Department of Numbers

Waco Texas Residential Rent and Rental Statistics

The median monthly gross residential rent in Waco, TX (the Waco metro area) was $808 in 2016 according to the Census ACS survey.1 Average gross rent in Waco was $796 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 Waco median and average rent data will be released in September of 2018.

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

Show dollars as: Nominal Real

Real Gross Rent in Waco 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%
Waco, TX Median Gross Rent $808 -1.94% +10.84%

Waco, TX Real Gross Rent Trends

Median gross rent for Waco peaked in real terms in 2015 at $824 and is now $16 (1.94%) lower. Average gross rent for Waco peaked in real terms in 2008 at $812 and is now $16 (1.97%) lower.

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Waco

Date US
Median
Texas
Median
Waco, TX
Median
Waco, TX
Average
2016 $981 $956 $808 $796
2015 $972 $944 $824 $806
2014 $942 $903 $773 $777
2013 $910 $862 $729 $738
2012 $898 $844 $764 $779
2011 $898 $839 $721 $745
2010 $912 $855 $793 $781
2009 $916 $858 $770 $766
2008 $932 $869 $809 $812
2007 $885 $824 $803 $801
2006 $895 $834 $769 $727
2005 $869 $801 $737 $733

Waco 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 Waco Texas was 3.88% according to Census ACS data.

Rental Vacancy Rate in Waco Texas

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
Texas 7.65% +0.70% -0.21%
Waco, TX 3.88% +0.99% -0.94%

Trends in Waco, TX Rental Vacancy Rate

The rental vacancy rate in Waco peaked in 2005 at 13.77%. Since then it has fallen by 9.89% to 3.88%. Data records for this series originated in 2005. From a 2015 post peak low of 2.89%, the rental vacancy rate has increased by 0.99%.

Rental Vacancy Rate: Waco TX, Texas, US

Rental vacancy rate in Texas

Historical Rental Vacancy Rate data for Waco

Date US Texas Waco, TX
2016 5.89% 7.65% 3.88%
2015 5.85% 6.95% 2.89%
2014 6.32% 7.30% 6.37%
2013 6.49% 7.86% 4.82%
2012 6.77% 8.53% 9.05%
2011 7.40% 9.23% 7.63%
2010 8.17% 10.60% 9.52%
2009 8.43% 10.69% 9.07%
2008 7.86% 10.24% 8.37%
2007 7.87% 10.61% 7.40%
2006 7.70% 10.28% 9.25%
2005 7.74% 10.60% 13.77%

Rent as a Fraction of Income

Using median household income data for Waco, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Waco, median monthly gross rent as a fraction of median household income was 20.81% in 2016 according to the ACS.

Waco 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%
Waco, TX 20.81% -0.26% -0.85%

Trends in Waco, TX Rent as a Fraction of Income

The fraction of median Waco household income required to pay median monthly gross rent peaked in 2010 (relative to the 2005 series origin) at 22.78%. Since then it has fallen by 1.97% to 20.81%.

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

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

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

Date US Texas Waco, TX
2016 20.43% 20.28% 20.81%
2015 20.63% 20.10% 21.07%
2014 20.89% 20.27% 21.31%
2013 20.78% 19.89% 21.66%
2012 20.65% 19.65% 22.19%
2011 20.70% 19.75% 20.72%
2010 20.50% 19.77% 22.78%
2009 20.12% 19.59% 21.85%
2008 19.00% 18.42% 21.61%
2007 18.66% 18.52% 21.21%
2006 18.90% 18.99% 21.60%
2005 18.89% 19.11% 20.49%

Renter Fraction in Waco Texas

You can calculate the renter fraction in Waco 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 Waco as a fraction of total Waco households. In 2016 40.05% of households were renters according to Census ACS data.

Waco 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%
Waco, TX 40.05% -0.22% -4.33%

Trends in the Waco, TX Renter Fraction

The Waco household renter fraction peaked in in 2013 at 44.38% and is now 4.33% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Waco TX, Texas, US

Fraction of renters in Waco

History of Waco Renter Fraction

Date US Texas Waco, TX
2016 36.88% 38.91% 40.05%
2015 36.97% 38.94% 40.27%
2014 36.90% 38.84% 40.95%
2013 36.50% 38.16% 44.38%
2012 36.09% 37.72% 37.59%
2011 35.42% 37.08% 40.15%
2010 34.65% 36.42% 40.97%
2009 34.13% 36.32% 40.35%
2008 33.36% 35.10% 41.61%
2007 32.80% 34.82% 38.95%
2006 32.73% 34.75% 37.91%
2005 33.10% 35.29% 39.11%

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.