Department of Numbers

Henrico County Virginia Residential Rent and Rental Statistics

The median monthly gross residential rent in Henrico County VA was $1,108 in 2017 according to the Census ACS survey.1 Average gross rent in Henrico County was $1,131 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 Henrico County median and average rent data will be released in September of 2019.

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.

Show dollars as: Nominal Real

Real Gross Rent in Henrico 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%
Henrico County VA Median Gross Rent $1,108 +0.18% +3.75%

Henrico County VA Real Gross Rent Trends

Median gross rent for Henrico County peaked in real terms in 2015 at $1,113 and is now $5 (0.45%) lower. Average gross rent for Henrico County peaked in real terms in 2015 at $1,144 and is now $13 (1.14%) lower.

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Henrico County

Date US
Median
Virginia
Median
Henrico County VA
Median
Henrico County VA
Average
2017 $1,012 $1,179 $1,108 $1,131
2016 $996 $1,177 $1,106 $1,144
2015 $987 $1,177 $1,113 $1,144
2014 $956 $1,143 $1,068 $1,074
2013 $924 $1,109 $1,009 $1,071
2012 $912 $1,102 $1,029 $1,064
2011 $912 $1,112 $989 $999
2010 $927 $1,104 $1,036 $1,109
2009 $931 $1,093 $1,059 $1,110
2008 $947 $1,073 $1,059 $1,066
2007 $899 $1,016 $1,015 $1,071
2006 $909 $1,008 $1,011 $990

Henrico County 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 Henrico County Virginia was 6.37% according to Census ACS data.

Rental Vacancy Rate in Henrico County Virginia

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
Virginia 6.45% +0.86% +0.66%
Henrico County VA 6.37% +1.41% -0.79%

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 2.74% to 6.37%. Data records for this series originated in 2005. From a 2015 post peak low of 3.22%, the rental vacancy rate has increased by 3.15%.

Rental Vacancy Rate: Henrico County VA, Virginia, US

Rental vacancy rate in Virginia

Historical Rental Vacancy Rate data for Henrico County

Date US Virginia Henrico County VA
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%
2008 7.86% 6.82% 7.71%
2007 7.87% 7.11% 5.57%
2006 7.70% 6.88% 7.24%

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 19.79% in 2017 according to the ACS.

Henrico 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%
Henrico County VA 19.79% +0.09% -0.25%

Trends in Henrico County VA Rent as a Fraction of Income

The fraction of median Henrico County household income required to pay median monthly gross rent peaked in 2012 (relative to the 2005 series origin) at 20.51%. Since then it has fallen by 0.72% to 19.79%.

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

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

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

Date US Virginia Henrico County VA
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%
2008 19.00% 18.30% 18.04%
2007 18.66% 17.97% 18.52%
2006 18.90% 18.04% 17.81%

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 2017 35.13% of households were renters according to Census ACS data.

Henrico 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%
Henrico County VA 35.13% -2.29% -2.99%

Trends in the Henrico County VA Renter Fraction

The Henrico County household renter fraction peaked in in 2015 at 38.44% and is now 3.31% below that level. The origin year for the series is 2005.

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

Fraction of renters in Henrico County

History of Henrico County Renter Fraction

Date US Virginia Henrico County VA
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%
2008 33.36% 31.30% 32.83%
2007 32.80% 30.49% 33.80%
2006 32.73% 30.11% 31.78%

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.