Florence Alabama Residential Rent and Rental Statistics
The median monthly gross residential rent in Florence, AL (the Florence-Muscle Shoals metro area) was $654 in 2019 according to the Census ACS survey.1 Average gross rent in Florence was $596 in 2019. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2020 Florence median and average rent data will be released in September of 2021.
Data is also available below for Florence rental vacancy rates, Florence rent as a percent of median income and the fraction of renters in Florence.
Real Gross Rent in Florence Alabama (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Alabama Median Gross Rent | $807 | +0.62% | +3.73% |
| Florence, AL Median Gross Rent | $654 | -2.10% | +0.15% |
Florence, AL Real Gross Rent Trends
Median gross rent for Florence peaked in real terms in 2017 at $704 and is now $50 (7.10%) lower. Average gross rent for Florence peaked in real terms in 2017 at $644 and is now $48 (7.45%) lower.
Real Gross Rent in Florence: Florence AL Median, Florence AL Average, Alabama Median, US Median
Real Gross Rent History for Florence
| Date | US Median |
Alabama Median |
Florence, AL Median |
Florence, AL Average |
|---|---|---|---|---|
| 2019 | $1,097 | $807 | $654 | $596 |
| 2018 | $1,077 | $802 | $668 | $601 |
| 2017 | $1,043 | $773 | $704 | $644 |
| 2016 | $1,027 | $778 | $653 | $580 |
| 2015 | $1,017 | $773 | $679 | $576 |
| 2014 | $986 | $757 | $673 | $611 |
| 2013 | $953 | $731 | $596 | $550 |
| 2012 | $940 | $733 | $624 | $565 |
| 2011 | $941 | $742 | $653 | $609 |
| 2010 | $955 | $745 | $665 | $618 |
| 2009 | $960 | $749 | $639 | $552 |
| 2007 | $927 | $706 | $626 | $552 |
| 2005 | $910 | $669 | $565 | $485 |
Florence Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Florence Alabama was 4.40% according to Census ACS data.
Rental Vacancy Rate in Florence Alabama
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Alabama | 9.69% | -0.37% | -0.65% |
| Florence, AL | 4.40% | -0.97% | -9.10% |
Trends in Florence, AL Rental Vacancy Rate
The rental vacancy rate in Florence peaked in 2016 at 13.50%. Since then it has fallen by 9.10% to 4.40%. Data records for this series originated in 2005.
Rental Vacancy Rate: Florence AL, Alabama, US
Historical Rental Vacancy Rate data for Florence
| Date | US | Alabama | Florence, AL |
|---|---|---|---|
| 2019 | 5.97% | 9.69% | 4.40% |
| 2018 | 6.15% | 10.06% | 5.37% |
| 2017 | 6.18% | 10.99% | 9.42% |
| 2016 | 5.89% | 10.34% | 13.50% |
| 2015 | 5.85% | 9.72% | 8.60% |
| 2014 | 6.32% | 10.37% | 7.11% |
| 2013 | 6.49% | 9.17% | 3.51% |
| 2012 | 6.77% | 7.79% | 9.73% |
| 2011 | 7.40% | 8.30% | 11.29% |
| 2010 | 8.17% | 9.64% | 6.07% |
| 2009 | 8.43% | 10.33% | 8.44% |
| 2007 | 7.87% | 9.25% | 7.66% |
| 2005 | 7.74% | 9.21% | 9.73% |
Rent as a Fraction of Income
Using median household income data for Florence, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Florence, median monthly gross rent as a fraction of median household income was 17.13% in 2019 according to the ACS.
Florence Alabama Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Alabama | 18.72% | -0.25% | -0.56% |
| Florence, AL | 17.13% | +1.19% | +0.59% |
Trends in Florence, AL Rent as a Fraction of Income
The fraction of median Florence household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 19.11%. Since then it has fallen by 1.98% to 17.13%.
Fraction of Income towards Rent: Florence AL, Alabama, US
Historical Data for Annual Rent as a Fraction of Income in Florence Alabama
| Date | US | Alabama | Florence, AL |
|---|---|---|---|
| 2019 | 20.03% | 18.72% | 17.13% |
| 2018 | 20.50% | 18.96% | 15.93% |
| 2017 | 20.13% | 18.70% | 17.86% |
| 2016 | 20.43% | 19.27% | 16.53% |
| 2015 | 20.63% | 19.54% | 18.49% |
| 2014 | 20.89% | 20.09% | 18.38% |
| 2013 | 20.78% | 19.44% | 15.83% |
| 2012 | 20.65% | 19.89% | 16.99% |
| 2011 | 20.70% | 19.91% | 19.11% |
| 2010 | 20.50% | 19.78% | 18.97% |
| 2009 | 20.12% | 19.47% | 17.85% |
| 2007 | 18.66% | 17.78% | 17.30% |
| 2005 | 18.89% | 17.41% | 16.25% |
Renter Fraction in Florence Alabama
You can calculate the renter fraction in Florence 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 Florence as a fraction of total Florence households. In 2019 34.14% of households were renters according to Census ACS data.
Florence Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Alabama | 31.22% | -0.74% | -0.33% |
| Florence, AL | 34.14% | +1.86% | +5.12% |
Trends in the Florence, AL Renter Fraction
At 34.14%, the 2019 household based renter fraction in Florence was at its highest level. The origin year for the series is 2005.
Fraction of Renting Households: Florence AL, Alabama, US
History of Florence Renter Fraction
| Date | US | Alabama | Florence, AL |
|---|---|---|---|
| 2019 | 35.89% | 31.22% | 34.14% |
| 2018 | 36.05% | 31.96% | 32.28% |
| 2017 | 36.13% | 31.95% | 32.83% |
| 2016 | 36.88% | 31.55% | 29.02% |
| 2015 | 36.97% | 32.11% | 30.19% |
| 2014 | 36.90% | 32.32% | 31.56% |
| 2013 | 36.50% | 31.96% | 31.33% |
| 2012 | 36.09% | 31.25% | 30.49% |
| 2011 | 35.42% | 30.11% | 27.91% |
| 2010 | 34.65% | 29.88% | 28.80% |
| 2009 | 34.13% | 30.42% | 29.31% |
| 2007 | 32.80% | 29.10% | 29.41% |
| 2005 | 33.10% | 29.48% | 26.56% |
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. ↩
