Department of Numbers

Lake County Indiana Residential Rent and Rental Statistics

The median monthly gross residential rent in Lake County IN was $897 in 2019 according to the Census ACS survey.1 Average gross rent in Lake County was $848 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Lake County median and average rent data will be released in September of 2021.

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

Show dollars as: Nominal Real

Real Gross Rent in Lake County Indiana (2019 dollars)2

2019 1 Year Change 3 Year Change
US Median Gross Rent $1,097 +1.86% +6.82%
Indiana Median Gross Rent $840 +0.60% +4.48%
Lake County IN Median Gross Rent $897 +1.01% +3.22%

Lake County IN Real Gross Rent Trends

At $897, real median gross rent in Lake County was at its highest level in 2019 since the series began in 2005. Average gross rent for Lake County peaked in real terms in 2009 at $865 and is now $17 (1.97%) lower.

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Lake County

Date US
Median
Indiana
Median
Lake County IN
Median
Lake County IN
Average
2019 $1,097 $840 $897 $848
2018 $1,077 $835 $888 $853
2017 $1,043 $818 $860 $792
2016 $1,027 $804 $869 $819
2015 $1,017 $804 $891 $822
2014 $986 $795 $869 $823
2013 $953 $769 $852 $798
2012 $940 $761 $830 $788
2011 $941 $764 $817 $802
2010 $955 $763 $835 $784
2009 $960 $783 $870 $865

more history ...

Lake County Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Lake County Indiana was 4.21% according to Census ACS data.

Rental Vacancy Rate in Lake County Indiana

2019 1 Year Change 3 Year Change
US 5.97% -0.18% +0.08%
Indiana 6.89% +0.30% -0.07%
Lake County IN 4.21% -2.50% -2.26%

Trends in Lake County IN Rental Vacancy Rate

The rental vacancy rate in Lake County peaked in 2008 at 15.47%. Since then it has fallen by 11.26% to 4.21%. Data records for this series originated in 2005. From a 2012 post peak low of 3.60%, the rental vacancy rate has increased by 0.61%.

Rental Vacancy Rate: Lake County IN, Indiana, US

Rental vacancy rate in Indiana

Historical Rental Vacancy Rate data for Lake County

Date US Indiana Lake County IN
2019 5.97% 6.89% 4.21%
2018 6.15% 6.59% 6.71%
2017 6.18% 7.14% 8.33%
2016 5.89% 6.96% 6.47%
2015 5.85% 7.94% 7.25%
2014 6.32% 8.09% 7.39%
2013 6.49% 7.00% 4.32%
2012 6.77% 8.43% 3.60%
2011 7.40% 8.47% 5.96%
2010 8.17% 8.78% 6.32%
2009 8.43% 10.44% 11.90%

more history ...

Rent as a Fraction of Income

Using median household income data for Lake County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Lake County, median monthly gross rent as a fraction of median household income was 18.86% in 2019 according to the ACS.

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

2019 1 Year Change 3 Year Change
US 20.03% -0.47% -0.40%
Indiana 17.50% -0.15% -0.12%
Lake County IN 18.86% -0.11% +0.30%

Trends in Lake County IN Rent as a Fraction of Income

The fraction of median Lake County household income required to pay median monthly gross rent peaked in 2013 (relative to the 2005 series origin) at 20.10%. Since then it has fallen by 1.24% to 18.86%.

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

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

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

Date US Indiana Lake County IN
2019 20.03% 17.50% 18.86%
2018 20.50% 17.65% 18.97%
2017 20.13% 17.56% 18.20%
2016 20.43% 17.62% 18.55%
2015 20.63% 18.00% 19.93%
2014 20.89% 18.27% 19.42%
2013 20.78% 18.43% 20.10%
2012 20.65% 18.27% 19.45%
2011 20.70% 18.27% 18.69%
2010 20.50% 18.37% 19.85%
2009 20.12% 18.15% 19.45%

more history ...

Renter Fraction in Lake County Indiana

You can calculate the renter fraction in Lake 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 Lake County as a fraction of total Lake County households. In 2019 31.05% of households were renters according to Census ACS data.

Lake County Fraction of Renters by Household Units

2019 1 Year Change 3 Year Change
US 35.89% -0.16% -0.99%
Indiana 30.69% -0.37% -0.96%
Lake County IN 31.05% +1.17% +0.10%

Trends in the Lake County IN Renter Fraction

The Lake County household renter fraction peaked in in 2013 at 31.89% and is now 0.84% below that level. The origin year for the series is 2005.

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

Fraction of renters in Lake County

History of Lake County Renter Fraction

Date US Indiana Lake County IN
2019 35.89% 30.69% 31.05%
2018 36.05% 31.06% 29.88%
2017 36.13% 30.96% 29.25%
2016 36.88% 31.65% 30.95%
2015 36.97% 31.82% 31.50%
2014 36.90% 31.42% 30.95%
2013 36.50% 31.48% 31.89%
2012 36.09% 30.62% 30.95%
2011 35.42% 30.28% 30.69%
2010 34.65% 29.71% 31.34%
2009 34.13% 29.57% 29.62%

more history ...

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.