Department of Numbers

Odessa Texas Residential Rent and Rental Statistics

The median monthly gross residential rent in Odessa, TX (the Odessa metro area) was $897 in 2016 according to the Census ACS survey.1 Average gross rent in Odessa was $869 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 Odessa median and average rent data will be released in September of 2018.

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

Show dollars as: Nominal Real

Real Gross Rent in Odessa Texas (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
Texas Median Gross Rent $956 +1.27% +10.90%
Odessa, TX Median Gross Rent $897 -15.30% -3.55%

Odessa, TX Real Gross Rent Trends

Median gross rent for Odessa peaked in real terms in 2015 at $1,059 and is now $162 (15.30%) lower. Average gross rent for Odessa peaked in real terms in 2015 at $1,007 and is now $138 (13.70%) lower.

Real Gross Rent in Odessa: Odessa TX Median, Odessa TX Average, Texas Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Odessa

Date US
Median
Texas
Median
Odessa, TX
Median
Odessa, TX
Average
2016 $981 $956 $897 $869
2015 $972 $944 $1,059 $1,007
2014 $942 $903 $1,058 $926
2013 $910 $862 $930 $911
2012 $898 $844 $813 $671
2011 $898 $839 $768 $757
2010 $912 $855 $681 $641
2009 $916 $858 $791 $749
2008 $932 $869 $745 $711
2007 $885 $824 $637 $623
2006 $895 $834 $681 $648
2005 $869 $801 $623 $585

Odessa Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2014 the rental vacancy rate for Odessa Texas was 7.50% according to Census ACS data.

Rental Vacancy Rate in Odessa Texas

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
Texas 7.65% +0.70% -0.21%
Odessa, TX

Trends in Odessa, TX Rental Vacancy Rate

The rental vacancy rate in Odessa peaked in 2005 at 16.20%. Since then it has fallen by 8.70% to 7.50%. Data records for this series originated in 2005. From a 2009 post peak low of 4.59%, the rental vacancy rate has increased by 2.91%.

Rental Vacancy Rate: Odessa TX, Texas, US

Rental vacancy rate in Texas

Historical Rental Vacancy Rate data for Odessa

Date US Texas Odessa, TX
2016 5.89% 7.65%
2015 5.85% 6.95%
2014 6.32% 7.30% 7.50%
2013 6.49% 7.86%
2012 6.77% 8.53%
2011 7.40% 9.23%
2010 8.17% 10.60%
2009 8.43% 10.69% 4.59%
2008 7.86% 10.24% 7.85%
2007 7.87% 10.61% 8.14%
2006 7.70% 10.28%
2005 7.74% 10.60% 16.20%

Rent as a Fraction of Income

Using median household income data for Odessa, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Odessa, median monthly gross rent as a fraction of median household income was 20.21% in 2016 according to the ACS.

Odessa Texas Median Annual Rent as a Fraction of Median Household Income

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
Texas 20.28% +0.19% +0.39%
Odessa, TX 20.21% +1.05% +0.29%

Trends in Odessa, TX Rent as a Fraction of Income

The fraction of median Odessa household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 21.44%. Since then it has fallen by 1.23% to 20.21%.

Fraction of Income towards Rent: Odessa TX, Texas, US

Percent of median household income going towards median monthly gross rent in Odessa Texas

Historical Data for Annual Rent as a Fraction of Income in Odessa Texas

Date US Texas Odessa, TX
2016 20.43% 20.28% 20.21%
2015 20.63% 20.10% 19.16%
2014 20.89% 20.27% 21.44%
2013 20.78% 19.89% 19.92%
2012 20.65% 19.65% 18.48%
2011 20.70% 19.75% 17.89%
2010 20.50% 19.77% 18.11%
2009 20.12% 19.59% 19.78%
2008 19.00% 18.42% 15.74%
2007 18.66% 18.52% 14.63%
2006 18.90% 18.99% 17.28%
2005 18.89% 19.11% 17.41%

Renter Fraction in Odessa Texas

You can calculate the renter fraction in Odessa 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 Odessa as a fraction of total Odessa households. In 2016 35.49% of households were renters according to Census ACS data.

Odessa Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
Texas 38.91% -0.03% +0.75%
Odessa, TX 35.49% +4.21% +0.28%

Trends in the Odessa, TX Renter Fraction

The Odessa household renter fraction peaked in in 2010 at 37.61% and is now 2.12% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Odessa TX, Texas, US

Fraction of renters in Odessa

History of Odessa Renter Fraction

Date US Texas Odessa, TX
2016 36.88% 38.91% 35.49%
2015 36.97% 38.94% 31.28%
2014 36.90% 38.84% 37.13%
2013 36.50% 38.16% 35.21%
2012 36.09% 37.72% 30.95%
2011 35.42% 37.08% 33.99%
2010 34.65% 36.42% 37.61%
2009 34.13% 36.32% 37.28%
2008 33.36% 35.10% 33.00%
2007 32.80% 34.82% 27.71%
2006 32.73% 34.75% 28.18%
2005 33.10% 35.29% 26.89%

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.