Fairbanks Alaska Residential Rent and Rental Statistics
The median monthly gross residential rent in Fairbanks, AK (the Fairbanks metro area) was $1,284 in 2019 according to the Census ACS survey.1 Average gross rent in Fairbanks was $1,255 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Fairbanks median and average rent data will be released in September of 2021.
Data is also available below for Fairbanks rental vacancy rates, Fairbanks rent as a percent of median income and the fraction of renters in Fairbanks.
Real Gross Rent in Fairbanks Alaska (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Alaska Median Gross Rent | $1,201 | +0.25% | -5.06% |
| Fairbanks, AK Median Gross Rent | $1,284 | +2.39% | -3.96% |
Fairbanks, AK Real Gross Rent Trends
Median gross rent for Fairbanks peaked in real terms in 2011 at $1,349 and is now $65 (4.82%) lower. Average gross rent for Fairbanks peaked in real terms in 2018 at $1,334 and is now $79 (5.92%) lower.
Real Gross Rent in Fairbanks: Fairbanks AK Median, Fairbanks AK Average, Alaska Median, US Median
Real Gross Rent History for Fairbanks
| Date | US Median |
Alaska Median |
Fairbanks, AK Median |
Fairbanks, AK Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,201 | $1,284 | $1,255 |
| 2018 | $1,077 | $1,198 | $1,254 | $1,334 |
| 2017 | $1,043 | $1,238 | $1,248 | $1,275 |
| 2016 | $1,027 | $1,265 | $1,337 | $1,286 |
| 2015 | $1,017 | $1,234 | $1,267 | $1,310 |
| 2014 | $986 | $1,249 | $1,301 | $1,315 |
| 2013 | $953 | $1,176 | $1,202 | $1,310 |
| 2012 | $940 | $1,191 | $1,300 | $1,297 |
| 2011 | $941 | $1,133 | $1,349 | $1,252 |
| 2010 | $955 | $1,096 | $1,256 | $1,214 |
| 2009 | $960 | $1,148 | $1,110 | $1,119 |
| 2007 | $927 | $1,079 | $1,104 | $1,030 |
| 2005 | $910 | $1,040 | $986 | $810 |
Fairbanks Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Fairbanks Alaska was 7.77% according to Census ACS data.
Rental Vacancy Rate in Fairbanks Alaska
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Alaska | 9.22% | +0.66% | +3.41% |
| Fairbanks, AK | 7.77% | -0.95% | — |
Trends in Fairbanks, AK Rental Vacancy Rate
The rental vacancy rate in Fairbanks peaked in 2013 at 17.13%. Since then it has fallen by 9.36% to 7.77%. Data records for this series originated in 2005.
Rental Vacancy Rate: Fairbanks AK, Alaska, US
Historical Rental Vacancy Rate data for Fairbanks
| Date | US | Alaska | Fairbanks, AK |
|---|---|---|---|
| 2019 | 5.97% | 9.22% | 7.77% |
| 2018 | 6.15% | 8.56% | 8.72% |
| 2017 | 6.18% | 8.12% | 11.88% |
| 2016 | 5.89% | 5.81% | — |
| 2015 | 5.85% | 5.74% | 6.87% |
| 2014 | 6.32% | 5.89% | — |
| 2013 | 6.49% | 7.74% | 17.13% |
| 2012 | 6.77% | 5.62% | 4.28% |
| 2011 | 7.40% | 5.94% | — |
| 2010 | 8.17% | 3.73% | — |
| 2009 | 8.43% | 6.82% | 13.43% |
| 2007 | 7.87% | 5.99% | — |
| 2005 | 7.74% | 6.87% | — |
Rent as a Fraction of Income
Using median household income data for Fairbanks, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Fairbanks, median monthly gross rent as a fraction of median household income was 21.38% in 2019 according to the ACS.
Fairbanks Alaska Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Alaska | 19.10% | +0.10% | +0.13% |
| Fairbanks, AK | 21.38% | +1.79% | +1.56% |
Trends in Fairbanks, AK Rent as a Fraction of Income
The fraction of median Fairbanks household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 22.74%. Since then it has fallen by 1.36% to 21.38%.
Fraction of Income towards Rent: Fairbanks AK, Alaska, US
Historical Data for Annual Rent as a Fraction of Income in Fairbanks Alaska
| Date | US | Alaska | Fairbanks, AK |
|---|---|---|---|
| 2019 | 20.03% | 19.10% | 21.38% |
| 2018 | 20.50% | 19.00% | 19.59% |
| 2017 | 20.13% | 19.69% | 18.92% |
| 2016 | 20.43% | 18.96% | 19.82% |
| 2015 | 20.63% | 19.03% | 19.63% |
| 2014 | 20.89% | 19.83% | 21.17% |
| 2013 | 20.78% | 18.56% | 19.81% |
| 2012 | 20.65% | 19.85% | 22.04% |
| 2011 | 20.70% | 18.56% | 22.74% |
| 2010 | 20.50% | 18.23% | 22.19% |
| 2009 | 20.12% | 18.05% | 16.55% |
| 2007 | 18.66% | 17.12% | 17.27% |
| 2005 | 18.89% | 17.75% | 16.74% |
Renter Fraction in Fairbanks Alaska
You can calculate the renter fraction in Fairbanks 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 Fairbanks as a fraction of total Fairbanks households. In 2019 38.13% of households were renters according to Census ACS data.
Fairbanks Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Alaska | 35.26% | +0.91% | -0.26% |
| Fairbanks, AK | 38.13% | -2.47% | +0.46% |
Trends in the Fairbanks, AK Renter Fraction
The Fairbanks household renter fraction peaked in in 2014 at 43.45% and is now 5.32% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Fairbanks AK, Alaska, US
History of Fairbanks Renter Fraction
| Date | US | Alaska | Fairbanks, AK |
|---|---|---|---|
| 2019 | 35.89% | 35.26% | 38.13% |
| 2018 | 36.05% | 34.35% | 40.60% |
| 2017 | 36.13% | 36.45% | 40.50% |
| 2016 | 36.88% | 35.52% | 37.67% |
| 2015 | 36.97% | 36.08% | 42.81% |
| 2014 | 36.90% | 37.51% | 43.45% |
| 2013 | 36.50% | 36.55% | 38.90% |
| 2012 | 36.09% | 36.65% | 40.33% |
| 2011 | 35.42% | 36.92% | 41.93% |
| 2010 | 34.65% | 36.06% | 42.25% |
| 2009 | 34.13% | 34.77% | 35.66% |
| 2007 | 32.80% | 36.97% | 42.60% |
| 2005 | 33.10% | 36.97% | 43.34% |
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. ↩
