Hanover County Virginia Residential Rent and Rental Statistics
The median monthly gross residential rent in Hanover County VA was $1,196 in 2019 according to the Census ACS survey.1 Average gross rent in Hanover County was $1,173 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Hanover County median and average rent data will be released in September of 2021.
Data is also available below for Hanover County rental vacancy rates, Hanover County rent as a percent of median income and the fraction of renters in Hanover County.
Real Gross Rent in Hanover County Virginia (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Virginia Median Gross Rent | $1,254 | +1.37% | +3.29% |
| Hanover County VA Median Gross Rent | $1,196 | +0.08% | +1.53% |
Hanover County VA Real Gross Rent Trends
At $1,196, real median gross rent in Hanover County was at its highest level in 2019 since the series began in 2005. At $1,173, real average gross rent in Hanover County was at its highest level in 2019 since the series began in 2005.
Real Gross Rent: Hanover County VA Median, Hanover County VA Average, Virginia Median, US Median
Real Gross Rent History for Hanover County
| Date | US Median |
Virginia Median |
Hanover County VA Median |
Hanover County VA Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,254 | $1,196 | $1,173 |
| 2018 | $1,077 | $1,237 | $1,195 | $1,096 |
| 2017 | $1,043 | $1,216 | $1,113 | $1,104 |
| 2016 | $1,027 | $1,214 | $1,178 | $1,109 |
| 2015 | $1,017 | $1,214 | $1,080 | $1,030 |
| 2014 | $986 | $1,178 | $1,173 | $1,122 |
| 2013 | $953 | $1,144 | $1,108 | $1,043 |
| 2012 | $940 | $1,136 | $986 | $1,020 |
| 2011 | $941 | $1,147 | $1,040 | $1,002 |
| 2010 | $955 | $1,139 | $1,034 | $979 |
| 2009 | $960 | $1,127 | $1,174 | $1,090 |
| 2007 | $927 | $1,048 | $1,118 | $1,062 |
| 2005 | $910 | $1,015 | $995 | $894 |
Historical Rental Vacancy Rate data for Hanover County
| Date | US | Virginia | Hanover County VA |
|---|---|---|---|
| 2019 | 5.97% | 5.53% | — |
| 2018 | 6.15% | 5.17% | — |
| 2017 | 6.18% | 6.45% | — |
| 2016 | 5.89% | 5.59% | — |
| 2015 | 5.85% | 5.13% | — |
| 2014 | 6.32% | 5.79% | — |
| 2013 | 6.49% | 6.38% | — |
| 2012 | 6.77% | 6.18% | — |
| 2011 | 7.40% | 7.54% | — |
| 2010 | 8.17% | 7.02% | — |
| 2009 | 8.43% | 7.29% | — |
| 2007 | 7.87% | 7.11% | — |
| 2005 | 7.74% | 7.20% | — |
Rent as a Fraction of Income
Using median household income data for Hanover County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Hanover County, median monthly gross rent as a fraction of median household income was 15.98% in 2019 according to the ACS.
Hanover County Virginia Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Virginia | 19.68% | -0.41% | -0.74% |
| Hanover County VA | 15.98% | +0.55% | -0.26% |
Trends in Hanover County VA Rent as a Fraction of Income
The fraction of median Hanover County household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 17.12%. Since then it has fallen by 1.14% to 15.98%.
Fraction of Income towards Rent: Hanover County VA, Virginia, US
Historical Data for Annual Rent as a Fraction of Income in Hanover County Virginia
| Date | US | Virginia | Hanover County VA |
|---|---|---|---|
| 2019 | 20.03% | 19.68% | 15.98% |
| 2018 | 20.50% | 20.09% | 15.43% |
| 2017 | 20.13% | 19.78% | 14.38% |
| 2016 | 20.43% | 20.42% | 16.24% |
| 2015 | 20.63% | 20.72% | 14.88% |
| 2014 | 20.89% | 20.63% | 15.92% |
| 2013 | 20.78% | 20.80% | 16.31% |
| 2012 | 20.65% | 20.76% | 15.01% |
| 2011 | 20.70% | 20.59% | 17.12% |
| 2010 | 20.50% | 20.15% | 15.44% |
| 2009 | 20.12% | 20.00% | 16.62% |
| 2007 | 18.66% | 17.97% | 15.06% |
| 2005 | 18.89% | 17.96% | 13.07% |
Renter Fraction in Hanover County Virginia
You can calculate the renter fraction in Hanover County 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 Hanover County as a fraction of total Hanover County households. In 2019 15.58% of households were renters according to Census ACS data.
Hanover County Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Virginia | 33.87% | -0.21% | -0.84% |
| Hanover County VA | 15.58% | -0.89% | -2.36% |
Trends in the Hanover County VA Renter Fraction
The Hanover County household renter fraction peaked in in 2015 at 20.57% and is now 4.99% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Hanover County VA, Virginia, US
History of Hanover County Renter Fraction
| Date | US | Virginia | Hanover County VA |
|---|---|---|---|
| 2019 | 35.89% | 33.87% | 15.58% |
| 2018 | 36.05% | 34.08% | 16.47% |
| 2017 | 36.13% | 33.43% | 16.59% |
| 2016 | 36.88% | 34.71% | 17.94% |
| 2015 | 36.97% | 34.99% | 20.57% |
| 2014 | 36.90% | 34.67% | 20.33% |
| 2013 | 36.50% | 34.38% | 18.95% |
| 2012 | 36.09% | 33.84% | 16.67% |
| 2011 | 35.42% | 32.67% | 19.10% |
| 2010 | 34.65% | 32.33% | 13.47% |
| 2009 | 34.13% | 31.87% | 16.04% |
| 2007 | 32.80% | 30.49% | 17.00% |
| 2005 | 33.10% | 30.36% | 12.68% |
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. ↩
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