Learn More: Rent Price

The Rent Price dataset includes the following variable: Median Rent Price. Below is a chart showing the change in median rent price from 2010 to 2015 across five selected neighborhoods in Los Angeles County.
Browse this Learn More page to see this dataset's metadata and why its variable is important to measure.

Trends in the Data

Metadata

Variable Definition:
Median Rent Price: The median value of gross rent prices in an area, measured in dollars

Source:
American Community Survey, 5-year estimates, Table B25064
Years Available:
2006-10, 2007-11, 2008-12, 2009-13, 2010-14, 2011-15
Geographic Unit:
Census Tract

Why is this Variable Important to Measure?

Median Rent Price
Median rent price measures gross rent, which includes rent price plus the cost of utilities like electricity, water, gas, and sewage. Many factors can affect the rent price of a housing unit, including its age, condition, size, and design. Additionally, neighborhood characteristics like proximity to amenities, school district performance, and crime rates and safety have a sizable impact on rent prices. The general strength of the economy and housing markets can also cause rent prices to rise or fall. Because the rate of homeownership has declined since the Great Recession, an increased demand for rental units has caused rent prices to rise.
Median Gross Rent is a measure of the average level of housing affordability in an area. It is a useful tool for comparing affordability on both a neighborhood and national scale.

Source:
Roy, Joydeep, Melissa Maynard, and Elaine Weiss. "The hidden costs of the housing crisis: The long-term impact of housing affordability and quality on young children's odds of success." Partnership for America's Economic Success, 2008. Link


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