Department of Numbers

Hanover County Virginia Residential Rent and Rental Statistics

The median monthly gross residential rent in Hanover County VA was $1,079 in 2017 according to the Census ACS survey.1 Average gross rent in Hanover County was $1,071 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 Hanover County median and average rent data will be released in September of 2019.

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.

Show dollars as: Nominal Real

Real Gross Rent in Hanover County 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%
Hanover County VA Median Gross Rent $1,079 -5.52% -5.18%

Hanover County VA Real Gross Rent Trends

Median gross rent for Hanover County peaked in real terms in 2016 at $1,142 and is now $63 (5.52%) lower. Average gross rent for Hanover County peaked in real terms in 2014 at $1,088 and is now $17 (1.56%) lower.

Real Gross Rent: Hanover County VA Median, Hanover County VA Average, Virginia Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Hanover County

Date US
Median
Virginia
Median
Hanover County VA
Median
Hanover County VA
Average
2017 $1,012 $1,179 $1,079 $1,071
2016 $996 $1,177 $1,142 $1,075
2015 $987 $1,177 $1,047 $999
2014 $956 $1,143 $1,138 $1,088
2013 $924 $1,109 $1,074 $1,011
2012 $912 $1,102 $956 $989
2011 $912 $1,112 $1,009 $972
2010 $927 $1,104 $1,002 $949
2009 $931 $1,093 $1,139 $1,057
2008 $947 $1,073 $1,103 $1,012
2007 $899 $1,016 $1,085 $1,030
2006 $909 $1,008 $1,027 $1,010

Historical Rental Vacancy Rate data for Hanover County

Date US Virginia Hanover County VA
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%
2008 7.86% 6.82%
2007 7.87% 7.11%
2006 7.70% 6.88%

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 14.38% in 2017 according to the ACS.

Hanover County 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%
Hanover County VA 14.38% -1.86% -1.54%

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 2.74% to 14.38%.

Fraction of Income towards Rent: Hanover County VA, Virginia, US

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

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

Date US Virginia Hanover County VA
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%
2008 19.00% 18.30% 14.66%
2007 18.66% 17.97% 15.06%
2006 18.90% 18.04% 15.09%

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 2017 16.59% of households were renters according to Census ACS data.

Hanover County 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%
Hanover County VA 16.59% -1.35% -3.74%

Trends in the Hanover County VA Renter Fraction

The Hanover County household renter fraction peaked in in 2015 at 20.57% and is now 3.98% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Hanover County VA, Virginia, US

Fraction of renters in Hanover County

History of Hanover County Renter Fraction

Date US Virginia Hanover County VA
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%
2008 33.36% 31.30% 16.00%
2007 32.80% 30.49% 17.00%
2006 32.73% 30.11% 18.59%

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.