Renter Households
In the Rochester metro, 32.8% of households rented their homes in 2015, compared to 30.5% in 2006. In 2015, 34.0% of households with one or more children, and 22.1% of households that included one or more seniors, rented their homes.
Rents
Real median gross rent* for two bedroom rental units in the Rochester metro decreased by 2.5%, from $880 in 2006 to $860 in 2015. Recently available two bedroom rentals - units that had new occupants within the last 12 months - had a median rent of $930 in 2015, representing a premium of $70.
Affordability
In 2015, 50.9% of renter households in the Rochester metro were rent burdened** and approximately 27.2% of renter households were severely rent burdened.** Households earning the median income in the Rochester metro ($53,500 in 2015) could afford 89.9% of recently available rental units in 2015, down from 91.4% in 2006. Households earning half of the Rochester metro's median income ($26,750 in 2015) could afford 28.5% of recent rentals in 2015, up from 27.1% in 2006.
Rental Stock
In the Rochester metro, 30.6% of renter households lived in single family homes and 69.4% lived in multifamily buildings in 2015, compared to 25.9% and 74.1% in 2006, respectively. There were 150,007 rental housing units in the Rochester metro in 2015, a 7.1% increase from 2006.*** During the same period, the population in the Rochester metro increased by 2.2%. The Rochester metro rental vacancy rate was 6.5% in 2015.
*All dollar amounts are in 2015 dollars.
**Rent burdened household spend more than 30% of pre-tax income on rent and severely rent burdened households spend more than 50% of pre-tax income on rent.
***This includes both owner-occupied units that converted to rental units and newly constructed rental units.
2006 | 2009 | 2012 | 2015 | 2015 Rank | |
---|---|---|---|---|---|
Renter Household Demographics |
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Population | |||||
Total population | 981,665 | 1,006,507 | 1,001,541 | 1,003,267 | 51 |
Total population living in renter-occupied units | 254,115 | 260,141 | 291,569 | 291,338 | 52 |
Total population living in owner-occupied units | 727,549 | 746,365 | 709,972 | 711,929 | 52 |
Tenure | |||||
Total households | 408,990 | 416,845 | 430,201 | 427,857 | 50 |
Total renter-occupied households | 124,935 | 126,213 | 142,534 | 140,302 | 50 |
Total owner-occupied households | 284,055 | 290,632 | 287,667 | 287,555 | 50 |
Share of households that were renters | 30.5% | 30.3% | 33.1% | 32.8% | 46 |
Share of households that were owners | 69.5% | 69.7% | 66.9% | 67.2% | 8 |
Income | |||||
Median household income, all households | $55,490 | $55,240 | $51,620 | $53,500 | 36 |
Median household income, renter households | $27,280 | $29,830 | $27,050 | $27,800 | 51 |
Share of all households earning <50% of AMI | 25.0% | 23.5% | 25.4% | 24.7% | 33 |
Share of all households earning 50%-80% of AMI | 16.8% | 17.6% | 15.8% | 16.8% | 21 |
Share of all households earning 80%-120% of AMI | 19.0% | 17.9% | 17.9% | 17.3% | 33 |
Share of all households earning >120% of AMI | 39.2% | 40.9% | 41.0% | 41.2% | 16 |
Share of households earning <50% of AMI that rent | 62.4% | 62.0% | 63.7% | 65.4% | 13 |
Share of households earning 50-80% of AMI that rent | 37.6% | 41.4% | 45.0% | 40.8% | 47 |
Share of households earning 80-120% of AMI that rent | 23.7% | 24.7% | 27.9% | 30.8% | 45 |
Share of households earning >120% AMI that rent | 10.5% | 9.7% | 11.9% | 10.8% | 53 |
Household Type | |||||
Share of family households that were renters | 64.3% | 63.8% | 61.3% | 62.2% | 44 |
Share of non-family households that were renters | 35.7% | 36.2% | 38.7% | 37.8% | 10 |
Share of renter households that are families | 42.3% | 41.1% | 43.9% | 43.8% | 50 |
Share of renter households that are nonfamily | 57.7% | 58.9% | 56.1% | 56.2% | 4 |
Share of households with children that were renters | 27.8% | 28.2% | 34.0% | 34.0% | 43 |
Share of households with seniors that were renters | 22.6% | 22.6% | 22.4% | 22.1% | 28 |
Share of renter households earning <50% of AMI | 51.1% | 48.2% | 48.7% | 49.3% | 3 |
Share of renter households earning 50%-80% of AMI | 20.7% | 24.0% | 21.4% | 20.8% | 25 |
Share of renter households earning 80%-120% of AMI | 14.7% | 14.6% | 15.1% | 16.3% | 40 |
Share of renter households earning >120% of AMI | 13.5% | 13.1% | 14.8% | 13.6% | 52 |
Employment | |||||
Share of renter households with employed members | 63.4% | 63.4% | 63.4% | 62.8% | 52 |
Share of renter households with no employed members | 36.6% | 36.6% | 36.6% | 37.2% | 2 |
Education | |||||
Share of households with high school or less that were renters | 43.7% | 42.5% | 46.4% | 46.4% | 35 |
Share of households with some college that were renters | 31.4% | 33.2% | 37.4% | 36.2% | 47 |
Share of households with a college degree that were renters | 17.4% | 17.4% | 19.3% | 20.1% | 53 |
Share of renter households with high school or less | 52.3% | 48.4% | 45.2% | 45.1% | 4 |
Share of renter households with some college | 26.0% | 29.4% | 31.9% | 29.5% | 29 |
Share of renter households with a college degree | 21.7% | 22.3% | 22.9% | 25.4% | 44 |
Race and Ethnicity | |||||
Share of Asian households that were renters | 42.3% | 26.4% | 38.2% | 43.7% | 10 |
Share of black households that were renters | 63.3% | 64.3% | 66.0% | 68.2% | 7 |
Share of Hispanic households that were renters | 59.4% | 53.3% | 62.8% | 55.1% | 17 |
Share of white households that were renters | 24.8% | 25.1% | 26.7% | 26.2% | 42 |
Rental Housing Affordability |
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Rent | |||||
Median rent ($2015), all units | $790 | $810 | $770 | $800 | 42 |
Median rent ($2015), studio and 1 bedroom units | $670 | $670 | $650 | $670 | 39 |
Median rent ($2015), 2 bedroom units | $880 | $850 | $840 | $860 | 38 |
Median rent ($2015), 3+ bedroom units | $990 | $990 | $890 | $910 | 48 |
Median rent, ($2015), all recently available units | $820 | $820 | $830 | $790 | 47 |
Median rent ($2015), recently available studio and 1 bedroom units | $650 | $710 | $720 | $680 | 44 |
Median rent ($2015), recently available 2 bedroom units | $920 | $850 | $880 | $930 | 35 |
Median rent ($2015), recently available 3+ bedroom units | $1,030 | $1,030 | $920 | $1,000 | 47 |
Premium of recently available units | $30 | $10 | $60 | $-10 | 50 |
Premium of recently available studio and 1 bedroom units | $-20 | $40 | $70 | $10 | 48 |
Premium of recently available 2 bedroom units | $40 | $0 | $40 | $70 | 25 |
Premium of recently available 3+ bedroom units | $40 | $40 | $30 | $90 | 34 |
Rent Burden | |||||
Share of renter households that were rent burdened | 49.7% | 49.4% | 50.5% | 50.9% | 8 |
Share of renter households with seniors that were rent burdened | 59.4% | 55.9% | 55.0% | 57.5% | 10 |
Share of renter households with children that were rent burdened | 59.9% | 59.3% | 60.6% | 55.0% | 7 |
Share of renter households earning <50% of AMI that were rent burdened | 80.2% | 77.6% | 81.2% | 79.4% | 21 |
Share of renter households earning between 50% and 80% of AMI that were rent burdened | 37.2% | 39.3% | 41.6% | 45.4% | 30 |
Share of renter households earning between 80% and 120% of AMI that were rent burdened | 5.9% | 14.2% | 10.3% | 11.2% | 40 |
Share of renter households earning >120% of AMI that were rent burdened | 1.5% | 3.3% | 3.2% | 3.4% | 14 |
Share of renter households that were severely rent burdened | 27.9% | 25.8% | 28.0% | 27.2% | 5 |
Share of renter households with seniors that were severely rent burdened | 29.0% | 23.1% | 22.8% | 28.7% | 26 |
Share of renter households with children that were severely rent burdened | 36.2% | 34.6% | 33.6% | 29.9% | 8 |
Share of renter households earning <50% of AMI that were severely rent burdened | 51.9% | 50.9% | 54.3% | 51.5% | 23 |
Share of renter households earning between 50% and 80% of AMI that were severely rent burdened | 6.0% | 3.2% | 6.5% | 8.1% | 20 |
Share of renter households earning between 80% and 120% of AMI that were severely rent burdened | 0.9% | 2.8% | 0.8% | 1.0% | 31 |
Share of renter households earning >120% of AMI that were severely rent burdened | 0.4% | 0.4% | 0.3% | 0 | |
Rental Unit Availability | |||||
Share of recently available rental units affordable for households earning 50% of AMI | 27.1% | 28.1% | 23.5% | 28.5% | 10 |
Share of recently available rental units affordable for households earning 80% of AMI | 81.1% | 83.7% | 77.4% | 76.7% | 8 |
Share of recently available rental units affordable for households earning 100% AMI | 91.4% | 93.2% | 90.8% | 89.9% | 7 |
Share of recently available rental units affordable for households earning 120% of AMI | 96.9% | 95.1% | 93.9% | 93.7% | 13 |
Rental Housing Stock |
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Housing units | |||||
Number of occupied housing units | 408,990 | 416,845 | 430,201 | 427,857 | 50 |
Number of owner-occupied housing units | 284,055 | 290,632 | 287,667 | 287,555 | 50 |
Number of renter-occupied housing units | 124,935 | 126,213 | 142,534 | 140,302 | 50 |
Number of vacant units for rent | 15,164 | 11,691 | 6,634 | 9,705 | 49 |
Rental vacancy rate | 10.8% | 8.5% | 4.4% | 6.5% | 18 |
Building Type | |||||
Share of rental units that are single-family homes | 25.9% | 27.3% | 25.6% | 30.6% | 41 |
Share of rental units that are in multi-family buildings | 74.1% | 72.7% | 74.4% | 69.4% | 13 |
Bedroom Type | |||||
Share of rental units that are studios or 1 bedrooms | 36.8% | 36.5% | 36.1% | 36.5% | 7 |
Share of rental units that are 2 bedroom units | 36.7% | 38.6% | 40.7% | 36.8% | 40 |
Share of rental units that are 3+ bedroom units | 26.6% | 24.9% | 23.3% | 26.7% | 42 |