Department of Numbers

Fargo North Dakota Residential Rent and Rental Statistics

The median monthly gross residential rent in Fargo, ND (the Fargo metro area) was $756 in 2015 according to the Census ACS survey.1 Average gross rent in Fargo was $804 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 Fargo median and average rent data will be released in September of 2017.

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

Show dollars as: Nominal Real

Real Gross Rent in Fargo North Dakota (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
North Dakota Median Gross Rent $775 +6.90% +19.97%
Fargo, ND Median Gross Rent $756 +6.18% +13.34%

Fargo, ND Real Gross Rent Trends

At $756, real median gross rent in Fargo was at its highest level in 2015 since the series began in 2005. At $804, real average gross rent in Fargo was at its highest level in 2015 since the series began in 2005.

Real Gross Rent in Fargo: Fargo ND Median, Fargo ND Average, North Dakota Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Fargo

Date US
Median
North Dakota
Median
Fargo, ND
Median
Fargo, ND
Average
2015 $959 $775 $756 $804
2014 $930 $725 $712 $746
2013 $898 $685 $700 $746
2012 $886 $646 $667 $722
2011 $887 $637 $663 $692
2010 $901 $614 $649 $723
2009 $905 $606 $664 $694
2008 $920 $596 $652 $746
2007 $874 $571 $628 $698
2006 $883 $575 $649 $703
2005 $858 $564 $647 $660

Fargo 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 Fargo North Dakota was 5.41% according to Census ACS data.

Rental Vacancy Rate in Fargo North Dakota

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
North Dakota 7.41% +0.99% +2.10%
Fargo, ND 5.41% +1.11% -0.69%

Trends in Fargo, ND Rental Vacancy Rate

The rental vacancy rate in Fargo peaked in 2007 at 8.20%. Since then it has fallen by 2.79% to 5.41%. Data records for this series originated in 2005. From a 2008 post peak low of 2.50%, the rental vacancy rate has increased by 2.91%.

Rental Vacancy Rate: Fargo ND, North Dakota, US

Rental vacancy rate in North Dakota

Historical Rental Vacancy Rate data for Fargo

Date US North Dakota Fargo, ND
2015 5.85% 7.41% 5.41%
2014 6.32% 6.42% 4.30%
2013 6.49% 6.35% 3.66%
2012 6.77% 5.31% 6.10%
2011 7.40% 4.53% 4.66%
2010 8.17% 6.39%
2009 8.43% 7.59% 5.96%
2008 7.86% 6.26% 2.50%
2007 7.87% 7.41% 8.20%
2006 7.70% 5.81% 4.73%
2005 7.74% 7.11% 8.17%

Rent as a Fraction of Income

Using median household income data for Fargo, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Fargo, median monthly gross rent as a fraction of median household income was 16.19% in 2015 according to the ACS.

Fargo North Dakota Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
North Dakota 15.36% +0.56% +0.94%
Fargo, ND 16.19% +0.26% +0.70%

Trends in Fargo, ND Rent as a Fraction of Income

The fraction of median Fargo household income required to pay median monthly gross rent peaked in 2009 (relative to the 2005 series origin) at 16.30%. Since then it has fallen by 0.12% to 16.19%.

Fraction of Income towards Rent: Fargo ND, North Dakota, US

Percent of median household income going towards median monthly gross rent in Fargo North Dakota

Historical Data for Annual Rent as a Fraction of Income in Fargo North Dakota

Date US North Dakota Fargo, ND
2015 20.63% 15.36% 16.19%
2014 20.89% 14.80% 15.93%
2013 20.78% 14.85% 16.28%
2012 20.65% 14.42% 15.49%
2011 20.70% 14.53% 14.91%
2010 20.50% 14.37% 14.76%
2009 20.12% 14.15% 16.30%
2008 19.00% 14.03% 15.06%
2007 18.66% 14.15% 15.27%
2006 18.90% 14.23% 14.58%
2005 18.89% 14.01% 14.94%

Renter Fraction in Fargo North Dakota

You can calculate the renter fraction in Fargo 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 Fargo as a fraction of total Fargo households. In 2015 45.51% of households were renters according to Census ACS data.

Fargo Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
North Dakota 38.32% +2.16% +3.35%
Fargo, ND 45.51% +3.87% +3.09%

Trends in the Fargo, ND Renter Fraction

At 45.51%, the 2015 household based renter fraction in Fargo was at its highest level. The origin year for the series is 2005.

Fraction of Renting Households: Fargo ND, North Dakota, US

Fraction of renters in Fargo

History of Fargo Renter Fraction

Date US North Dakota Fargo, ND
2015 36.97% 38.32% 45.51%
2014 36.90% 36.16% 41.64%
2013 36.50% 35.17% 44.66%
2012 36.09% 34.97% 42.42%
2011 35.42% 34.29% 41.22%
2010 34.65% 33.07% 44.14%
2009 34.13% 34.00% 42.69%
2008 33.36% 33.40% 41.32%
2007 32.80% 34.28% 42.12%
2006 32.73% 33.30% 40.10%
2005 33.10% 32.52% 38.36%

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.