Madison, Alabama Rental Market Trends
Any shifts in rent prices brought forth by the COVID-19 pandemic are not yet reflected in the statistics on this page. Please bear this in mind when referencing the data below, as it may not accurately describe the current context of the Madison, Alabama rental market.
Highlights
An apartment for rent in Madison, Alabama typically goes for $1,313 per month, while a single-family home for rent in Madison, Alabama has a monthly cost of around $1,900. Renter-occupied units make up 25% of the local housing market, while the rental vacancy rate in Madison, Alabama is at 1.3.
Madison, Alabama
Average Apartment Rent
$1,313
Y-o-Y Change in Average
Apartment Rent
0%
Average Single-Family Rent
$1,900
As of July 2024
Compared to a year ago, Madison, Alabama apartments have recorded a 0% rent increase.
Madison, Alabama Average apartment rent trend
Madison, Alabama Average Apartment Rent
Madison, Alabama Apartment rent ranges
At 75.64%, apartments priced $1,000 - $1,500 represent the bulk of Madison, Alabama rentals, while condos priced Over $2,000 hold the lowest share of the market – 0.09%.
Madison, Alabama Housing tenure**
Renters take up 25% of Madison, Alabama real estate, occupying a total of 5,567 units, while homeowners live in 16,506 properties.
Median number of rooms of renter-occupied housing units**
4.3
Renter median household income**
$57,329
Average household size of renter-occupied housing units**
1.99
Rental vacancy rate**
1.3%
Madison, Alabama Renter-occupied housing units by no. of bedrooms**
There are 2,050 rentals in Madison, Alabama with 2 beds making up the highest share of the market, at 37%. Units with 5 or more beds, on the other hand, hold the lowest percentage (2%), amounting to 128 units. Overall, the median number of rooms in Madison, Alabama homes for rent is 4.3.
Madison, Alabama Renter-occupied units by age of householder**
Most condos for rent in Madison, Alabama are occupied by residents in the 25 - 34 years age group (25%), followed by those in the 35 - 44 years age group (23%). At the same time, people in the 60 - 64 years age group make up the lowest share of the local rental market – 3%.
Madison, Alabama Renter-occupied housing units by family type**
Madison, Alabama Renter-occupied housing units by the presence of own children**
A total of 2,670 apartments for rent in Madison, Alabama, or 48% of all rentals are family households. Additionally, 31% of rental homes include children under the age of 18 – that’s 1,726 units. All in all, the median size of a renter-occupied household in Madison, Alabama is 1.99.
Madison, Alabama Renter-occupied housing units by educational attainment**
In terms of education, renters holding bachelor degrees or higher make up 49% of the rental market. In contrast, residents with less than a high school degree reside in 6% of the homes for rent in Madison, Alabama.
Madison, Alabama Renter-occupied units by year structure built**
The highest share of Madison, Alabama apartment rentals, namely 31% or 1,707 units, were Built 1990 - 1999, followed by those Built 1980 - 1989 (21%, 1,146 units), and the ones Built 2000 - 2009 (17%, 948 units).
Madison, Alabama Renter-occupied units by year householder moved in**
Median year renter moved into unit 2019
Most Madison, Alabama renters (51%) moved in 2018 to 2020, while only 8% of them moved in 2000 to 2009. Overall, the median year renters have occupied their Madison, Alabama condos for rent is 2019.
Madison, Alabama Renter-occupied housing units by vehicles available**
When it comes to transportation options, 48% of Madison, Alabama renters have 1 vehicle available per household, 35% of them have 2 vehicles available, and 10% have 3 vehicles available.
Madison, Alabama Means of transportation to work of householders living in renter-occupied housing units**
Madison, Alabama Geographical mobility in the past year for householders living in renter-occupied housing units**
Madison, Alabama Average apartment rent by zip codes
The rental statistics on this page were compiled using data provided by our sister company, Yardi Matrix, an apartment market intelligence solution which offers comprehensive information on all Madison, Alabama apartment buildings 50 units or larger. Yardi Matrix covers ~80% of the U.S. metro area population, including over 80,000 properties and 15.2 million apartments across 124 U.S. markets.
*Average single-family rent calculated from point2homes.com data.
**Data sourced from U.S. Census Bureau; American Community Survey, 2022 American Community Survey 5-Year Estimates
