Department of Numbers

Corvallis Oregon Residential Rent and Rental Statistics

The median monthly gross residential rent in Corvallis, OR (the Corvallis metro area) was $885 in 2015 according to the Census ACS survey.1 Average gross rent in Corvallis was $952 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 Corvallis median and average rent data will be released in September of 2017.

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

Show dollars as: Nominal Real

Real Gross Rent in Corvallis Oregon (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
Oregon Median Gross Rent $943 +2.50% +9.14%
Corvallis, OR Median Gross Rent $885 -0.45% +8.32%

Corvallis, OR Real Gross Rent Trends

Median gross rent for Corvallis peaked in real terms in 2014 at $889 and is now $4 (0.45%) lower. Average gross rent for Corvallis peaked in real terms in 2014 at $977 and is now $25 (2.56%) lower.

Real Gross Rent in Corvallis: Corvallis OR Median, Corvallis OR Average, Oregon Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Corvallis

Date US
Median
Oregon
Median
Corvallis, OR
Median
Corvallis, OR
Average
2015 $959 $943 $885 $952
2014 $930 $920 $889 $977
2013 $898 $881 $833 $906
2012 $886 $864 $817 $848
2011 $887 $855 $784 $795
2010 $901 $860 $769 $805
2009 $905 $880 $814 $908
2008 $920 $871 $770 $851
2007 $874 $823 $760 $756
2006 $883 $826 $825 $914
2005 $858 $812 $760 $812

Corvallis Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2014 the rental vacancy rate for Corvallis Oregon was 6.05% according to Census ACS data.

Rental Vacancy Rate in Corvallis Oregon

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
Oregon 3.64% +0.07% -1.11%
Corvallis, OR

Trends in Corvallis, OR Rental Vacancy Rate

The rental vacancy rate in Corvallis peaked in 2010 at 10.22%. Since then it has fallen by 4.17% to 6.05%. Data records for this series originated in 2005.

Rental Vacancy Rate: Corvallis OR, Oregon, US

Rental vacancy rate in Oregon

Historical Rental Vacancy Rate data for Corvallis

Date US Oregon Corvallis, OR
2015 5.85% 3.64%
2014 6.32% 3.57% 6.05%
2013 6.49% 4.45%
2012 6.77% 4.75%
2011 7.40% 5.06%
2010 8.17% 5.60% 10.22%
2009 8.43% 6.30%
2008 7.86% 5.71%
2007 7.87% 5.08%
2006 7.70% 5.57%
2005 7.74% 6.39%

Rent as a Fraction of Income

Using median household income data for Corvallis, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Corvallis, median monthly gross rent as a fraction of median household income was 20.09% in 2015 according to the ACS.

Corvallis Oregon Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
Oregon 20.90% -0.81% -0.14%
Corvallis, OR 20.09% -0.32% +0.97%

Trends in Corvallis, OR Rent as a Fraction of Income

The fraction of median Corvallis household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 21.73%. Since then it has fallen by 1.64% to 20.09%.

Fraction of Income towards Rent: Corvallis OR, Oregon, US

Percent of median household income going towards median monthly gross rent in Corvallis Oregon

Historical Data for Annual Rent as a Fraction of Income in Corvallis Oregon

Date US Oregon Corvallis, OR
2015 20.63% 20.90% 20.09%
2014 20.89% 21.71% 20.42%
2013 20.78% 21.18% 21.06%
2012 20.65% 21.04% 19.13%
2011 20.70% 21.53% 21.73%
2010 20.50% 21.03% 19.08%
2009 20.12% 20.28% 20.39%
2008 19.00% 18.66% 15.48%
2007 18.66% 18.30% 18.06%
2006 18.90% 18.53% 17.93%
2005 18.89% 19.25% 17.50%

Renter Fraction in Corvallis Oregon

You can calculate the renter fraction in Corvallis 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 Corvallis as a fraction of total Corvallis households. In 2015 41.81% of households were renters according to Census ACS data.

Corvallis Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
Oregon 38.91% -0.37% +0.47%
Corvallis, OR 41.81% -3.60% -0.62%

Trends in the Corvallis, OR Renter Fraction

The Corvallis household renter fraction peaked in in 2014 at 45.41% and is now 3.60% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Corvallis OR, Oregon, US

Fraction of renters in Corvallis

History of Corvallis Renter Fraction

Date US Oregon Corvallis, OR
2015 36.97% 38.91% 41.81%
2014 36.90% 39.28% 45.41%
2013 36.50% 39.17% 42.73%
2012 36.09% 38.44% 42.43%
2011 35.42% 39.22% 43.83%
2010 34.65% 37.45% 40.92%
2009 34.13% 36.95% 44.22%
2008 33.36% 35.66% 42.03%
2007 32.80% 35.41% 43.47%
2006 32.73% 35.22% 45.10%
2005 33.10% 36.22% 41.60%

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.