Department of Numbers

Albany Georgia Residential Rent and Rental Statistics

The median monthly gross residential rent in Albany, GA (the Albany metro area) was $696 in 2017 according to the Census ACS survey.1 Average gross rent in Albany was $710 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 Albany median and average rent data will be released in September of 2019.

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 (2017 dollars)2

2017 1 Year Change 3 Year Change
US Median Gross Rent $1,012 +1.61% +5.86%
Georgia Median Gross Rent $958 +1.05% +6.09%
Albany, GA Median Gross Rent $696 -1.00% -4.53%

Albany, GA Real Gross Rent Trends

Median gross rent for Albany peaked in real terms in 2010 at $775 and is now $79 (10.19%) lower. Average gross rent for Albany peaked in real terms in 2010 at $743 and is now $33 (4.44%) 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
2017 $1,012 $958 $696 $710
2016 $996 $948 $703 $691
2015 $987 $935 $732 $697
2014 $956 $903 $729 $705
2013 $924 $868 $672 $653
2012 $912 $864 $681 $657
2011 $912 $873 $712 $713
2010 $927 $888 $775 $743
2009 $931 $884 $690 $662
2008 $947 $904 $635 $611
2007 $899 $875 $648 $598
2006 $909 $879 $655 $634

Albany 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 Albany Georgia was 5.11% according to Census ACS data.

Rental Vacancy Rate in Albany Georgia

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
Georgia 6.73% +0.58% -1.44%
Albany, GA 5.11% +0.68% -5.97%

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 6.27% to 5.11%. Data records for this series originated in 2005. From a 2016 post peak low of 4.43%, the rental vacancy rate has increased by 0.68%.

Rental Vacancy Rate: Albany GA, Georgia, US

Rental vacancy rate in Georgia

Historical Rental Vacancy Rate data for Albany

Date US Georgia Albany, GA
2017 6.18% 6.73% 5.11%
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%

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 19.15% in 2017 according to the ACS.

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

2017 1 Year Change 3 Year Change
US 20.13% -0.30% -0.76%
Georgia 20.46% -0.44% -1.00%
Albany, GA 19.15% -1.27% -2.72%

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 6.08% to 19.15%.

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
2017 20.13% 20.46% 19.15%
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%

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 2017 47.57% of households were renters according to Census ACS data.

Albany Fraction of Renters by Household Units

2017 1 Year Change 3 Year Change
US 36.13% -0.75% -0.77%
Georgia 37.12% -1.34% -0.65%
Albany, GA 47.57% +0.68% +1.61%

Trends in the Albany, GA Renter Fraction

At 47.57%, the 2017 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
2017 36.13% 37.12% 47.57%
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%

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.