Department of Numbers

Broome County New York Residential Rent and Rental Statistics

The median monthly gross residential rent in Broome County NY was $745 in 2017 according to the Census ACS survey.1 Average gross rent in Broome County was $766 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 Broome County median and average rent data will be released in September of 2019.

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

Show dollars as: Nominal Real

Real Gross Rent in Broome County New York (2017 dollars)2

2017 1 Year Change 3 Year Change
US Median Gross Rent $1,012 +1.61% +5.86%
New York Median Gross Rent $1,226 +1.07% +4.34%
Broome County NY Median Gross Rent $745 -1.59% -1.19%

Broome County NY Real Gross Rent Trends

Median gross rent for Broome County peaked in real terms in 2016 at $757 and is now $12 (1.59%) lower. Average gross rent for Broome County peaked in real terms in 2015 at $791 and is now $25 (3.16%) lower.

Real Gross Rent: Broome County NY Median, Broome County NY Average, New York Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Broome County

Date US
Median
New York
Median
Broome County NY
Median
Broome County NY
Average
2017 $1,012 $1,226 $745 $766
2016 $996 $1,213 $757 $779
2015 $987 $1,207 $719 $791
2014 $956 $1,175 $754 $781
2013 $924 $1,133 $653 $683
2012 $912 $1,113 $702 $733
2011 $912 $1,108 $706 $740
2010 $927 $1,105 $701 $714
2009 $931 $1,088 $701 $703
2008 $947 $1,095 $688 $735
2007 $899 $1,033 $663 $672
2006 $909 $1,042 $651 $668

Broome County Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2017 the rental vacancy rate for Broome County New York was 11.01% according to Census ACS data.

Rental Vacancy Rate in Broome County New York

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
New York 4.19% -0.23% -0.15%
Broome County NY 11.01% +6.78% +2.06%

Trends in Broome County NY Rental Vacancy Rate

At 11.01%, Broome County residential rental vacancy rate in 2017 is at the highest point since 2005, the beginning of our reporting for this series.

Rental Vacancy Rate: Broome County NY, New York, US

Rental vacancy rate in New York

Historical Rental Vacancy Rate data for Broome County

Date US New York Broome County NY
2017 6.18% 4.19% 11.01%
2016 5.89% 4.42% 4.23%
2015 5.85% 4.41% 6.52%
2014 6.32% 4.34% 8.95%
2013 6.49% 4.17% 9.41%
2012 6.77% 4.34%
2011 7.40% 4.48% 5.62%
2010 8.17% 5.03% 8.14%
2009 8.43% 4.78% 5.69%
2008 7.86% 4.68% 10.12%
2007 7.87% 4.70% 8.38%
2006 7.70% 4.94% 4.40%

Rent as a Fraction of Income

Using median household income data for Broome County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Broome County, median monthly gross rent as a fraction of median household income was 18.72% in 2017 according to the ACS.

Broome County New York Median Annual Rent as a Fraction of Median Household Income

2017 1 Year Change 3 Year Change
US 20.13% -0.30% -0.76%
New York 22.67% -0.10% -0.73%
Broome County NY 18.72% +1.00% -0.16%

Trends in Broome County NY Rent as a Fraction of Income

The fraction of median Broome County household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 18.88%. Since then it has fallen by 0.16% to 18.72%.

Fraction of Income towards Rent: Broome County NY, New York, US

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

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

Date US New York Broome County NY
2017 20.13% 22.67% 18.72%
2016 20.43% 22.78% 17.72%
2015 20.63% 23.13% 18.17%
2014 20.89% 23.40% 18.88%
2013 20.78% 23.20% 16.83%
2012 20.65% 22.94% 18.06%
2011 20.70% 22.98% 18.32%
2010 20.50% 22.60% 17.46%
2009 20.12% 21.60% 17.57%
2008 19.00% 20.41% 16.88%
2007 18.66% 20.34% 15.87%
2006 18.90% 20.43% 15.80%

Renter Fraction in Broome County New York

You can calculate the renter fraction in Broome 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 Broome County as a fraction of total Broome County households. In 2017 34.94% of households were renters according to Census ACS data.

Broome County Fraction of Renters by Household Units

2017 1 Year Change 3 Year Change
US 36.13% -0.75% -0.77%
New York 46.20% -0.52% -0.82%
Broome County NY 34.94% -0.89% -0.63%

Trends in the Broome County NY Renter Fraction

The Broome County household renter fraction peaked in in 2016 at 35.83% and is now 0.89% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Broome County NY, New York, US

Fraction of renters in Broome County

History of Broome County Renter Fraction

Date US New York Broome County NY
2017 36.13% 46.20% 34.94%
2016 36.88% 46.72% 35.83%
2015 36.97% 46.93% 35.73%
2014 36.90% 47.02% 35.57%
2013 36.50% 46.35% 32.06%
2012 36.09% 46.35% 33.96%
2011 35.42% 46.41% 33.97%
2010 34.65% 45.75% 32.96%
2009 34.13% 44.97% 34.09%
2008 33.36% 44.71% 33.92%
2007 32.80% 44.48% 32.45%
2006 32.73% 44.40% 32.47%

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.