Department of Numbers

Monterey County California Residential Rent and Rental Statistics

The median monthly gross residential rent in Monterey County CA was $1,467 in 2017 according to the Census ACS survey.1 Average gross rent in Monterey County was $1,488 in 2017. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2018 Monterey County median and average rent data will be released in September of 2019.

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

Show dollars as: Nominal Real

Real Gross Rent in Monterey County California (2017 dollars)2

2017 1 Year Change 3 Year Change
US Median Gross Rent $1,012 +1.61% +5.86%
California Median Gross Rent $1,447 +3.65% +11.48%
Monterey County CA Median Gross Rent $1,467 +9.97% +16.24%

Monterey County CA Real Gross Rent Trends

At $1,467, real median gross rent in Monterey County was at its highest level in 2017 since the series began in 2005. At $1,488, real average gross rent in Monterey County was at its highest level in 2017 since the series began in 2005.

Real Gross Rent: Monterey County CA Median, Monterey County CA Average, California Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Monterey County

Date US
Median
California
Median
Monterey County CA
Median
Monterey County CA
Average
2017 $1,012 $1,447 $1,467 $1,488
2016 $996 $1,396 $1,334 $1,396
2015 $987 $1,349 $1,327 $1,378
2014 $956 $1,298 $1,262 $1,325
2013 $924 $1,250 $1,243 $1,337
2012 $912 $1,238 $1,223 $1,337
2011 $912 $1,230 $1,219 $1,281
2010 $927 $1,260 $1,254 $1,327
2009 $931 $1,277 $1,229 $1,314
2008 $947 $1,304 $1,226 $1,336
2007 $899 $1,228 $1,209 $1,288
2006 $909 $1,225 $1,205 $1,260

Monterey County Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2017 the rental vacancy rate for Monterey County California was 6.18% according to Census ACS data.

Rental Vacancy Rate in Monterey County California

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
California 3.49% +0.18% -0.41%
Monterey County CA 6.18% +2.95% +0.05%

Trends in Monterey County CA Rental Vacancy Rate

At 6.18%, Monterey County residential rental vacancy rate in 2017 is at the highest point since 2005, the beginning of our reporting for this series.

Rental Vacancy Rate: Monterey County CA, California, US

Rental vacancy rate in California

Historical Rental Vacancy Rate data for Monterey County

Date US California Monterey County CA
2017 6.18% 3.49% 6.18%
2016 5.89% 3.31% 3.23%
2015 5.85% 3.33% 3.79%
2014 6.32% 3.90% 6.13%
2013 6.49% 4.22% 5.21%
2012 6.77% 4.51% 3.26%
2011 7.40% 4.94% 3.18%
2010 8.17% 5.86% 4.07%
2009 8.43% 5.76% 4.17%
2008 7.86% 4.71% 4.04%
2007 7.87% 4.72% 3.82%
2006 7.70% 4.67% 5.36%

Rent as a Fraction of Income

Using median household income data for Monterey County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Monterey County, median monthly gross rent as a fraction of median household income was 24.70% in 2017 according to the ACS.

Monterey County California Median Annual Rent as a Fraction of Median Household Income

2017 1 Year Change 3 Year Change
US 20.13% -0.30% -0.76%
California 24.18% -0.18% -0.39%
Monterey County CA 24.70% +0.01% -0.87%

Trends in Monterey County CA Rent as a Fraction of Income

The fraction of median Monterey County household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 26.27%. Since then it has fallen by 1.57% to 24.70%.

Fraction of Income towards Rent: Monterey County CA, California, US

Percent of median household income going towards median monthly gross rent in Monterey County California

Historical Data for Annual Rent as a Fraction of Income in Monterey County California

Date US California Monterey County CA
2017 20.13% 24.18% 24.70%
2016 20.43% 24.36% 24.69%
2015 20.63% 24.39% 25.59%
2014 20.89% 24.57% 25.57%
2013 20.78% 24.40% 25.60%
2012 20.65% 24.69% 24.47%
2011 20.70% 24.59% 26.27%
2010 20.50% 24.18% 25.46%
2009 20.12% 23.52% 22.83%
2008 19.00% 22.32% 21.56%
2007 18.66% 21.58% 22.31%
2006 18.90% 21.80% 22.06%

Renter Fraction in Monterey County California

You can calculate the renter fraction in Monterey County 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 Monterey County as a fraction of total Monterey County households. In 2017 48.73% of households were renters according to Census ACS data.

Monterey County Fraction of Renters by Household Units

2017 1 Year Change 3 Year Change
US 36.13% -0.75% -0.77%
California 45.21% -1.15% -1.06%
Monterey County CA 48.73% -2.09% -0.34%

Trends in the Monterey County CA Renter Fraction

The Monterey County household renter fraction peaked in in 2011 at 52.59% and is now 3.86% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Monterey County CA, California, US

Fraction of renters in Monterey County

History of Monterey County Renter Fraction

Date US California Monterey County CA
2017 36.13% 45.21% 48.73%
2016 36.88% 46.36% 50.82%
2015 36.97% 46.41% 50.94%
2014 36.90% 46.27% 49.07%
2013 36.50% 46.21% 50.68%
2012 36.09% 45.97% 51.21%
2011 35.42% 45.12% 52.59%
2010 34.65% 44.36% 49.07%
2009 34.13% 43.43% 49.57%
2008 33.36% 42.95% 48.09%
2007 32.80% 42.00% 48.57%
2006 32.73% 41.55% 44.40%

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.