Department of Numbers

Boone County Kentucky Residential Rent and Rental Statistics

The median monthly gross residential rent in Boone County KY was $903 in 2017 according to the Census ACS survey.1 Average gross rent in Boone County was $940 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 Boone County median and average rent data will be released in September of 2019.

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

Show dollars as: Nominal Real

Real Gross Rent in Boone County Kentucky (2017 dollars)2

2017 1 Year Change 3 Year Change
US Median Gross Rent $1,012 +1.61% +5.86%
Kentucky Median Gross Rent $724 +0.84% +4.32%
Boone County KY Median Gross Rent $903 -6.81% +2.73%

Boone County KY Real Gross Rent Trends

Median gross rent for Boone County peaked in real terms in 2016 at $969 and is now $66 (6.81%) lower. Average gross rent for Boone County peaked in real terms in 2016 at $1,029 and is now $89 (8.65%) lower.

Real Gross Rent: Boone County KY Median, Boone County KY Average, Kentucky Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Boone County

Date US
Median
Kentucky
Median
Boone County KY
Median
Boone County KY
Average
2017 $1,012 $724 $903 $940
2016 $996 $718 $969 $1,029
2015 $987 $722 $960 $1,028
2014 $956 $694 $879 $916
2013 $924 $682 $885 $960
2012 $912 $656 $903 $922
2011 $912 $656 $850 $847
2010 $927 $664 $914 $1,004
2009 $931 $678 $924 $940
2008 $947 $664 $917 $1,011
2007 $899 $641 $825 $933
2006 $909 $653 $813 $823

Boone County Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2010 the rental vacancy rate for Boone County Kentucky was 8.31% according to Census ACS data.

Rental Vacancy Rate in Boone County Kentucky

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
Kentucky 5.49% -0.33% -0.74%
Boone County KY

Trends in Boone County KY Rental Vacancy Rate

The rental vacancy rate in Boone County peaked in 2007 at 12.46%. Since then it has fallen by 4.15% to 8.31%. Data records for this series originated in 2005.

Rental Vacancy Rate: Boone County KY, Kentucky, US

Rental vacancy rate in Kentucky

Historical Rental Vacancy Rate data for Boone County

Date US Kentucky Boone County KY
2017 6.18% 5.49%
2016 5.89% 5.82%
2015 5.85% 6.01%
2014 6.32% 6.23%
2013 6.49% 6.72%
2012 6.77% 5.52%
2011 7.40% 7.90%
2010 8.17% 7.53% 8.31%
2009 8.43% 9.83%
2008 7.86% 8.03%
2007 7.87% 9.86% 12.46%
2006 7.70% 9.78% 7.54%

Rent as a Fraction of Income

Using median household income data for Boone County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Boone County, median monthly gross rent as a fraction of median household income was 13.82% in 2017 according to the ACS.

Boone County Kentucky Median Annual Rent as a Fraction of Median Household Income

2017 1 Year Change 3 Year Change
US 20.13% -0.30% -0.76%
Kentucky 17.96% -0.22% -0.98%
Boone County KY 13.82% -2.00% -1.84%

Trends in Boone County KY Rent as a Fraction of Income

The fraction of median Boone County household income required to pay median monthly gross rent peaked in 2015 (relative to the 2005 series origin) at 16.70%. Since then it has fallen by 2.88% to 13.82%.

Fraction of Income towards Rent: Boone County KY, Kentucky, US

Percent of median household income going towards median monthly gross rent in Boone County Kentucky

Historical Data for Annual Rent as a Fraction of Income in Boone County Kentucky

Date US Kentucky Boone County KY
2017 20.13% 17.96% 13.82%
2016 20.43% 18.18% 15.82%
2015 20.63% 18.63% 16.70%
2014 20.89% 18.94% 15.66%
2013 20.78% 18.47% 16.15%
2012 20.65% 18.29% 15.93%
2011 20.70% 18.26% 15.31%
2010 20.50% 18.36% 15.80%
2009 20.12% 18.36% 14.67%
2008 19.00% 16.70% 14.51%
2007 18.66% 16.78% 12.92%
2006 18.90% 16.70% 14.51%

Renter Fraction in Boone County Kentucky

You can calculate the renter fraction in Boone 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 Boone County as a fraction of total Boone County households. In 2017 24.33% of households were renters according to Census ACS data.

Boone County Fraction of Renters by Household Units

2017 1 Year Change 3 Year Change
US 36.13% -0.75% -0.77%
Kentucky 33.53% +0.37% -0.40%
Boone County KY 24.33% -2.88% -3.27%

Trends in the Boone County KY Renter Fraction

The Boone County household renter fraction peaked in in 2005 at 32.06% and is now 7.73% below that level. From a recent low of 20.43% in 2011, the household based renter fraction has now grown by 3.90%. The origin year for the series is 2005.

Fraction of Renting Households: Boone County KY, Kentucky, US

Fraction of renters in Boone County

History of Boone County Renter Fraction

Date US Kentucky Boone County KY
2017 36.13% 33.53% 24.33%
2016 36.88% 33.16% 27.21%
2015 36.97% 33.67% 30.30%
2014 36.90% 33.93% 27.60%
2013 36.50% 32.62% 28.25%
2012 36.09% 32.96% 27.89%
2011 35.42% 31.14% 20.43%
2010 34.65% 31.35% 24.13%
2009 34.13% 31.35% 21.50%
2008 33.36% 30.47% 24.17%
2007 32.80% 29.28% 23.96%
2006 32.73% 29.35% 27.88%

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.