Department of Numbers

Corvallis Oregon Residential Rent and Rental Statistics

The median monthly gross residential rent in Corvallis, OR (the Corvallis metro area) was $1,040 in 2016 according to the Census ACS survey.1 Average gross rent in Corvallis was $1,064 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 Corvallis median and average rent data will be released in September of 2018.

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

Show dollars as: Nominal Real

Real Gross Rent in Corvallis Oregon (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
Oregon Median Gross Rent $1,015 +6.28% +13.79%
Corvallis, OR Median Gross Rent $1,040 +15.94% +23.22%

Corvallis, OR Real Gross Rent Trends

At $1,040, real median gross rent in Corvallis was at its highest level in 2016 since the series began in 2005. At $1,064, real average gross rent in Corvallis was at its highest level in 2016 since the series began in 2005.

Real Gross Rent in Corvallis: Corvallis OR Median, Corvallis OR Average, Oregon Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Corvallis

Date US
Median
Oregon
Median
Corvallis, OR
Median
Corvallis, OR
Average
2016 $981 $1,015 $1,040 $1,064
2015 $972 $955 $897 $964
2014 $942 $932 $900 $990
2013 $910 $892 $844 $918
2012 $898 $876 $828 $859
2011 $898 $866 $794 $806
2010 $912 $871 $779 $815
2009 $916 $891 $825 $920
2008 $932 $882 $780 $862
2007 $885 $834 $770 $766
2006 $895 $837 $836 $926
2005 $869 $823 $770 $823

Corvallis 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 Corvallis Oregon was 8.59% according to Census ACS data.

Rental Vacancy Rate in Corvallis Oregon

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
Oregon 3.17% -0.47% -1.28%
Corvallis, OR 8.59%

Trends in Corvallis, OR Rental Vacancy Rate

The rental vacancy rate in Corvallis peaked in 2010 at 10.22%. Since then it has fallen by 1.63% to 8.59%. Data records for this series originated in 2005. From a 2014 post peak low of 6.05%, the rental vacancy rate has increased by 2.54%.

Rental Vacancy Rate: Corvallis OR, Oregon, US

Rental vacancy rate in Oregon

Historical Rental Vacancy Rate data for Corvallis

Date US Oregon Corvallis, OR
2016 5.89% 3.17% 8.59%
2015 5.85% 3.64%
2014 6.32% 3.57% 6.05%
2013 6.49% 4.45%
2012 6.77% 4.75%
2011 7.40% 5.06%
2010 8.17% 5.60% 10.22%
2009 8.43% 6.30%
2008 7.86% 5.71%
2007 7.87% 5.08%
2006 7.70% 5.57%
2005 7.74% 6.39%

Rent as a Fraction of Income

Using median household income data for Corvallis, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Corvallis, median monthly gross rent as a fraction of median household income was 22.50% in 2016 according to the ACS.

Corvallis Oregon Median Annual Rent as a Fraction of Median Household Income

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
Oregon 21.17% +0.27% -0.01%
Corvallis, OR 22.50% +2.41% +1.44%

Trends in Corvallis, OR Rent as a Fraction of Income

Corvallis renters paid 22.50% of median household income towards the median monthly gross rent in 2016. This is the highest fraction of median household income going to rent since the series originated in 2005.

Fraction of Income towards Rent: Corvallis OR, Oregon, US

Percent of median household income going towards median monthly gross rent in Corvallis Oregon

Historical Data for Annual Rent as a Fraction of Income in Corvallis Oregon

Date US Oregon Corvallis, OR
2016 20.43% 21.17% 22.50%
2015 20.63% 20.90% 20.09%
2014 20.89% 21.71% 20.42%
2013 20.78% 21.18% 21.06%
2012 20.65% 21.04% 19.13%
2011 20.70% 21.53% 21.73%
2010 20.50% 21.03% 19.08%
2009 20.12% 20.28% 20.39%
2008 19.00% 18.66% 15.48%
2007 18.66% 18.30% 18.06%
2006 18.90% 18.53% 17.93%
2005 18.89% 19.25% 17.50%

Renter Fraction in Corvallis Oregon

You can calculate the renter fraction in Corvallis 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 Corvallis as a fraction of total Corvallis households. In 2016 41.47% of households were renters according to Census ACS data.

Corvallis Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
Oregon 38.31% -0.60% -0.86%
Corvallis, OR 41.47% -0.34% -1.26%

Trends in the Corvallis, OR Renter Fraction

The Corvallis household renter fraction peaked in in 2014 at 45.41% and is now 3.94% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Corvallis OR, Oregon, US

Fraction of renters in Corvallis

History of Corvallis Renter Fraction

Date US Oregon Corvallis, OR
2016 36.88% 38.31% 41.47%
2015 36.97% 38.91% 41.81%
2014 36.90% 39.28% 45.41%
2013 36.50% 39.17% 42.73%
2012 36.09% 38.44% 42.43%
2011 35.42% 39.22% 43.83%
2010 34.65% 37.45% 40.92%
2009 34.13% 36.95% 44.22%
2008 33.36% 35.66% 42.03%
2007 32.80% 35.41% 43.47%
2006 32.73% 35.22% 45.10%
2005 33.10% 36.22% 41.60%

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.