Department of Numbers

Hendricks County Indiana Residential Rent and Rental Statistics

The median monthly gross residential rent in Hendricks County IN was $1,031 in 2017 according to the Census ACS survey.1 Average gross rent in Hendricks County was $1,036 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 Hendricks County median and average rent data will be released in September of 2019.

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

Show dollars as: Nominal Real

Real Gross Rent in Hendricks County Indiana (2017 dollars)2

2017 1 Year Change 3 Year Change
US Median Gross Rent $1,012 +1.61% +5.86%
Indiana Median Gross Rent $793 +1.67% +2.85%
Hendricks County IN Median Gross Rent $1,031 -4.80% -0.39%

Hendricks County IN Real Gross Rent Trends

Median gross rent for Hendricks County peaked in real terms in 2016 at $1,083 and is now $52 (4.80%) lower. Average gross rent for Hendricks County peaked in real terms in 2016 at $1,060 and is now $24 (2.26%) lower.

Real Gross Rent: Hendricks County IN Median, Hendricks County IN Average, Indiana Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Hendricks County

Date US
Median
Indiana
Median
Hendricks County IN
Median
Hendricks County IN
Average
2017 $1,012 $793 $1,031 $1,036
2016 $996 $780 $1,083 $1,060
2015 $987 $780 $1,037 $1,012
2014 $956 $771 $1,035 $967
2013 $924 $746 $909 $907
2012 $912 $738 $950 $953
2011 $912 $741 $908 $835
2010 $927 $740 $909 $970
2009 $931 $759 $924 $947
2008 $947 $770 $1,034 $1,034
2007 $899 $727 $983 $925
2006 $909 $760 $912 $896

Hendricks County Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2015 the rental vacancy rate for Hendricks County Indiana was 10.59% according to Census ACS data.

Rental Vacancy Rate in Hendricks County Indiana

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
Indiana 7.14% +0.18% -0.95%
Hendricks County IN

Trends in Hendricks County IN Rental Vacancy Rate

At 10.59%, Hendricks County residential rental vacancy rate in 2015 is at the highest point since 2005, the beginning of our reporting for this series.

Rental Vacancy Rate: Hendricks County IN, Indiana, US

Rental vacancy rate in Indiana

Historical Rental Vacancy Rate data for Hendricks County

Date US Indiana Hendricks County IN
2017 6.18% 7.14%
2016 5.89% 6.96%
2015 5.85% 7.94% 10.59%
2014 6.32% 8.09%
2013 6.49% 7.00%
2012 6.77% 8.43%
2011 7.40% 8.47%
2010 8.17% 8.78%
2009 8.43% 10.44%
2008 7.86% 9.02%
2007 7.87% 9.72% 9.65%
2006 7.70% 11.17%

Rent as a Fraction of Income

Using median household income data for Hendricks County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Hendricks County, median monthly gross rent as a fraction of median household income was 17.43% in 2017 according to the ACS.

Hendricks County Indiana Median Annual Rent as a Fraction of Median Household Income

2017 1 Year Change 3 Year Change
US 20.13% -0.30% -0.76%
Indiana 17.56% -0.05% -0.71%
Hendricks County IN 17.43% +1.09% -0.68%

Trends in Hendricks County IN Rent as a Fraction of Income

The fraction of median Hendricks County household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 18.11%. Since then it has fallen by 0.68% to 17.43%.

Fraction of Income towards Rent: Hendricks County IN, Indiana, US

Percent of median household income going towards median monthly gross rent in Hendricks County Indiana

Historical Data for Annual Rent as a Fraction of Income in Hendricks County Indiana

Date US Indiana Hendricks County IN
2017 20.13% 17.56% 17.43%
2016 20.43% 17.62% 16.34%
2015 20.63% 18.00% 16.56%
2014 20.89% 18.27% 18.11%
2013 20.78% 18.43% 15.81%
2012 20.65% 18.27% 15.60%
2011 20.70% 18.27% 16.87%
2010 20.50% 18.37% 15.44%
2009 20.12% 18.15% 15.25%
2008 19.00% 16.76% 16.46%
2007 18.66% 16.14% 15.63%
2006 18.90% 16.87% 15.10%

Renter Fraction in Hendricks County Indiana

You can calculate the renter fraction in Hendricks 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 Hendricks County as a fraction of total Hendricks County households. In 2017 22.71% of households were renters according to Census ACS data.

Hendricks County Fraction of Renters by Household Units

2017 1 Year Change 3 Year Change
US 36.13% -0.75% -0.77%
Indiana 30.96% -0.69% -0.46%
Hendricks County IN 22.71% -0.16% -1.38%

Trends in the Hendricks County IN Renter Fraction

The Hendricks County household renter fraction peaked in in 2014 at 24.09% and is now 1.38% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Hendricks County IN, Indiana, US

Fraction of renters in Hendricks County

History of Hendricks County Renter Fraction

Date US Indiana Hendricks County IN
2017 36.13% 30.96% 22.71%
2016 36.88% 31.65% 22.87%
2015 36.97% 31.82% 23.01%
2014 36.90% 31.42% 24.09%
2013 36.50% 31.48% 18.94%
2012 36.09% 30.62% 17.15%
2011 35.42% 30.28% 17.80%
2010 34.65% 29.71% 17.60%
2009 34.13% 29.57% 17.97%
2008 33.36% 28.17% 18.56%
2007 32.80% 28.37% 17.89%
2006 32.73% 27.88% 21.10%

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.