Fargo North Dakota Residential Rent and Rental Statistics
The median monthly gross residential rent in Fargo, ND (the Fargo metro area) was $815 in 2019 according to the Census ACS survey.1 Average gross rent in Fargo was $874 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Fargo median and average rent data will be released in September of 2021.
Data is also available below for Fargo rental vacancy rates, Fargo rent as a percent of median income and the fraction of renters in Fargo.
Real Gross Rent in Fargo North Dakota (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| North Dakota Median Gross Rent | $804 | -2.31% | -1.11% |
| Fargo, ND Median Gross Rent | $815 | -3.66% | +0.87% |
Fargo, ND Real Gross Rent Trends
Median gross rent for Fargo peaked in real terms in 2018 at $846 and is now $31 (3.66%) lower. Average gross rent for Fargo peaked in real terms in 2018 at $913 and is now $39 (4.27%) lower.
Real Gross Rent in Fargo: Fargo ND Median, Fargo ND Average, North Dakota Median, US Median
Real Gross Rent History for Fargo
| Date | US Median |
North Dakota Median |
Fargo, ND Median |
Fargo, ND Average |
|---|---|---|---|---|
| 2019 | $1,097 | $804 | $815 | $874 |
| 2018 | $1,077 | $823 | $846 | $913 |
| 2017 | $1,043 | $809 | $818 | $863 |
| 2016 | $1,027 | $813 | $808 | $871 |
| 2015 | $1,017 | $822 | $802 | $853 |
| 2014 | $986 | $769 | $755 | $792 |
| 2013 | $953 | $727 | $742 | $792 |
| 2012 | $940 | $685 | $707 | $766 |
| 2011 | $941 | $676 | $703 | $734 |
| 2010 | $955 | $651 | $688 | $767 |
| 2009 | $960 | $643 | $704 | $736 |
| 2007 | $927 | $606 | $666 | $740 |
| 2005 | $910 | $599 | $686 | $700 |
Fargo Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Fargo North Dakota was 8.08% according to Census ACS data.
Rental Vacancy Rate in Fargo North Dakota
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| North Dakota | 8.04% | -2.71% | -1.63% |
| Fargo, ND | 8.08% | -4.82% | +3.67% |
Trends in Fargo, ND Rental Vacancy Rate
The rental vacancy rate in Fargo peaked in 2018 at 12.90%. Since then it has fallen by 4.82% to 8.08%. Data records for this series originated in 2005.
Rental Vacancy Rate: Fargo ND, North Dakota, US
Historical Rental Vacancy Rate data for Fargo
| Date | US | North Dakota | Fargo, ND |
|---|---|---|---|
| 2019 | 5.97% | 8.04% | 8.08% |
| 2018 | 6.15% | 10.75% | 12.90% |
| 2017 | 6.18% | 12.49% | 7.64% |
| 2016 | 5.89% | 9.67% | 4.41% |
| 2015 | 5.85% | 7.41% | 5.41% |
| 2014 | 6.32% | 6.42% | 4.30% |
| 2013 | 6.49% | 6.35% | 3.66% |
| 2012 | 6.77% | 5.31% | 6.10% |
| 2011 | 7.40% | 4.53% | 4.66% |
| 2010 | 8.17% | 6.39% | — |
| 2009 | 8.43% | 7.59% | 5.96% |
| 2007 | 7.87% | 7.41% | 8.20% |
| 2005 | 7.74% | 7.11% | 8.17% |
Rent as a Fraction of Income
Using median household income data for Fargo, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Fargo, median monthly gross rent as a fraction of median household income was 15.57% in 2019 according to the ACS.
Fargo North Dakota Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| North Dakota | 14.94% | -0.25% | -0.41% |
| Fargo, ND | 15.57% | +0.24% | +0.13% |
Trends in Fargo, ND Rent as a Fraction of Income
The fraction of median Fargo household income required to pay median monthly gross rent peaked in 2009 (relative to the 2005 series origin) at 16.30%. Since then it has fallen by 0.74% to 15.57%.
Fraction of Income towards Rent: Fargo ND, North Dakota, US
Historical Data for Annual Rent as a Fraction of Income in Fargo North Dakota
| Date | US | North Dakota | Fargo, ND |
|---|---|---|---|
| 2019 | 20.03% | 14.94% | 15.57% |
| 2018 | 20.50% | 15.19% | 15.32% |
| 2017 | 20.13% | 15.23% | 15.02% |
| 2016 | 20.43% | 15.35% | 15.44% |
| 2015 | 20.63% | 15.36% | 16.19% |
| 2014 | 20.89% | 14.80% | 15.93% |
| 2013 | 20.78% | 14.85% | 16.28% |
| 2012 | 20.65% | 14.42% | 15.49% |
| 2011 | 20.70% | 14.53% | 14.91% |
| 2010 | 20.50% | 14.37% | 14.76% |
| 2009 | 20.12% | 14.15% | 16.30% |
| 2007 | 18.66% | 14.15% | 15.27% |
| 2005 | 18.89% | 14.01% | 14.94% |
Renter Fraction in Fargo North Dakota
You can calculate the renter fraction in Fargo 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 Fargo as a fraction of total Fargo households. In 2019 47.54% of households were renters according to Census ACS data.
Fargo Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| North Dakota | 38.67% | +1.13% | +1.88% |
| Fargo, ND | 47.54% | +5.15% | +2.58% |
Trends in the Fargo, ND Renter Fraction
At 47.54%, the 2019 household based renter fraction in Fargo was at its highest level. The origin year for the series is 2005.
Fraction of Renting Households: Fargo ND, North Dakota, US
History of Fargo Renter Fraction
| Date | US | North Dakota | Fargo, ND |
|---|---|---|---|
| 2019 | 35.89% | 38.67% | 47.54% |
| 2018 | 36.05% | 37.54% | 42.39% |
| 2017 | 36.13% | 36.59% | 41.60% |
| 2016 | 36.88% | 36.79% | 44.96% |
| 2015 | 36.97% | 38.32% | 45.51% |
| 2014 | 36.90% | 36.16% | 41.64% |
| 2013 | 36.50% | 35.17% | 44.66% |
| 2012 | 36.09% | 34.97% | 42.42% |
| 2011 | 35.42% | 34.29% | 41.22% |
| 2010 | 34.65% | 33.07% | 44.14% |
| 2009 | 34.13% | 34.00% | 42.69% |
| 2007 | 32.80% | 34.28% | 42.12% |
| 2005 | 33.10% | 32.52% | 38.36% |
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. ↩
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