Department of Numbers

Montgomery County Virginia Residential Rent and Rental Statistics

The median monthly gross residential rent in Montgomery County VA was $996 in 2019 according to the Census ACS survey.1 Average gross rent in Montgomery County was $1,020 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 Montgomery County median and average rent data will be released in September of 2021.

Data is also available below for Montgomery County rental vacancy rates, Montgomery County rent as a percent of median income and the fraction of renters in Montgomery County.

Show dollars as: Nominal Real

Real Gross Rent in Montgomery 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%
Montgomery County VA Median Gross Rent $996 -3.68% +7.21%

Montgomery County VA Real Gross Rent Trends

Median gross rent for Montgomery County peaked in real terms in 2018 at $1,034 and is now $38 (3.68%) lower. Average gross rent for Montgomery County peaked in real terms in 2018 at $1,103 and is now $83 (7.52%) lower.

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Montgomery County

Date US
Median
Virginia
Median
Montgomery County VA
Median
Montgomery County VA
Average
2019 $1,097 $1,254 $996 $1,020
2018 $1,077 $1,237 $1,034 $1,103
2017 $1,043 $1,216 $1,019 $1,029
2016 $1,027 $1,214 $929 $994
2015 $1,017 $1,214 $1,032 $1,062
2014 $986 $1,178 $910 $871
2013 $953 $1,144 $924 $939
2012 $940 $1,136 $823 $868
2011 $941 $1,147 $896 $929
2010 $955 $1,139 $879 $904
2009 $960 $1,127 $853 $900

more history ...

Montgomery 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 Montgomery County Virginia was 3.09% according to Census ACS data.

Rental Vacancy Rate in Montgomery County Virginia

2019 1 Year Change 3 Year Change
US 5.97% -0.18% +0.08%
Virginia 5.53% +0.36% -0.06%
Montgomery County VA 3.09% -2.40% -1.21%

Trends in Montgomery County VA Rental Vacancy Rate

The rental vacancy rate in Montgomery County peaked in 2017 at 7.46%. Since then it has fallen by 4.37% to 3.09%. Data records for this series originated in 2005.

Rental Vacancy Rate: Montgomery County VA, Virginia, US

Rental vacancy rate in Virginia

Historical Rental Vacancy Rate data for Montgomery County

Date US Virginia Montgomery County VA
2019 5.97% 5.53% 3.09%
2018 6.15% 5.17% 5.49%
2017 6.18% 6.45% 7.46%
2016 5.89% 5.59% 4.30%
2015 5.85% 5.13%
2014 6.32% 5.79% 4.86%
2013 6.49% 6.38% 4.98%
2012 6.77% 6.18% 1.84%
2011 7.40% 7.54% 3.63%
2010 8.17% 7.02% 2.97%
2009 8.43% 7.29%

more history ...

Rent as a Fraction of Income

Using median household income data for Montgomery County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Montgomery County, median monthly gross rent as a fraction of median household income was 19.91% in 2019 according to the ACS.

Montgomery 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%
Montgomery County VA 19.91% -3.57% +0.80%

Trends in Montgomery County VA Rent as a Fraction of Income

The fraction of median Montgomery County household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 24.60%. Since then it has fallen by 4.69% to 19.91%. From a 2016 low of 19.11%, the fraction of income going to rent has increased by 0.80%.

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

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

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

Date US Virginia Montgomery County VA
2019 20.03% 19.68% 19.91%
2018 20.50% 20.09% 23.48%
2017 20.13% 19.78% 21.00%
2016 20.43% 20.42% 19.11%
2015 20.63% 20.72% 22.39%
2014 20.89% 20.63% 24.60%
2013 20.78% 20.80% 23.04%
2012 20.65% 20.76% 22.31%
2011 20.70% 20.59% 22.65%
2010 20.50% 20.15% 23.21%
2009 20.12% 20.00% 20.85%

more history ...

Renter Fraction in Montgomery County Virginia

You can calculate the renter fraction in Montgomery 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 Montgomery County as a fraction of total Montgomery County households. In 2019 46.60% of households were renters according to Census ACS data.

Montgomery 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%
Montgomery County VA 46.60% +3.64% -0.28%

Trends in the Montgomery County VA Renter Fraction

The Montgomery County household renter fraction peaked in in 2012 at 48.45% and is now 1.85% below that level. The origin year for the series is 2005.

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

Fraction of renters in Montgomery County

History of Montgomery County Renter Fraction

Date US Virginia Montgomery County VA
2019 35.89% 33.87% 46.60%
2018 36.05% 34.08% 42.96%
2017 36.13% 33.43% 46.05%
2016 36.88% 34.71% 46.88%
2015 36.97% 34.99% 45.79%
2014 36.90% 34.67% 48.07%
2013 36.50% 34.38% 45.69%
2012 36.09% 33.84% 48.45%
2011 35.42% 32.67% 48.11%
2010 34.65% 32.33% 42.56%
2009 34.13% 31.87% 46.78%

more history ...

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.