Department of Numbers

Lynchburg Virginia Residential Rent and Rental Statistics

The median monthly gross residential rent in Lynchburg, VA (the Lynchburg metro area) was $759 in 2015 according to the Census ACS survey.1 Average gross rent in Lynchburg was $767 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 Lynchburg median and average rent data will be released in September of 2017.

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

Show dollars as: Nominal Real

Real Gross Rent in Lynchburg Virginia (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
Virginia Median Gross Rent $1,144 +2.97% +6.82%
Lynchburg, VA Median Gross Rent $759 -3.07% +11.95%

Lynchburg, VA Real Gross Rent Trends

Median gross rent for Lynchburg peaked in real terms in 2014 at $783 and is now $24 (3.07%) lower. At $767, real average gross rent in Lynchburg was at its highest level in 2015 since the series began in 2005.

Real Gross Rent in Lynchburg: Lynchburg VA Median, Lynchburg VA Average, Virginia Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Lynchburg

Date US
Median
Virginia
Median
Lynchburg, VA
Median
Lynchburg, VA
Average
2015 $959 $1,144 $759 $767
2014 $930 $1,111 $783 $735
2013 $898 $1,078 $734 $709
2012 $886 $1,071 $678 $656
2011 $887 $1,081 $732 $696
2010 $901 $1,073 $715 $676
2009 $905 $1,063 $688 $616
2008 $920 $1,043 $649 $624
2007 $874 $988 $636 $587
2006 $883 $979 $633 $619
2005 $858 $957 $614 $574

Lynchburg 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 Lynchburg Virginia was 4.69% according to Census ACS data.

Rental Vacancy Rate in Lynchburg Virginia

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
Virginia 5.13% -0.66% -1.05%
Lynchburg, VA 4.69% -0.01% -2.71%

Trends in Lynchburg, VA Rental Vacancy Rate

The rental vacancy rate in Lynchburg peaked in 2012 at 7.40%. Since then it has fallen by 2.71% to 4.69%. Data records for this series originated in 2005. From a 2013 post peak low of 4.17%, the rental vacancy rate has increased by 0.52%.

Rental Vacancy Rate: Lynchburg VA, Virginia, US

Rental vacancy rate in Virginia

Historical Rental Vacancy Rate data for Lynchburg

Date US Virginia Lynchburg, VA
2015 5.85% 5.13% 4.69%
2014 6.32% 5.79% 4.70%
2013 6.49% 6.38% 4.17%
2012 6.77% 6.18% 7.40%
2011 7.40% 7.54% 5.20%
2010 8.17% 7.02% 6.23%
2009 8.43% 7.29% 4.37%
2008 7.86% 6.82% 4.36%
2007 7.87% 7.11% 5.77%
2006 7.70% 6.88% 6.34%
2005 7.74% 7.20% 5.36%

Rent as a Fraction of Income

Using median household income data for Lynchburg, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Lynchburg, median monthly gross rent as a fraction of median household income was 18.94% in 2015 according to the ACS.

Lynchburg Virginia Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
Virginia 20.72% +0.08% -0.04%
Lynchburg, VA 18.94% -0.91% +0.11%

Trends in Lynchburg, VA Rent as a Fraction of Income

The fraction of median Lynchburg household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 19.85%. Since then it has fallen by 0.91% to 18.94%.

Fraction of Income towards Rent: Lynchburg VA, Virginia, US

Percent of median household income going towards median monthly gross rent in Lynchburg Virginia

Historical Data for Annual Rent as a Fraction of Income in Lynchburg Virginia

Date US Virginia Lynchburg, VA
2015 20.63% 20.72% 18.94%
2014 20.89% 20.63% 19.85%
2013 20.78% 20.80% 18.54%
2012 20.65% 20.76% 18.83%
2011 20.70% 20.59% 18.46%
2010 20.50% 20.15% 19.75%
2009 20.12% 20.00% 17.14%
2008 19.00% 18.30% 15.69%
2007 18.66% 17.97% 16.37%
2006 18.90% 18.04% 15.54%
2005 18.89% 17.96% 15.40%

Renter Fraction in Lynchburg Virginia

You can calculate the renter fraction in Lynchburg 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 Lynchburg as a fraction of total Lynchburg households. In 2015 31.74% of households were renters according to Census ACS data.

Lynchburg Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
Virginia 34.99% +0.32% +1.15%
Lynchburg, VA 31.74% +2.45% +3.62%

Trends in the Lynchburg, VA Renter Fraction

At 31.74%, the 2015 household based renter fraction in Lynchburg was at its highest level. The origin year for the series is 2005.

Fraction of Renting Households: Lynchburg VA, Virginia, US

Fraction of renters in Lynchburg

History of Lynchburg Renter Fraction

Date US Virginia Lynchburg, VA
2015 36.97% 34.99% 31.74%
2014 36.90% 34.67% 29.29%
2013 36.50% 34.38% 29.76%
2012 36.09% 33.84% 28.12%
2011 35.42% 32.67% 27.55%
2010 34.65% 32.33% 29.20%
2009 34.13% 31.87% 26.87%
2008 33.36% 31.30% 27.53%
2007 32.80% 30.49% 28.54%
2006 32.73% 30.11% 25.64%
2005 33.10% 30.36% 26.94%

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.