Department of Numbers

Monroe Michigan Residential Rent and Rental Statistics

The median monthly gross residential rent in Monroe, MI (the Monroe metro area) was $785 in 2016 according to the Census ACS survey.1 Average gross rent in Monroe was $765 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 Monroe median and average rent data will be released in September of 2018.

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

Show dollars as: Nominal Real

Real Gross Rent in Monroe Michigan (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
Michigan Median Gross Rent $818 +0.49% +5.96%
Monroe, MI Median Gross Rent $785 +5.94% +3.56%

Monroe, MI Real Gross Rent Trends

Median gross rent for Monroe peaked in real terms in 2012 at $816 and is now $31 (3.80%) lower. From a recent low of 741.0 in 2015, real median gross rent has now increased by $44 (5.94%). Average gross rent for Monroe peaked in real terms in 2006 at $810 and is now $45 (5.56%) lower. From a recent low of 674.0 in 2013, real average gross rent has now increased by $91 (13.50%).

Real Gross Rent in Monroe: Monroe MI Median, Monroe MI Average, Michigan Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Monroe

Date US
Median
Michigan
Median
Monroe, MI
Median
Monroe, MI
Average
2016 $981 $818 $785 $765
2015 $972 $814 $741 $731
2014 $942 $794 $748 $772
2013 $910 $772 $758 $674
2012 $898 $760 $816 $803
2011 $898 $762 $800 $784
2010 $912 $779 $808 $775
2009 $916 $779 $786 $774
2008 $932 $799 $802 $776
2007 $885 $766 $761 $723
2006 $895 $792 $815 $810
2005 $869 $782 $787 $757

Monroe Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Monroe Michigan was 3.55% according to Census ACS data.

Rental Vacancy Rate in Monroe Michigan

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
Michigan 5.41% +0.22% -0.63%
Monroe, MI 3.55% -9.06%

Trends in Monroe, MI Rental Vacancy Rate

The rental vacancy rate in Monroe peaked in 2013 at 12.61%. Since then it has fallen by 9.06% to 3.55%. Data records for this series originated in 2005.

Rental Vacancy Rate: Monroe MI, Michigan, US

Rental vacancy rate in Michigan

Historical Rental Vacancy Rate data for Monroe

Date US Michigan Monroe, MI
2016 5.89% 5.41% 3.55%
2015 5.85% 5.19%
2014 6.32% 5.88%
2013 6.49% 6.04% 12.61%
2012 6.77% 6.73% 8.50%
2011 7.40% 7.72%
2010 8.17% 9.60% 11.27%
2009 8.43% 9.48% 7.76%
2008 7.86% 9.73% 5.60%
2007 7.87% 9.66% 9.46%
2006 7.70% 10.42% 10.96%
2005 7.74% 10.09%

Rent as a Fraction of Income

Using median household income data for Monroe, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Monroe, median monthly gross rent as a fraction of median household income was 15.49% in 2016 according to the ACS.

Monroe Michigan Median Annual Rent as a Fraction of Median Household Income

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
Michigan 18.70% -0.16% -0.39%
Monroe, MI 15.49% -0.63% -1.40%

Trends in Monroe, MI Rent as a Fraction of Income

The fraction of median Monroe household income required to pay median monthly gross rent peaked in 2012 (relative to the 2005 series origin) at 19.02%. Since then it has fallen by 3.52% to 15.49%.

Fraction of Income towards Rent: Monroe MI, Michigan, US

Percent of median household income going towards median monthly gross rent in Monroe Michigan

Historical Data for Annual Rent as a Fraction of Income in Monroe Michigan

Date US Michigan Monroe, MI
2016 20.43% 18.70% 15.49%
2015 20.63% 18.86% 16.13%
2014 20.89% 18.97% 15.55%
2013 20.78% 19.09% 16.89%
2012 20.65% 19.16% 19.02%
2011 20.70% 19.29% 17.33%
2010 20.50% 19.29% 18.16%
2009 20.12% 18.99% 16.40%
2008 19.00% 17.44% 14.89%
2007 18.66% 17.09% 15.14%
2006 18.90% 17.17% 15.32%
2005 18.89% 17.07% 14.21%

Renter Fraction in Monroe Michigan

You can calculate the renter fraction in Monroe 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 Monroe as a fraction of total Monroe households. In 2016 19.95% of households were renters according to Census ACS data.

Monroe Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
Michigan 29.68% +0.10% +0.23%
Monroe, MI 19.95% +0.02% -1.36%

Trends in the Monroe, MI Renter Fraction

The Monroe household renter fraction peaked in in 2012 at 22.88% and is now 2.93% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Monroe MI, Michigan, US

Fraction of renters in Monroe

History of Monroe Renter Fraction

Date US Michigan Monroe, MI
2016 36.88% 29.68% 19.95%
2015 36.97% 29.58% 19.93%
2014 36.90% 29.76% 21.17%
2013 36.50% 29.45% 21.31%
2012 36.09% 28.94% 22.88%
2011 35.42% 28.26% 20.96%
2010 34.65% 27.25% 21.24%
2009 34.13% 26.81% 19.93%
2008 33.36% 26.02% 20.30%
2007 32.80% 25.17% 19.01%
2006 32.73% 24.83% 18.77%
2005 33.10% 25.33% 19.92%

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.