Department of Numbers

Albany Georgia Residential Rent and Rental Statistics

The median monthly gross residential rent in Albany, GA (the Albany metro area) was $692 in 2016 according to the Census ACS survey.1 Average gross rent in Albany was $680 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 Albany median and average rent data will be released in September of 2018.

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

Show dollars as: Nominal Real

Real Gross Rent in Albany Georgia (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
Georgia Median Gross Rent $933 +1.30% +9.12%
Albany, GA Median Gross Rent $692 -3.89% +4.53%

Albany, GA Real Gross Rent Trends

Median gross rent for Albany peaked in real terms in 2010 at $763 and is now $71 (9.31%) lower. Average gross rent for Albany peaked in real terms in 2010 at $732 and is now $52 (7.10%) lower.

Real Gross Rent in Albany: Albany GA Median, Albany GA Average, Georgia Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Albany

Date US
Median
Georgia
Median
Albany, GA
Median
Albany, GA
Average
2016 $981 $933 $692 $680
2015 $972 $921 $720 $686
2014 $942 $889 $718 $695
2013 $910 $855 $662 $643
2012 $898 $850 $671 $647
2011 $898 $859 $701 $702
2010 $912 $874 $763 $732
2009 $916 $871 $679 $652
2008 $932 $890 $625 $602
2007 $885 $862 $638 $589
2006 $895 $865 $645 $624
2005 $869 $846 $665 $605

Albany 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 Albany Georgia was 4.43% according to Census ACS data.

Rental Vacancy Rate in Albany Georgia

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
Georgia 6.15% -0.32% -3.11%
Albany, GA 4.43% -4.64% -6.95%

Trends in Albany, GA Rental Vacancy Rate

The rental vacancy rate in Albany peaked in 2013 at 11.38%. Since then it has fallen by 6.95% to 4.43%. Data records for this series originated in 2005.

Rental Vacancy Rate: Albany GA, Georgia, US

Rental vacancy rate in Georgia

Historical Rental Vacancy Rate data for Albany

Date US Georgia Albany, GA
2016 5.89% 6.15% 4.43%
2015 5.85% 6.47% 9.07%
2014 6.32% 8.17% 11.08%
2013 6.49% 9.26% 11.38%
2012 6.77% 9.53% 8.11%
2011 7.40% 10.72% 9.17%
2010 8.17% 11.72% 5.86%
2009 8.43% 12.32% 5.59%
2008 7.86% 10.89% 7.40%
2007 7.87% 10.54% 7.50%
2006 7.70% 10.33% 5.29%
2005 7.74% 11.53% 8.81%

Rent as a Fraction of Income

Using median household income data for Albany, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Albany, median monthly gross rent as a fraction of median household income was 20.42% in 2016 according to the ACS.

Albany Georgia Median Annual Rent as a Fraction of Median Household Income

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
Georgia 20.90% -0.38% -0.42%
Albany, GA 20.42% -0.83% -2.30%

Trends in Albany, GA Rent as a Fraction of Income

The fraction of median Albany household income required to pay median monthly gross rent peaked in 2010 (relative to the 2005 series origin) at 25.23%. Since then it has fallen by 4.81% to 20.42%.

Fraction of Income towards Rent: Albany GA, Georgia, US

Percent of median household income going towards median monthly gross rent in Albany Georgia

Historical Data for Annual Rent as a Fraction of Income in Albany Georgia

Date US Georgia Albany, GA
2016 20.43% 20.90% 20.42%
2015 20.63% 21.29% 21.25%
2014 20.89% 21.46% 21.87%
2013 20.78% 21.33% 22.72%
2012 20.65% 21.28% 22.98%
2011 20.70% 21.73% 24.90%
2010 20.50% 21.17% 25.23%
2009 20.12% 20.17% 20.67%
2008 19.00% 18.57% 17.02%
2007 18.66% 18.76% 18.76%
2006 18.90% 18.91% 18.58%
2005 18.89% 18.66% 16.22%

Renter Fraction in Albany Georgia

You can calculate the renter fraction in Albany 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 Albany as a fraction of total Albany households. In 2016 46.89% of households were renters according to Census ACS data.

Albany Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
Georgia 38.46% +0.30% +1.12%
Albany, GA 46.89% +1.59% +1.62%

Trends in the Albany, GA Renter Fraction

At 46.89%, the 2016 household based renter fraction in Albany was at its highest level. The origin year for the series is 2005.

Fraction of Renting Households: Albany GA, Georgia, US

Fraction of renters in Albany

History of Albany Renter Fraction

Date US Georgia Albany, GA
2016 36.88% 38.46% 46.89%
2015 36.97% 38.16% 45.30%
2014 36.90% 37.77% 45.96%
2013 36.50% 37.34% 45.27%
2012 36.09% 36.35% 43.41%
2011 35.42% 35.42% 45.20%
2010 34.65% 33.83% 40.81%
2009 34.13% 32.96% 40.05%
2008 33.36% 32.55% 40.07%
2007 32.80% 31.46% 43.75%
2006 32.73% 32.33% 43.23%
2005 33.10% 33.19% 44.38%

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.