Department of Numbers

Roanoke Virginia Residential Rent and Rental Statistics

The median monthly gross residential rent in Roanoke, VA (the Roanoke metro area) was $803 in 2015 according to the Census ACS survey.1 Average gross rent in Roanoke was $811 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 Roanoke median and average rent data will be released in September of 2017.

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

Show dollars as: Nominal Real

Real Gross Rent in Roanoke 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%
Roanoke, VA Median Gross Rent $803 0.00% +12.78%

Roanoke, VA Real Gross Rent Trends

Median gross rent for Roanoke peaked in real terms in 2014 at $803 and is now $0 (0.00%) lower. At $811, real average gross rent in Roanoke was at its highest level in 2015 since the series began in 2005.

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Roanoke

Date US
Median
Virginia
Median
Roanoke, VA
Median
Roanoke, VA
Average
2015 $959 $1,144 $803 $811
2014 $930 $1,111 $803 $775
2013 $898 $1,078 $743 $700
2012 $886 $1,071 $712 $699
2011 $887 $1,081 $690 $697
2010 $901 $1,073 $742 $734
2009 $905 $1,063 $774 $763
2008 $920 $1,043 $719 $710
2007 $874 $988 $728 $708
2006 $883 $979 $704 $688
2005 $858 $957 $675 $648

Roanoke 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 Roanoke Virginia was 8.56% according to Census ACS data.

Rental Vacancy Rate in Roanoke Virginia

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
Virginia 5.13% -0.66% -1.05%
Roanoke, VA 8.56% +3.81% +1.80%

Trends in Roanoke, VA Rental Vacancy Rate

The rental vacancy rate in Roanoke peaked in 2005 at 11.85%. Since then it has fallen by 3.29% to 8.56%. Data records for this series originated in 2005. From a 2008 post peak low of 3.91%, the rental vacancy rate has increased by 4.65%.

Rental Vacancy Rate: Roanoke VA, Virginia, US

Rental vacancy rate in Virginia

Historical Rental Vacancy Rate data for Roanoke

Date US Virginia Roanoke, VA
2015 5.85% 5.13% 8.56%
2014 6.32% 5.79% 4.75%
2013 6.49% 6.38% 7.03%
2012 6.77% 6.18% 6.76%
2011 7.40% 7.54% 5.70%
2010 8.17% 7.02% 5.20%
2009 8.43% 7.29% 9.04%
2008 7.86% 6.82% 3.91%
2007 7.87% 7.11% 5.36%
2006 7.70% 6.88% 7.95%
2005 7.74% 7.20% 11.85%

Rent as a Fraction of Income

Using median household income data for Roanoke, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Roanoke, median monthly gross rent as a fraction of median household income was 19.05% in 2015 according to the ACS.

Roanoke 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%
Roanoke, VA 19.05% +0.18% +0.92%

Trends in Roanoke, VA Rent as a Fraction of Income

Roanoke renters paid 19.05% of median household income towards the median monthly gross rent in 2015. This is the highest fraction of median household income going to rent since the series originated in 2005.

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

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

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

Date US Virginia Roanoke, VA
2015 20.63% 20.72% 19.05%
2014 20.89% 20.63% 18.87%
2013 20.78% 20.80% 18.74%
2012 20.65% 20.76% 18.14%
2011 20.70% 20.59% 16.19%
2010 20.50% 20.15% 18.54%
2009 20.12% 20.00% 18.65%
2008 19.00% 18.30% 16.64%
2007 18.66% 17.97% 16.81%
2006 18.90% 18.04% 15.92%
2005 18.89% 17.96% 16.56%

Renter Fraction in Roanoke Virginia

You can calculate the renter fraction in Roanoke 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 Roanoke as a fraction of total Roanoke households. In 2015 32.68% of households were renters according to Census ACS data.

Roanoke 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%
Roanoke, VA 32.68% -0.33% +2.20%

Trends in the Roanoke, VA Renter Fraction

The Roanoke household renter fraction peaked in in 2014 at 33.01% and is now 0.33% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Roanoke VA, Virginia, US

Fraction of renters in Roanoke

History of Roanoke Renter Fraction

Date US Virginia Roanoke, VA
2015 36.97% 34.99% 32.68%
2014 36.90% 34.67% 33.01%
2013 36.50% 34.38% 30.56%
2012 36.09% 33.84% 30.48%
2011 35.42% 32.67% 28.30%
2010 34.65% 32.33% 29.04%
2009 34.13% 31.87% 31.41%
2008 33.36% 31.30% 30.35%
2007 32.80% 30.49% 25.40%
2006 32.73% 30.11% 29.63%
2005 33.10% 30.36% 25.30%

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.