Lake County Ohio Residential Rent and Rental Statistics
The median monthly gross residential rent in Lake County OH was $879 in 2019 according to the Census ACS survey.1 Average gross rent in Lake County was $884 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 Lake County median and average rent data will be released in September of 2021.
Data is also available below for Lake County rental vacancy rates, Lake County rent as a percent of median income and the fraction of renters in Lake County.
Real Gross Rent in Lake County Ohio (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Ohio Median Gross Rent | $813 | +0.25% | +2.26% |
| Lake County OH Median Gross Rent | $879 | -3.51% | -3.09% |
Lake County OH Real Gross Rent Trends
Median gross rent for Lake County peaked in real terms in 2005 at $915 and is now $36 (3.93%) lower. From a recent low of 799.0 in 2011, real median gross rent has now increased by $80 (10.01%). Average gross rent for Lake County peaked in real terms in 2005 at $941 and is now $57 (6.06%) lower. From a recent low of 808.0 in 2011, real average gross rent has now increased by $76 (9.41%).
Real Gross Rent: Lake County OH Median, Lake County OH Average, Ohio Median, US Median
Real Gross Rent History for Lake County
| Date | US Median |
Ohio Median |
Lake County OH Median |
Lake County OH Average |
|---|---|---|---|---|
| 2019 | $1,097 | $813 | $879 | $884 |
| 2018 | $1,077 | $811 | $911 | $913 |
| 2017 | $1,043 | $796 | $862 | $877 |
| 2016 | $1,027 | $795 | $907 | $914 |
| 2015 | $1,017 | $791 | $905 | $922 |
| 2014 | $986 | $776 | $868 | $896 |
| 2013 | $953 | $747 | $879 | $866 |
| 2012 | $940 | $745 | $827 | $821 |
| 2011 | $941 | $747 | $799 | $808 |
| 2010 | $955 | $765 | $831 | $870 |
| 2009 | $960 | $764 | $882 | $906 |
| 2007 | $927 | $755 | $866 | $919 |
| 2005 | $910 | $766 | $915 | $941 |
Lake County 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 Lake County Ohio was 2.75% according to Census ACS data.
Rental Vacancy Rate in Lake County Ohio
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Ohio | 4.67% | -0.87% | -0.77% |
| Lake County OH | 2.75% | -0.89% | -5.05% |
Trends in Lake County OH Rental Vacancy Rate
The rental vacancy rate in Lake County peaked in 2010 at 12.83%. Since then it has fallen by 10.08% to 2.75%. Data records for this series originated in 2005.
Rental Vacancy Rate: Lake County OH, Ohio, US
Historical Rental Vacancy Rate data for Lake County
| Date | US | Ohio | Lake County OH |
|---|---|---|---|
| 2019 | 5.97% | 4.67% | 2.75% |
| 2018 | 6.15% | 5.54% | 3.64% |
| 2017 | 6.18% | 5.62% | 9.93% |
| 2016 | 5.89% | 5.44% | 7.80% |
| 2015 | 5.85% | 5.56% | 4.16% |
| 2014 | 6.32% | 6.26% | 4.49% |
| 2013 | 6.49% | 6.15% | 6.82% |
| 2012 | 6.77% | 7.08% | 4.26% |
| 2011 | 7.40% | 7.89% | 6.79% |
| 2010 | 8.17% | 9.45% | 12.83% |
| 2009 | 8.43% | 9.17% | 6.64% |
| 2007 | 7.87% | 10.00% | 7.48% |
| 2005 | 7.74% | 10.37% | — |
Rent as a Fraction of Income
Using median household income data for Lake County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Lake County, median monthly gross rent as a fraction of median household income was 16.46% in 2019 according to the ACS.
Lake County Ohio Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Ohio | 16.64% | -0.41% | -0.77% |
| Lake County OH | 16.46% | +0.15% | -0.33% |
Trends in Lake County OH Rent as a Fraction of Income
The fraction of median Lake County household income required to pay median monthly gross rent peaked in 2013 (relative to the 2005 series origin) at 18.25%. Since then it has fallen by 1.79% to 16.46%.
Fraction of Income towards Rent: Lake County OH, Ohio, US
Historical Data for Annual Rent as a Fraction of Income in Lake County Ohio
| Date | US | Ohio | Lake County OH |
|---|---|---|---|
| 2019 | 20.03% | 16.64% | 16.46% |
| 2018 | 20.50% | 17.04% | 16.31% |
| 2017 | 20.13% | 17.15% | 16.83% |
| 2016 | 20.43% | 17.40% | 16.80% |
| 2015 | 20.63% | 17.53% | 16.83% |
| 2014 | 20.89% | 17.89% | 16.80% |
| 2013 | 20.78% | 17.70% | 18.25% |
| 2012 | 20.65% | 17.94% | 16.96% |
| 2011 | 20.70% | 18.15% | 16.85% |
| 2010 | 20.50% | 18.23% | 16.95% |
| 2009 | 20.12% | 17.71% | 17.25% |
| 2007 | 18.66% | 16.56% | 15.90% |
| 2005 | 18.89% | 16.91% | 17.97% |
Renter Fraction in Lake County Ohio
You can calculate the renter fraction in Lake 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 Lake County as a fraction of total Lake County households. In 2019 26.67% of households were renters according to Census ACS data.
Lake County Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Ohio | 33.96% | -0.17% | -0.68% |
| Lake County OH | 26.67% | +0.05% | +1.43% |
Trends in the Lake County OH Renter Fraction
The Lake County household renter fraction peaked in in 2012 at 27.67% and is now 1.00% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Lake County OH, Ohio, US
History of Lake County Renter Fraction
| Date | US | Ohio | Lake County OH |
|---|---|---|---|
| 2019 | 35.89% | 33.96% | 26.67% |
| 2018 | 36.05% | 34.13% | 26.62% |
| 2017 | 36.13% | 34.22% | 24.59% |
| 2016 | 36.88% | 34.64% | 25.24% |
| 2015 | 36.97% | 34.59% | 27.17% |
| 2014 | 36.90% | 34.67% | 25.85% |
| 2013 | 36.50% | 33.93% | 26.21% |
| 2012 | 36.09% | 33.71% | 27.67% |
| 2011 | 35.42% | 33.02% | 25.92% |
| 2010 | 34.65% | 31.60% | 22.33% |
| 2009 | 34.13% | 31.95% | 24.39% |
| 2007 | 32.80% | 30.32% | 21.84% |
| 2005 | 33.10% | 30.06% | 23.55% |
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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