Department of Numbers

Prescott Arizona Residential Rent and Rental Statistics

The median monthly gross residential rent in Prescott, AZ (the Prescott metro area) was $919 in 2016 according to the Census ACS survey.1 Average gross rent in Prescott was $894 in 2016. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2017 Prescott median and average rent data will be released in September of 2018.

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

Show dollars as: Nominal Real

Real Gross Rent in Prescott Arizona (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
Arizona Median Gross Rent $976 +3.28% +9.05%
Prescott, AZ Median Gross Rent $919 +4.55% +5.27%

Prescott, AZ Real Gross Rent Trends

Median gross rent for Prescott peaked in real terms in 2006 at $974 and is now $55 (5.65%) lower. From a recent low of 786.0 in 2011, real median gross rent has now increased by $133 (16.92%). Average gross rent for Prescott peaked in real terms in 2006 at $979 and is now $85 (8.68%) lower. From a recent low of 766.0 in 2011, real average gross rent has now increased by $128 (16.71%).

Real Gross Rent in Prescott: Prescott AZ Median, Prescott AZ Average, Arizona Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Prescott

Date US
Median
Arizona
Median
Prescott, AZ
Median
Prescott, AZ
Average
2016 $981 $976 $919 $894
2015 $972 $945 $879 $877
2014 $942 $924 $871 $870
2013 $910 $895 $873 $838
2012 $898 $902 $857 $881
2011 $898 $877 $786 $766
2010 $912 $901 $835 $842
2009 $916 $935 $872 $878
2008 $932 $980 $935 $964
2007 $885 $919 $908 $923
2006 $895 $894 $974 $979
2005 $869 $856 $870 $857

Prescott Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Prescott Arizona was 10.68% according to Census ACS data.

Rental Vacancy Rate in Prescott Arizona

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
Arizona 6.41% -1.31% -2.48%
Prescott, AZ 10.68% +5.04% +2.22%

Trends in Prescott, AZ Rental Vacancy Rate

At 10.68%, Prescott residential rental vacancy rate in 2016 is at the highest point since 2005, the beginning of our reporting for this series.

Rental Vacancy Rate: Prescott AZ, Arizona, US

Rental vacancy rate in Arizona

Historical Rental Vacancy Rate data for Prescott

Date US Arizona Prescott, AZ
2016 5.89% 6.41% 10.68%
2015 5.85% 7.72% 5.64%
2014 6.32% 8.11% 8.00%
2013 6.49% 8.89% 8.46%
2012 6.77% 9.01% 4.74%
2011 7.40% 10.21%
2010 8.17% 11.07% 6.98%
2009 8.43% 12.62% 6.91%
2008 7.86% 11.33% 6.42%
2007 7.87% 9.22% 6.07%
2006 7.70% 8.18% 5.13%
2005 7.74% 8.57% 3.56%

Rent as a Fraction of Income

Using median household income data for Prescott, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Prescott, median monthly gross rent as a fraction of median household income was 21.87% in 2016 according to the ACS.

Prescott Arizona Median Annual Rent as a Fraction of Median Household Income

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
Arizona 21.87% +0.12% -0.15%
Prescott, AZ 21.87% +0.22% -4.24%

Trends in Prescott, AZ Rent as a Fraction of Income

The fraction of median Prescott household income required to pay median monthly gross rent peaked in 2013 (relative to the 2005 series origin) at 26.11%. Since then it has fallen by 4.24% to 21.87%.

Fraction of Income towards Rent: Prescott AZ, Arizona, US

Percent of median household income going towards median monthly gross rent in Prescott Arizona

Historical Data for Annual Rent as a Fraction of Income in Prescott Arizona

Date US Arizona Prescott, AZ
2016 20.43% 21.87% 21.87%
2015 20.63% 21.74% 21.65%
2014 20.89% 21.95% 23.43%
2013 20.78% 22.02% 26.11%
2012 20.65% 22.28% 23.00%
2011 20.70% 21.84% 21.92%
2010 20.50% 21.65% 23.30%
2009 20.12% 21.15% 23.79%
2008 19.00% 20.39% 23.74%
2007 18.66% 19.70% 21.86%
2006 18.90% 19.35% 24.53%
2005 18.89% 19.43% 21.47%

Renter Fraction in Prescott Arizona

You can calculate the renter fraction in Prescott 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 Prescott as a fraction of total Prescott households. In 2016 26.51% of households were renters according to Census ACS data.

Prescott Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
Arizona 36.76% -1.33% -1.18%
Prescott, AZ 26.51% -3.09% -7.21%

Trends in the Prescott, AZ Renter Fraction

The Prescott household renter fraction peaked in in 2013 at 33.72% and is now 7.21% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Prescott AZ, Arizona, US

Fraction of renters in Prescott

History of Prescott Renter Fraction

Date US Arizona Prescott, AZ
2016 36.88% 36.76% 26.51%
2015 36.97% 38.09% 29.60%
2014 36.90% 38.86% 28.64%
2013 36.50% 37.94% 33.72%
2012 36.09% 37.44% 32.19%
2011 35.42% 36.27% 29.73%
2010 34.65% 34.75% 31.02%
2009 34.13% 32.94% 26.25%
2008 33.36% 31.88% 29.34%
2007 32.80% 31.91% 29.32%
2006 32.73% 31.55% 28.16%
2005 33.10% 31.83% 28.04%

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.