Average Rent Value seems high

mklatt_cityofventura_ca_gov — Fri, 10 Mar 2023 20:12:40 GMT

I am trying to figure out why the average rent is 3 times higher than I would have expected. This value is shown on the skyscraper infographic.

Is this average rent for a month? Doe it include any other expenditures? Does it include non-residential rent? Is it per unit for multi-unit buildings?

image002.png

I found this exploring Esri's documentation but not sure if this is referencing the same stat.

Name

2022 Rent: Average

Variable

Housing Household.X3036_A

Source

Esri-U.S. BLS

Vintage

2022

Definition

Esri 2022 estimates of the total (aggregate) amount spent, average amount spent per household, and Spending Potential Index (SPI) on Rent: Average in the geographic area. Esri's Consumer Spending data provides information about the estimated spending by households for goods end services in an area. The aggregate value represents the total amount spent by all households. The average value represents the typical amount spent per household. The SPI compares average local expenditures to U.S. levels. The SPI value for the U.S. is 100. If, for example, the SPI value for a geographic area is 120 this implies that average spending by consumers in the geographic area is likely to be 20 percent more than the UVS. average. Sources: Esri end Bureau of Labor Statistics. See Consumer Spending data for more information.

Data retrieved from : https://doc.arcgis.com/en/esri-demographics/latest/data-browser/data-browser.htm

Choose “Spending” then “Housing & Household”

From there expand 2022 Housing (Consumer Spending) and you will see “2022 Rent: Average”

Also, I received these links from Esri:

Re: Average Rent Value seems high

LucyGuerra — Thu, 23 Mar 2023 23:50:33 GMT

Hi @mklatt_cityofventura_ca_gov , the "2022 Rent: Average" data variable represents the average annual rent paid per household. To get the monthly rent, you need to divide by 12. Also note, that the average is being calculated with a base of total households and not just renters. The value in the infographic above represents the average annual amount spent on rent by all households in the area, not just those that are renters. Please reach out if you have any questions. Thanks!

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Average Rent Value seems high

Re: Average Rent Value seems high