Department of Numbers

Charlottesville Virginia Residential Rent and Rental Statistics

The median monthly gross residential rent in Charlottesville, VA (the Charlottesville metro area) was $1,141 in 2017 according to the Census ACS survey.1 Average gross rent in Charlottesville was $1,087 in 2017. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2018 Charlottesville median and average rent data will be released in September of 2019.

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 (2017 dollars)2

2017 1 Year Change 3 Year Change
US Median Gross Rent $1,012 +1.61% +5.86%
Virginia Median Gross Rent $1,179 +0.17% +3.15%
Charlottesville, VA Median Gross Rent $1,141 -2.73% +7.14%

Charlottesville, VA Real Gross Rent Trends

Median gross rent for Charlottesville peaked in real terms in 2016 at $1,173 and is now $32 (2.73%) lower. Average gross rent for Charlottesville peaked in real terms in 2015 at $1,116 and is now $29 (2.60%) 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
2017 $1,012 $1,179 $1,141 $1,087
2016 $996 $1,177 $1,173 $1,076
2015 $987 $1,177 $1,138 $1,116
2014 $956 $1,143 $1,065 $1,037
2013 $924 $1,109 $1,082 $1,016
2012 $912 $1,102 $995 $973
2011 $912 $1,112 $1,085 $1,049
2010 $927 $1,104 $1,130 $1,057
2009 $931 $1,093 $1,058 $1,093
2008 $947 $1,073 $1,080 $1,100
2007 $899 $1,016 $1,002 $971
2006 $909 $1,008 $1,002 $1,018

Charlottesville Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2017 the rental vacancy rate for Charlottesville Virginia was 1.91% according to Census ACS data.

Rental Vacancy Rate in Charlottesville Virginia

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
Virginia 6.45% +0.86% +0.66%
Charlottesville, VA 1.91% -4.23% -3.96%

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 8.68% to 1.91%. 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
2017 6.18% 6.45% 1.91%
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%

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 20.48% in 2017 according to the ACS.

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

2017 1 Year Change 3 Year Change
US 20.13% -0.30% -0.76%
Virginia 19.78% -0.64% -0.86%
Charlottesville, VA 20.48% -1.69% -0.97%

Trends in Charlottesville, VA Rent as a Fraction of Income

The fraction of median Charlottesville household income required to pay median monthly gross rent peaked in 2016 (relative to the 2005 series origin) at 22.17%. Since then it has fallen by 1.69% to 20.48%.

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
2017 20.13% 19.78% 20.48%
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%

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 2017 37.19% of households were renters according to Census ACS data.

Charlottesville Fraction of Renters by Household Units

2017 1 Year Change 3 Year Change
US 36.13% -0.75% -0.77%
Virginia 33.43% -1.28% -1.24%
Charlottesville, VA 37.19% -0.59% -1.38%

Trends in the Charlottesville, VA Renter Fraction

The Charlottesville household renter fraction peaked in in 2014 at 38.57% and is now 1.38% 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
2017 36.13% 33.43% 37.19%
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%

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.