Department of Numbers

Albany New York Residential Rent and Rental Statistics

The median monthly gross residential rent in Albany, NY (the Albany-Schenectady-Troy metro area) was $931 in 2016 according to the Census ACS survey.1 Average gross rent in Albany was $974 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 Albany median and average rent data will be released in September of 2018.

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

Show dollars as: Nominal Real

Real Gross Rent in Albany New York (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
New York Median Gross Rent $1,194 +0.51% +7.09%
Albany, NY Median Gross Rent $931 -0.43% +4.14%

Albany, NY Real Gross Rent Trends

Median gross rent for Albany peaked in real terms in 2014 at $939 and is now $8 (0.85%) lower. At $974, real average gross rent in Albany was at its highest level in 2016 since the series began in 2005.

Real Gross Rent in Albany: Albany NY Median, Albany NY Average, New York Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Albany

Date US
Median
New York
Median
Albany, NY
Median
Albany, NY
Average
2016 $981 $1,194 $931 $974
2015 $972 $1,188 $935 $951
2014 $942 $1,157 $939 $929
2013 $910 $1,115 $894 $906
2012 $898 $1,096 $878 $880
2011 $898 $1,091 $887 $892
2010 $912 $1,089 $903 $893
2009 $916 $1,071 $907 $914
2008 $932 $1,078 $920 $914
2007 $885 $1,018 $874 $865
2006 $895 $1,026 $884 $874
2005 $869 $1,004 $858 $824

Albany 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 Albany New York was 3.86% according to Census ACS data.

Rental Vacancy Rate in Albany New York

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
New York 4.42% +0.01% +0.25%
Albany, NY 3.86% -1.83% -0.20%

Trends in Albany, NY Rental Vacancy Rate

The rental vacancy rate in Albany peaked in 2012 at 7.84%. Since then it has fallen by 3.98% to 3.86%. Data records for this series originated in 2005.

Rental Vacancy Rate: Albany NY, New York, US

Rental vacancy rate in New York

Historical Rental Vacancy Rate data for Albany

Date US New York Albany, NY
2016 5.89% 4.42% 3.86%
2015 5.85% 4.41% 5.69%
2014 6.32% 4.34% 4.80%
2013 6.49% 4.17% 4.06%
2012 6.77% 4.34% 7.84%
2011 7.40% 4.48% 4.66%
2010 8.17% 5.03% 3.96%
2009 8.43% 4.78% 5.88%
2008 7.86% 4.68% 4.96%
2007 7.87% 4.70% 5.45%
2006 7.70% 4.94% 5.72%
2005 7.74% 4.80% 5.85%

Rent as a Fraction of Income

Using median household income data for Albany, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Albany, median monthly gross rent as a fraction of median household income was 16.96% in 2016 according to the ACS.

Albany New York Median Annual Rent as a Fraction of Median Household Income

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
New York 22.78% -0.36% -0.42%
Albany, NY 16.96% -0.59% -0.93%

Trends in Albany, NY Rent as a Fraction of Income

The fraction of median Albany household income required to pay median monthly gross rent peaked in 2010 (relative to the 2005 series origin) at 18.19%. Since then it has fallen by 1.23% to 16.96%.

Fraction of Income towards Rent: Albany NY, New York, US

Percent of median household income going towards median monthly gross rent in Albany New York

Historical Data for Annual Rent as a Fraction of Income in Albany New York

Date US New York Albany, NY
2016 20.43% 22.78% 16.96%
2015 20.63% 23.13% 17.56%
2014 20.89% 23.40% 17.94%
2013 20.78% 23.20% 17.89%
2012 20.65% 22.94% 17.10%
2011 20.70% 22.98% 17.61%
2010 20.50% 22.60% 18.19%
2009 20.12% 21.60% 17.33%
2008 19.00% 20.41% 16.60%
2007 18.66% 20.34% 16.96%
2006 18.90% 20.43% 17.01%
2005 18.89% 20.40% 16.97%

Renter Fraction in Albany New York

You can calculate the renter fraction in Albany 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 Albany as a fraction of total Albany households. In 2016 37.00% of households were renters according to Census ACS data.

Albany Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
New York 46.72% -0.21% +0.37%
Albany, NY 37.00% +0.88% +1.72%

Trends in the Albany, NY Renter Fraction

At 37.00%, the 2016 household based renter fraction in Albany was at its highest level. The origin year for the series is 2005.

Fraction of Renting Households: Albany NY, New York, US

Fraction of renters in Albany

History of Albany Renter Fraction

Date US New York Albany, NY
2016 36.88% 46.72% 37.00%
2015 36.97% 46.93% 36.12%
2014 36.90% 47.02% 36.02%
2013 36.50% 46.35% 35.28%
2012 36.09% 46.35% 35.46%
2011 35.42% 46.41% 34.01%
2010 34.65% 45.75% 35.22%
2009 34.13% 44.97% 33.39%
2008 33.36% 44.71% 32.95%
2007 32.80% 44.48% 33.10%
2006 32.73% 44.40% 34.57%
2005 33.10% 44.67% 33.26%

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.