Department of Numbers

Cleveland Tennessee Residential Rent and Rental Statistics

The median monthly gross residential rent in Cleveland, TN (the Cleveland metro area) was $707 in 2015 according to the Census ACS survey.1 Average gross rent in Cleveland was $722 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 Cleveland median and average rent data will be released in September of 2017.

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

Show dollars as: Nominal Real

Real Gross Rent in Cleveland Tennessee (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
Tennessee Median Gross Rent $785 +2.48% +7.24%
Cleveland, TN Median Gross Rent $707 -4.46% +4.90%

Cleveland, TN Real Gross Rent Trends

Median gross rent for Cleveland peaked in real terms in 2014 at $740 and is now $33 (4.46%) lower. At $722, real average gross rent in Cleveland was at its highest level in 2015 since the series began in 2005.

Real Gross Rent in Cleveland: Cleveland TN Median, Cleveland TN Average, Tennessee Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Cleveland

Date US
Median
Tennessee
Median
Cleveland, TN
Median
Cleveland, TN
Average
2015 $959 $785 $707 $722
2014 $930 $766 $740 $660
2013 $898 $743 $666 $613
2012 $886 $732 $674 $660
2011 $887 $728 $675 $651
2010 $901 $734 $738 $686
2009 $905 $733 $677 $633
2008 $920 $737 $682 $626
2007 $874 $702 $632 $569
2006 $883 $710 $611 $531
2005 $858 $687 $609 $470

Cleveland 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 Cleveland Tennessee was 8.00% according to Census ACS data.

Rental Vacancy Rate in Cleveland Tennessee

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
Tennessee 7.13% -0.11% -0.76%
Cleveland, TN

Trends in Cleveland, TN Rental Vacancy Rate

The rental vacancy rate in Cleveland peaked in 2008 at 13.30%. Since then it has fallen by 5.30% to 8.00%. Data records for this series originated in 2005.

Rental Vacancy Rate: Cleveland TN, Tennessee, US

Rental vacancy rate in Tennessee

Historical Rental Vacancy Rate data for Cleveland

Date US Tennessee Cleveland, TN
2015 5.85% 7.13%
2014 6.32% 7.24% 8.00%
2013 6.49% 7.86% 7.02%
2012 6.77% 7.89% 5.25%
2011 7.40% 8.54% 9.70%
2010 8.17% 10.33% 12.77%
2009 8.43% 10.52% 8.59%
2008 7.86% 10.30% 13.30%
2007 7.87% 9.20% 4.91%
2006 7.70% 9.61% 7.84%
2005 7.74% 8.82%

Rent as a Fraction of Income

Using median household income data for Cleveland, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Cleveland, median monthly gross rent as a fraction of median household income was 20.02% in 2015 according to the ACS.

Cleveland Tennessee Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
Tennessee 19.93% -0.90% -0.56%
Cleveland, TN 20.02% -1.66% -1.01%

Trends in Cleveland, TN Rent as a Fraction of Income

The fraction of median Cleveland household income required to pay median monthly gross rent peaked in 2010 (relative to the 2005 series origin) at 22.62%. Since then it has fallen by 2.60% to 20.02%.

Fraction of Income towards Rent: Cleveland TN, Tennessee, US

Percent of median household income going towards median monthly gross rent in Cleveland Tennessee

Historical Data for Annual Rent as a Fraction of Income in Cleveland Tennessee

Date US Tennessee Cleveland, TN
2015 20.63% 19.93% 20.02%
2014 20.89% 20.83% 21.68%
2013 20.78% 20.26% 19.12%
2012 20.65% 20.48% 21.03%
2011 20.70% 20.58% 21.45%
2010 20.50% 20.17% 22.62%
2009 20.12% 19.61% 19.69%
2008 19.00% 18.16% 18.81%
2007 18.66% 17.96% 18.05%
2006 18.90% 18.25% 17.61%
2005 18.89% 18.00% 16.53%

Renter Fraction in Cleveland Tennessee

You can calculate the renter fraction in Cleveland 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 Cleveland as a fraction of total Cleveland households. In 2015 37.33% of households were renters according to Census ACS data.

Cleveland Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
Tennessee 34.18% +0.32% +0.87%
Cleveland, TN 37.33% +5.34% +3.00%

Trends in the Cleveland, TN Renter Fraction

At 37.33%, the 2015 household based renter fraction in Cleveland was at its highest level. The origin year for the series is 2005.

Fraction of Renting Households: Cleveland TN, Tennessee, US

Fraction of renters in Cleveland

History of Cleveland Renter Fraction

Date US Tennessee Cleveland, TN
2015 36.97% 34.18% 37.33%
2014 36.90% 33.86% 31.99%
2013 36.50% 33.62% 30.92%
2012 36.09% 33.31% 34.33%
2011 35.42% 32.72% 32.10%
2010 34.65% 31.87% 28.47%
2009 34.13% 30.85% 29.33%
2008 33.36% 30.17% 31.56%
2007 32.80% 30.06% 31.53%
2006 32.73% 30.10% 33.05%
2005 33.10% 30.74% 29.05%

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.