Henrico County Virginia Residential Rent and Rental Statistics
The median monthly gross residential rent in Henrico County VA was $1,230 in 2019 according to the Census ACS survey.1 Average gross rent in Henrico County was $1,225 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 Henrico County median and average rent data will be released in September of 2021.
Data is also available below for Henrico County rental vacancy rates, Henrico County rent as a percent of median income and the fraction of renters in Henrico County.
Real Gross Rent in Henrico 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% |
| Henrico County VA Median Gross Rent | $1,230 | +5.31% | +7.89% |
Henrico County VA Real Gross Rent Trends
At $1,230, real median gross rent in Henrico County was at its highest level in 2019 since the series began in 2005. At $1,225, real average gross rent in Henrico County was at its highest level in 2019 since the series began in 2005.
Real Gross Rent: Henrico County VA Median, Henrico County VA Average, Virginia Median, US Median
Real Gross Rent History for Henrico County
| Date | US Median |
Virginia Median |
Henrico County VA Median |
Henrico County VA Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,254 | $1,230 | $1,225 |
| 2018 | $1,077 | $1,237 | $1,168 | $1,205 |
| 2017 | $1,043 | $1,216 | $1,142 | $1,166 |
| 2016 | $1,027 | $1,214 | $1,140 | $1,179 |
| 2015 | $1,017 | $1,214 | $1,148 | $1,180 |
| 2014 | $986 | $1,178 | $1,101 | $1,107 |
| 2013 | $953 | $1,144 | $1,040 | $1,105 |
| 2012 | $940 | $1,136 | $1,061 | $1,097 |
| 2011 | $941 | $1,147 | $1,020 | $1,030 |
| 2010 | $955 | $1,139 | $1,068 | $1,143 |
| 2009 | $960 | $1,127 | $1,092 | $1,144 |
| 2007 | $927 | $1,048 | $1,047 | $1,104 |
| 2005 | $910 | $1,015 | $1,020 | $1,065 |
Henrico County Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Henrico County Virginia was 6.09% according to Census ACS data.
Rental Vacancy Rate in Henrico County Virginia
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Virginia | 5.53% | +0.36% | -0.06% |
| Henrico County VA | 6.09% | +2.31% | +1.13% |
Trends in Henrico County VA Rental Vacancy Rate
The rental vacancy rate in Henrico County peaked in 2011 at 9.11%. Since then it has fallen by 3.02% to 6.09%. Data records for this series originated in 2005. From a 2015 post peak low of 3.22%, the rental vacancy rate has increased by 2.87%.
Rental Vacancy Rate: Henrico County VA, Virginia, US
Historical Rental Vacancy Rate data for Henrico County
| Date | US | Virginia | Henrico County VA |
|---|---|---|---|
| 2019 | 5.97% | 5.53% | 6.09% |
| 2018 | 6.15% | 5.17% | 3.78% |
| 2017 | 6.18% | 6.45% | 6.37% |
| 2016 | 5.89% | 5.59% | 4.96% |
| 2015 | 5.85% | 5.13% | 3.22% |
| 2014 | 6.32% | 5.79% | 7.16% |
| 2013 | 6.49% | 6.38% | 4.06% |
| 2012 | 6.77% | 6.18% | 5.29% |
| 2011 | 7.40% | 7.54% | 9.11% |
| 2010 | 8.17% | 7.02% | 8.74% |
| 2009 | 8.43% | 7.29% | 4.92% |
| 2007 | 7.87% | 7.11% | 5.57% |
| 2005 | 7.74% | 7.20% | 6.82% |
Rent as a Fraction of Income
Using median household income data for Henrico County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Henrico County, median monthly gross rent as a fraction of median household income was 21.70% in 2019 according to the ACS.
Henrico 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% |
| Henrico County VA | 21.70% | +1.48% | +2.00% |
Trends in Henrico County VA Rent as a Fraction of Income
Henrico County renters paid 21.70% of median household income towards the median monthly gross rent in 2019. This is the highest fraction of median household income going to rent since the series originated in 2005.
Fraction of Income towards Rent: Henrico County VA, Virginia, US
Historical Data for Annual Rent as a Fraction of Income in Henrico County Virginia
| Date | US | Virginia | Henrico County VA |
|---|---|---|---|
| 2019 | 20.03% | 19.68% | 21.70% |
| 2018 | 20.50% | 20.09% | 20.22% |
| 2017 | 20.13% | 19.78% | 19.79% |
| 2016 | 20.43% | 20.42% | 19.70% |
| 2015 | 20.63% | 20.72% | 19.65% |
| 2014 | 20.89% | 20.63% | 20.04% |
| 2013 | 20.78% | 20.80% | 19.78% |
| 2012 | 20.65% | 20.76% | 20.51% |
| 2011 | 20.70% | 20.59% | 19.58% |
| 2010 | 20.50% | 20.15% | 19.38% |
| 2009 | 20.12% | 20.00% | 20.13% |
| 2007 | 18.66% | 17.97% | 18.52% |
| 2005 | 18.89% | 17.96% | 17.69% |
Renter Fraction in Henrico County Virginia
You can calculate the renter fraction in Henrico 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 Henrico County as a fraction of total Henrico County households. In 2019 39.03% of households were renters according to Census ACS data.
Henrico 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% |
| Henrico County VA | 39.03% | +0.92% | +1.61% |
Trends in the Henrico County VA Renter Fraction
At 39.03%, the 2019 household based renter fraction in Henrico County was at its highest level. The origin year for the series is 2005.
Fraction of Renting Households: Henrico County VA, Virginia, US
History of Henrico County Renter Fraction
| Date | US | Virginia | Henrico County VA |
|---|---|---|---|
| 2019 | 35.89% | 33.87% | 39.03% |
| 2018 | 36.05% | 34.08% | 38.11% |
| 2017 | 36.13% | 33.43% | 35.13% |
| 2016 | 36.88% | 34.71% | 37.42% |
| 2015 | 36.97% | 34.99% | 38.44% |
| 2014 | 36.90% | 34.67% | 38.12% |
| 2013 | 36.50% | 34.38% | 38.32% |
| 2012 | 36.09% | 33.84% | 35.90% |
| 2011 | 35.42% | 32.67% | 37.10% |
| 2010 | 34.65% | 32.33% | 33.00% |
| 2009 | 34.13% | 31.87% | 32.22% |
| 2007 | 32.80% | 30.49% | 33.80% |
| 2005 | 33.10% | 30.36% | 32.82% |
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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