.90% 20.43% 20.64%
2005 18.89% 20.40% 20.75%

Renter Fraction in Ithaca New York

You can calculate the renter fraction in Ithaca 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 Ithaca as a fraction of total Ithaca households. In 2015 46.11% of households were renters according to Census ACS data.

Ithaca 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%
Ithaca, NY 46.11% +0.77% +1.50%

Trends in the Ithaca, NY Renter Fraction

The Ithaca household renter fraction peaked in in 2006 at 49.62% and is now 3.51% below that level. From a recent low of 43.20% in 2013, the household based renter fraction has now grown by 2.91%. The origin year for the series is 2005.

Fraction of Renting Households: Ithaca NY, New York, US

Fraction of renters in Ithaca

History of Ithaca Renter Fraction

Date US New York Ithaca, NY
2015 36.97% 46.93% 46.11%
2014 36.90% 47.02% 45.34%
2013 36.50% 46.35% 43.20%
2012 36.09% 46.35% 44.61%
2011 35.42% 46.41% 44.90%
2010 34.65% 45.75% 43.98%
2009 34.13% 44.97% 47.21%
2008 33.36% 44.71% 44.79%
2007 32.80% 44.48% 45.45%
2006 32.73% 44.40% 49.62%
2005 33.10% 44.67% 47.32%

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.