Department of Numbers

Olmsted County Minnesota Residential Rent and Rental Statistics

The median monthly gross residential rent in Olmsted County MN was $983 in 2017 according to the Census ACS survey.1 Average gross rent in Olmsted County was $1,030 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 Olmsted County median and average rent data will be released in September of 2019.

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

Show dollars as: Nominal Real

Real Gross Rent in Olmsted County Minnesota (2017 dollars)2

2017 1 Year Change 3 Year Change
US Median Gross Rent $1,012 +1.61% +5.86%
Minnesota Median Gross Rent $939 +1.40% +6.70%
Olmsted County MN Median Gross Rent $983 +5.02% +8.98%

Olmsted County MN Real Gross Rent Trends

At $983, real median gross rent in Olmsted County was at its highest level in 2017 since the series began in 2005. At $1,030, real average gross rent in Olmsted County was at its highest level in 2017 since the series began in 2005.

Real Gross Rent: Olmsted County MN Median, Olmsted County MN Average, Minnesota Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Olmsted County

Date US
Median
Minnesota
Median
Olmsted County MN
Median
Olmsted County MN
Average
2017 $1,012 $939 $983 $1,030
2016 $996 $926 $936 $988
2015 $987 $914 $881 $924
2014 $956 $880 $902 $969
2013 $924 $850 $816 $835
2012 $912 $839 $805 $891
2011 $912 $824 $819 $842
2010 $927 $828 $782 $845
2009 $931 $837 $853 $901
2008 $947 $843 $830 $907
2007 $899 $810 $787 $900
2006 $909 $835 $753 $796

Olmsted 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 Olmsted County Minnesota was 2.91% according to Census ACS data.

Rental Vacancy Rate in Olmsted County Minnesota

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
Minnesota 4.31% +0.30% -0.22%
Olmsted County MN

Trends in Olmsted County MN Rental Vacancy Rate

The rental vacancy rate in Olmsted County peaked in 2009 at 9.67%. Since then it has fallen by 6.76% to 2.91%. Data records for this series originated in 2005.

Rental Vacancy Rate: Olmsted County MN, Minnesota, US

Rental vacancy rate in Minnesota

Historical Rental Vacancy Rate data for Olmsted County

Date US Minnesota Olmsted County MN
2017 6.18% 4.31%
2016 5.89% 4.01%
2015 5.85% 4.35% 2.91%
2014 6.32% 4.53% 3.33%
2013 6.49% 3.94%
2012 6.77% 4.10%
2011 7.40% 5.37% 6.14%
2010 8.17% 5.96% 8.23%
2009 8.43% 5.97% 9.67%
2008 7.86% 5.76%
2007 7.87% 7.07% 9.61%
2006 7.70% 8.06%

Rent as a Fraction of Income

Using median household income data for Olmsted County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Olmsted County, median monthly gross rent as a fraction of median household income was 15.27% in 2017 according to the ACS.

Olmsted County Minnesota Median Annual Rent as a Fraction of Median Household Income

2017 1 Year Change 3 Year Change
US 20.13% -0.30% -0.76%
Minnesota 16.48% -0.21% -0.29%
Olmsted County MN 15.27% -0.01% +0.10%

Trends in Olmsted County MN Rent as a Fraction of Income

The fraction of median Olmsted County household income required to pay median monthly gross rent peaked in 2016 (relative to the 2005 series origin) at 15.28%. Since then it has fallen by 0.01% to 15.27%.

Fraction of Income towards Rent: Olmsted County MN, Minnesota, US

Percent of median household income going towards median monthly gross rent in Olmsted County Minnesota

Historical Data for Annual Rent as a Fraction of Income in Olmsted County Minnesota

Date US Minnesota Olmsted County MN
2017 20.13% 16.48% 15.27%
2016 20.43% 16.68% 15.28%
2015 20.63% 16.78% 14.68%
2014 20.89% 16.77% 15.16%
2013 20.78% 16.45% 14.60%
2012 20.65% 16.56% 14.67%
2011 20.70% 16.58% 13.88%
2010 20.50% 16.53% 14.27%
2009 20.12% 16.33% 14.45%
2008 19.00% 15.37% 12.88%
2007 18.66% 15.29% 13.80%
2006 18.90% 15.57% 12.41%

Renter Fraction in Olmsted County Minnesota

You can calculate the renter fraction in Olmsted 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 Olmsted County as a fraction of total Olmsted County households. In 2017 27.01% of households were renters according to Census ACS data.

Olmsted County Fraction of Renters by Household Units

2017 1 Year Change 3 Year Change
US 36.13% -0.75% -0.77%
Minnesota 28.43% -0.27% +0.12%
Olmsted County MN 27.01% +1.59% -0.33%

Trends in the Olmsted County MN Renter Fraction

The Olmsted County household renter fraction peaked in in 2014 at 27.34% and is now 0.33% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Olmsted County MN, Minnesota, US

Fraction of renters in Olmsted County

History of Olmsted County Renter Fraction

Date US Minnesota Olmsted County MN
2017 36.13% 28.43% 27.01%
2016 36.88% 28.70% 25.42%
2015 36.97% 29.06% 25.47%
2014 36.90% 28.31% 27.34%
2013 36.50% 28.45% 25.22%
2012 36.09% 28.56% 26.85%
2011 35.42% 27.24% 25.29%
2010 34.65% 26.98% 23.62%
2009 34.13% 26.29% 22.31%
2008 33.36% 25.34% 22.79%
2007 32.80% 24.76% 23.33%
2006 32.73% 23.70% 22.27%

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.