Department of Numbers

Indian River County Florida Residential Rent and Rental Statistics

The median monthly gross residential rent in Indian River County FL was $906 in 2017 according to the Census ACS survey.1 Average gross rent in Indian River County was $1,003 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 Indian River County median and average rent data will be released in September of 2019.

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

Show dollars as: Nominal Real

Real Gross Rent in Indian River County Florida (2017 dollars)2

2017 1 Year Change 3 Year Change
US Median Gross Rent $1,012 +1.61% +5.86%
Florida Median Gross Rent $1,128 +2.27% +9.83%
Indian River County FL Median Gross Rent $906 -2.16% -4.23%

Indian River County FL Real Gross Rent Trends

Median gross rent for Indian River County peaked in real terms in 2005 at $1,066 and is now $160 (15.01%) lower. From a recent low of 795.0 in 2012, real median gross rent has now increased by $111 (13.96%). Average gross rent for Indian River County peaked in real terms in 2005 at $1,176 and is now $173 (14.71%) lower. From a recent low of 847.0 in 2012, real average gross rent has now increased by $156 (18.42%).

Real Gross Rent: Indian River County FL Median, Indian River County FL Average, Florida Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Indian River County

Date US
Median
Florida
Median
Indian River County FL
Median
Indian River County FL
Average
2017 $1,012 $1,128 $906 $1,003
2016 $996 $1,103 $926 $1,056
2015 $987 $1,076 $937 $970
2014 $956 $1,027 $946 $994
2013 $924 $993 $876 $917
2012 $912 $984 $795 $847
2011 $912 $994 $808 $925
2010 $927 $1,026 $950 $1,053
2009 $931 $1,052 $962 $957
2008 $947 $1,088 $1,049 $989
2007 $899 $1,054 $1,029 $1,112
2006 $909 $1,038 $1,038 $1,096

Indian River 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 Indian River County Florida was 24.28% according to Census ACS data.

Rental Vacancy Rate in Indian River County Florida

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
Florida 9.16% +0.86% +0.50%
Indian River County FL 24.28% -8.09% +8.37%

Trends in Indian River County FL Rental Vacancy Rate

The rental vacancy rate in Indian River County peaked in 2016 at 32.37%. Since then it has fallen by 8.09% to 24.28%. Data records for this series originated in 2005.

Rental Vacancy Rate: Indian River County FL, Florida, US

Rental vacancy rate in Florida

Historical Rental Vacancy Rate data for Indian River County

Date US Florida Indian River County FL
2017 6.18% 9.16% 24.28%
2016 5.89% 8.30% 32.37%
2015 5.85% 7.79% 24.90%
2014 6.32% 8.66% 15.91%
2013 6.49% 9.22% 14.07%
2012 6.77% 9.37% 10.76%
2011 7.40% 10.91% 16.95%
2010 8.17% 12.17% 20.89%
2009 8.43% 13.16% 15.48%
2008 7.86% 12.67% 21.36%
2007 7.87% 11.55% 21.60%
2006 7.70% 8.32% 11.68%

Rent as a Fraction of Income

Using median household income data for Indian River County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Indian River County, median monthly gross rent as a fraction of median household income was 22.11% in 2017 according to the ACS.

Indian River County Florida Median Annual Rent as a Fraction of Median Household Income

2017 1 Year Change 3 Year Change
US 20.13% -0.30% -0.76%
Florida 25.74% +0.11% +0.38%
Indian River County FL 22.11% -0.19% -1.87%

Trends in Indian River County FL Rent as a Fraction of Income

The fraction of median Indian River County household income required to pay median monthly gross rent peaked in 2009 (relative to the 2005 series origin) at 24.44%. Since then it has fallen by 2.33% to 22.11%.

Fraction of Income towards Rent: Indian River County FL, Florida, US

Percent of median household income going towards median monthly gross rent in Indian River County Florida

Historical Data for Annual Rent as a Fraction of Income in Indian River County Florida

Date US Florida Indian River County FL
2017 20.13% 25.74% 22.11%
2016 20.43% 25.62% 22.30%
2015 20.63% 25.40% 22.14%
2014 20.89% 25.36% 23.98%
2013 20.78% 25.34% 24.28%
2012 20.65% 25.42% 22.89%
2011 20.70% 25.71% 23.27%
2010 20.50% 25.59% 22.23%
2009 20.12% 25.54% 24.44%
2008 19.00% 23.79% 23.61%
2007 18.66% 23.22% 23.52%
2006 18.90% 23.00% 23.95%

Renter Fraction in Indian River County Florida

You can calculate the renter fraction in Indian River 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 Indian River County as a fraction of total Indian River County households. In 2017 22.06% of households were renters according to Census ACS data.

Indian River County Fraction of Renters by Household Units

2017 1 Year Change 3 Year Change
US 36.13% -0.75% -0.77%
Florida 34.85% -1.02% -1.10%
Indian River County FL 22.06% -0.11% -4.86%

Trends in the Indian River County FL Renter Fraction

The Indian River County household renter fraction peaked in in 2013 at 28.24% and is now 6.18% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Indian River County FL, Florida, US

Fraction of renters in Indian River County

History of Indian River County Renter Fraction

Date US Florida Indian River County FL
2017 36.13% 34.85% 22.06%
2016 36.88% 35.87% 22.17%
2015 36.97% 36.22% 22.96%
2014 36.90% 35.95% 26.92%
2013 36.50% 35.21% 28.24%
2012 36.09% 34.36% 25.39%
2011 35.42% 33.28% 23.83%
2010 34.65% 31.85% 24.72%
2009 34.13% 31.52% 26.30%
2008 33.36% 30.33% 25.53%
2007 32.80% 29.39% 24.23%
2006 32.73% 29.72% 25.71%

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.