Department of Numbers

Roanoke Virginia Residential Rent and Rental Statistics

The median monthly gross residential rent in Roanoke, VA (the Roanoke metro area) was $767 in 2016 according to the Census ACS survey.1 Average gross rent in Roanoke was $768 in 2016. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2017 Roanoke median and average rent data will be released in September of 2018.

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

Show dollars as: Nominal Real

Real Gross Rent in Roanoke Virginia (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
Virginia Median Gross Rent $1,159 0.00% +6.14%
Roanoke, VA Median Gross Rent $767 -5.77% +1.99%

Roanoke, VA Real Gross Rent Trends

Median gross rent for Roanoke peaked in real terms in 2014 at $814 and is now $47 (5.77%) lower. Average gross rent for Roanoke peaked in real terms in 2015 at $822 and is now $54 (6.57%) lower.

Real Gross Rent in Roanoke: Roanoke VA Median, Roanoke VA Average, Virginia Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Roanoke

Date US
Median
Virginia
Median
Roanoke, VA
Median
Roanoke, VA
Average
2016 $981 $1,159 $767 $768
2015 $972 $1,159 $814 $822
2014 $942 $1,125 $814 $785
2013 $910 $1,092 $752 $709
2012 $898 $1,085 $721 $708
2011 $898 $1,095 $699 $707
2010 $912 $1,087 $751 $744
2009 $916 $1,076 $784 $773
2008 $932 $1,056 $728 $719
2007 $885 $1,001 $737 $717
2006 $895 $992 $713 $697
2005 $869 $969 $684 $657

Roanoke Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Roanoke Virginia was 7.89% according to Census ACS data.

Rental Vacancy Rate in Roanoke Virginia

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
Virginia 5.59% +0.46% -0.79%
Roanoke, VA 7.89% -0.67% +0.86%

Trends in Roanoke, VA Rental Vacancy Rate

The rental vacancy rate in Roanoke peaked in 2005 at 11.85%. Since then it has fallen by 3.96% to 7.89%. Data records for this series originated in 2005. From a 2008 post peak low of 3.91%, the rental vacancy rate has increased by 3.98%.

Rental Vacancy Rate: Roanoke VA, Virginia, US

Rental vacancy rate in Virginia

Historical Rental Vacancy Rate data for Roanoke

Date US Virginia Roanoke, VA
2016 5.89% 5.59% 7.89%
2015 5.85% 5.13% 8.56%
2014 6.32% 5.79% 4.75%
2013 6.49% 6.38% 7.03%
2012 6.77% 6.18% 6.76%
2011 7.40% 7.54% 5.70%
2010 8.17% 7.02% 5.20%
2009 8.43% 7.29% 9.04%
2008 7.86% 6.82% 3.91%
2007 7.87% 7.11% 5.36%
2006 7.70% 6.88% 7.95%
2005 7.74% 7.20% 11.85%

Rent as a Fraction of Income

Using median household income data for Roanoke, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Roanoke, median monthly gross rent as a fraction of median household income was 18.21% in 2016 according to the ACS.

Roanoke Virginia Median Annual Rent as a Fraction of Median Household Income

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
Virginia 20.42% -0.30% -0.38%
Roanoke, VA 18.21% -0.85% -0.54%

Trends in Roanoke, VA Rent as a Fraction of Income

The fraction of median Roanoke household income required to pay median monthly gross rent peaked in 2015 (relative to the 2005 series origin) at 19.05%. Since then it has fallen by 0.85% to 18.21%.

Fraction of Income towards Rent: Roanoke VA, Virginia, US

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

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

Date US Virginia Roanoke, VA
2016 20.43% 20.42% 18.21%
2015 20.63% 20.72% 19.05%
2014 20.89% 20.63% 18.87%
2013 20.78% 20.80% 18.74%
2012 20.65% 20.76% 18.14%
2011 20.70% 20.59% 16.19%
2010 20.50% 20.15% 18.54%
2009 20.12% 20.00% 18.65%
2008 19.00% 18.30% 16.64%
2007 18.66% 17.97% 16.81%
2006 18.90% 18.04% 15.92%
2005 18.89% 17.96% 16.56%

Renter Fraction in Roanoke Virginia

You can calculate the renter fraction in Roanoke 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 Roanoke as a fraction of total Roanoke households. In 2016 30.84% of households were renters according to Census ACS data.

Roanoke Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
Virginia 34.71% -0.28% +0.33%
Roanoke, VA 30.84% -1.84% +0.28%

Trends in the Roanoke, VA Renter Fraction

The Roanoke household renter fraction peaked in in 2014 at 33.01% and is now 2.17% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Roanoke VA, Virginia, US

Fraction of renters in Roanoke

History of Roanoke Renter Fraction

Date US Virginia Roanoke, VA
2016 36.88% 34.71% 30.84%
2015 36.97% 34.99% 32.68%
2014 36.90% 34.67% 33.01%
2013 36.50% 34.38% 30.56%
2012 36.09% 33.84% 30.48%
2011 35.42% 32.67% 28.30%
2010 34.65% 32.33% 29.04%
2009 34.13% 31.87% 31.41%
2008 33.36% 31.30% 30.35%
2007 32.80% 30.49% 25.40%
2006 32.73% 30.11% 29.63%
2005 33.10% 30.36% 25.30%

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.