Department of Numbers

Rome Georgia Residential Rent and Rental Statistics

The median monthly gross residential rent in Rome, GA (the Rome metro area) was $705 in 2016 according to the Census ACS survey.1 Average gross rent in Rome was $727 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 Rome median and average rent data will be released in September of 2018.

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

Show dollars as: Nominal Real

Real Gross Rent in Rome 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%
Rome, GA Median Gross Rent $705 +0.86% +11.90%

Rome, GA Real Gross Rent Trends

Median gross rent for Rome peaked in real terms in 2010 at $750 and is now $45 (6.00%) lower. Average gross rent for Rome peaked in real terms in 2008 at $747 and is now $20 (2.68%) lower.

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Rome

Date US
Median
Georgia
Median
Rome, GA
Median
Rome, GA
Average
2016 $981 $933 $705 $727
2015 $972 $921 $699 $704
2014 $942 $889 $658 $686
2013 $910 $855 $630 $640
2012 $898 $850 $693 $681
2011 $898 $859 $677 $734
2010 $912 $874 $750 $705
2009 $916 $871 $748 $711
2008 $932 $890 $722 $747
2007 $885 $862 $700 $686
2006 $895 $865 $728 $702
2005 $869 $846 $620 $620

Rome Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2014 the rental vacancy rate for Rome Georgia was 7.77% according to Census ACS data.

Rental Vacancy Rate in Rome Georgia

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
Georgia 6.15% -0.32% -3.11%
Rome, GA

Trends in Rome, GA Rental Vacancy Rate

The rental vacancy rate in Rome peaked in 2009 at 17.67%. Since then it has fallen by 9.90% to 7.77%. Data records for this series originated in 2005.

Rental Vacancy Rate: Rome GA, Georgia, US

Rental vacancy rate in Georgia

Historical Rental Vacancy Rate data for Rome

Date US Georgia Rome, GA
2016 5.89% 6.15%
2015 5.85% 6.47%
2014 6.32% 8.17% 7.77%
2013 6.49% 9.26%
2012 6.77% 9.53% 16.25%
2011 7.40% 10.72%
2010 8.17% 11.72%
2009 8.43% 12.32% 17.67%
2008 7.86% 10.89%
2007 7.87% 10.54%
2006 7.70% 10.33% 9.85%
2005 7.74% 11.53%

Rent as a Fraction of Income

Using median household income data for Rome, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Rome, median monthly gross rent as a fraction of median household income was 16.97% in 2016 according to the ACS.

Rome 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%
Rome, GA 16.97% -3.47% -3.18%

Trends in Rome, GA Rent as a Fraction of Income

The fraction of median Rome household income required to pay median monthly gross rent peaked in 2010 (relative to the 2005 series origin) at 22.84%. Since then it has fallen by 5.87% to 16.97%.

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

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

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

Date US Georgia Rome, GA
2016 20.43% 20.90% 16.97%
2015 20.63% 21.29% 20.44%
2014 20.89% 21.46% 18.77%
2013 20.78% 21.33% 20.14%
2012 20.65% 21.28% 21.63%
2011 20.70% 21.73% 19.22%
2010 20.50% 21.17% 22.84%
2009 20.12% 20.17% 21.16%
2008 19.00% 18.57% 18.40%
2007 18.66% 18.76% 17.43%
2006 18.90% 18.91% 19.67%
2005 18.89% 18.66% 17.31%

Renter Fraction in Rome Georgia

You can calculate the renter fraction in Rome 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 Rome as a fraction of total Rome households. In 2016 39.29% of households were renters according to Census ACS data.

Rome 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%
Rome, GA 39.29% -3.01% -4.58%

Trends in the Rome, GA Renter Fraction

The Rome household renter fraction peaked in in 2013 at 43.87% and is now 4.58% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Rome GA, Georgia, US

Fraction of renters in Rome

History of Rome Renter Fraction

Date US Georgia Rome, GA
2016 36.88% 38.46% 39.29%
2015 36.97% 38.16% 42.30%
2014 36.90% 37.77% 43.52%
2013 36.50% 37.34% 43.87%
2012 36.09% 36.35% 34.15%
2011 35.42% 35.42% 35.69%
2010 34.65% 33.83% 35.67%
2009 34.13% 32.96% 32.76%
2008 33.36% 32.55% 34.41%
2007 32.80% 31.46% 28.22%
2006 32.73% 32.33% 32.92%
2005 33.10% 33.19% 32.62%

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.