Department of Numbers

Charlottesville Virginia Residential Rent and Rental Statistics

The median monthly gross residential rent in Charlottesville, VA (the Charlottesville metro area) was $1,155 in 2016 according to the Census ACS survey.1 Average gross rent in Charlottesville was $1,060 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 Charlottesville median and average rent data will be released in September of 2018.

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

Show dollars as: Nominal Real

Real Gross Rent in Charlottesville Virginia (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
Virginia Median Gross Rent $1,159 0.00% +6.14%
Charlottesville, VA Median Gross Rent $1,155 +3.12% +8.45%

Charlottesville, VA Real Gross Rent Trends

At $1,155, real median gross rent in Charlottesville was at its highest level in 2016 since the series began in 2005. Average gross rent for Charlottesville peaked in real terms in 2015 at $1,099 and is now $39 (3.55%) lower.

Real Gross Rent in Charlottesville: Charlottesville VA Median, Charlottesville VA Average, Virginia Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Charlottesville

Date US
Median
Virginia
Median
Charlottesville, VA
Median
Charlottesville, VA
Average
2016 $981 $1,159 $1,155 $1,060
2015 $972 $1,159 $1,120 $1,099
2014 $942 $1,125 $1,049 $1,021
2013 $910 $1,092 $1,065 $1,001
2012 $898 $1,085 $979 $958
2011 $898 $1,095 $1,069 $1,033
2010 $912 $1,087 $1,113 $1,040
2009 $916 $1,076 $1,042 $1,076
2008 $932 $1,056 $1,063 $1,084
2007 $885 $1,001 $986 $956
2006 $895 $992 $986 $1,003
2005 $869 $969 $972 $917

Charlottesville 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 Charlottesville Virginia was 6.14% according to Census ACS data.

Rental Vacancy Rate in Charlottesville Virginia

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
Virginia 5.59% +0.46% -0.79%
Charlottesville, VA 6.14% +0.26% -0.50%

Trends in Charlottesville, VA Rental Vacancy Rate

The rental vacancy rate in Charlottesville peaked in 2010 at 10.59%. Since then it has fallen by 4.45% to 6.14%. Data records for this series originated in 2005.

Rental Vacancy Rate: Charlottesville VA, Virginia, US

Rental vacancy rate in Virginia

Historical Rental Vacancy Rate data for Charlottesville

Date US Virginia Charlottesville, VA
2016 5.89% 5.59% 6.14%
2015 5.85% 5.13% 5.88%
2014 6.32% 5.79% 5.87%
2013 6.49% 6.38% 6.64%
2012 6.77% 6.18% 10.26%
2011 7.40% 7.54% 9.31%
2010 8.17% 7.02% 10.59%
2009 8.43% 7.29% 9.53%
2008 7.86% 6.82% 3.53%
2007 7.87% 7.11% 5.40%
2006 7.70% 6.88% 5.07%
2005 7.74% 7.20% 3.92%

Rent as a Fraction of Income

Using median household income data for Charlottesville, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Charlottesville, median monthly gross rent as a fraction of median household income was 22.17% in 2016 according to the ACS.

Charlottesville Virginia Median Annual Rent as a Fraction of Median Household Income

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
Virginia 20.42% -0.30% -0.38%
Charlottesville, VA 22.17% +1.40% +0.40%

Trends in Charlottesville, VA Rent as a Fraction of Income

Charlottesville renters paid 22.17% 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: Charlottesville VA, Virginia, US

Percent of median household income going towards median monthly gross rent in Charlottesville Virginia

Historical Data for Annual Rent as a Fraction of Income in Charlottesville Virginia

Date US Virginia Charlottesville, VA
2016 20.43% 20.42% 22.17%
2015 20.63% 20.72% 20.76%
2014 20.89% 20.63% 21.45%
2013 20.78% 20.80% 21.77%
2012 20.65% 20.76% 18.40%
2011 20.70% 20.59% 21.94%
2010 20.50% 20.15% 22.03%
2009 20.12% 20.00% 20.60%
2008 19.00% 18.30% 19.85%
2007 18.66% 17.97% 19.75%
2006 18.90% 18.04% 19.92%
2005 18.89% 17.96% 20.55%

Renter Fraction in Charlottesville Virginia

You can calculate the renter fraction in Charlottesville 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 Charlottesville as a fraction of total Charlottesville households. In 2016 37.78% of households were renters according to Census ACS data.

Charlottesville Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
Virginia 34.71% -0.28% +0.33%
Charlottesville, VA 37.78% +2.95% +4.57%

Trends in the Charlottesville, VA Renter Fraction

The Charlottesville household renter fraction peaked in in 2014 at 38.57% and is now 0.79% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Charlottesville VA, Virginia, US

Fraction of renters in Charlottesville

History of Charlottesville Renter Fraction

Date US Virginia Charlottesville, VA
2016 36.88% 34.71% 37.78%
2015 36.97% 34.99% 34.83%
2014 36.90% 34.67% 38.57%
2013 36.50% 34.38% 33.21%
2012 36.09% 33.84% 35.90%
2011 35.42% 32.67% 35.34%
2010 34.65% 32.33% 36.25%
2009 34.13% 31.87% 33.67%
2008 33.36% 31.30% 34.45%
2007 32.80% 30.49% 34.84%
2006 32.73% 30.11% 34.88%
2005 33.10% 30.36% 36.99%

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.