Hillsborough County Florida Residential Rent and Rental Statistics
The median monthly gross residential rent in Hillsborough County FL was $1,186 in 2019 according to the Census ACS survey.1 Average gross rent in Hillsborough County was $1,197 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 Hillsborough County median and average rent data will be released in September of 2021.
Data is also available below for Hillsborough County rental vacancy rates, Hillsborough County rent as a percent of median income and the fraction of renters in Hillsborough County.
Real Gross Rent in Hillsborough County Florida (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Florida Median Gross Rent | $1,238 | +2.91% | +8.88% |
| Hillsborough County FL Median Gross Rent | $1,186 | +0.34% | +5.33% |
Hillsborough County FL Real Gross Rent Trends
At $1,186, real median gross rent in Hillsborough County was at its highest level in 2019 since the series began in 2005. Average gross rent for Hillsborough County peaked in real terms in 2018 at $1,203 and is now $6 (0.50%) lower.
Real Gross Rent: Hillsborough County FL Median, Hillsborough County FL Average, Florida Median, US Median
Real Gross Rent History for Hillsborough County
| Date | US Median |
Florida Median |
Hillsborough County FL Median |
Hillsborough County FL Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,238 | $1,186 | $1,197 |
| 2018 | $1,077 | $1,203 | $1,182 | $1,203 |
| 2017 | $1,043 | $1,163 | $1,134 | $1,157 |
| 2016 | $1,027 | $1,137 | $1,126 | $1,150 |
| 2015 | $1,017 | $1,110 | $1,050 | $1,101 |
| 2014 | $986 | $1,059 | $1,017 | $1,054 |
| 2013 | $953 | $1,024 | $990 | $1,028 |
| 2012 | $940 | $1,015 | $960 | $1,022 |
| 2011 | $941 | $1,025 | $981 | $1,021 |
| 2010 | $955 | $1,058 | $1,003 | $1,055 |
| 2009 | $960 | $1,085 | $1,046 | $1,087 |
| 2007 | $927 | $1,087 | $1,040 | $1,070 |
| 2005 | $910 | $1,011 | $969 | $980 |
Hillsborough County 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 Hillsborough County Florida was 7.89% according to Census ACS data.
Rental Vacancy Rate in Hillsborough County Florida
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Florida | 8.72% | +0.20% | +0.42% |
| Hillsborough County FL | 7.89% | +1.87% | +1.61% |
Trends in Hillsborough County FL Rental Vacancy Rate
The rental vacancy rate in Hillsborough County peaked in 2009 at 12.66%. Since then it has fallen by 4.77% to 7.89%. Data records for this series originated in 2005. From a 2018 post peak low of 6.02%, the rental vacancy rate has increased by 1.87%.
Rental Vacancy Rate: Hillsborough County FL, Florida, US
Historical Rental Vacancy Rate data for Hillsborough County
| Date | US | Florida | Hillsborough County FL |
|---|---|---|---|
| 2019 | 5.97% | 8.72% | 7.89% |
| 2018 | 6.15% | 8.52% | 6.02% |
| 2017 | 6.18% | 9.16% | 6.26% |
| 2016 | 5.89% | 8.30% | 6.28% |
| 2015 | 5.85% | 7.79% | 6.40% |
| 2014 | 6.32% | 8.66% | 7.82% |
| 2013 | 6.49% | 9.22% | 8.02% |
| 2012 | 6.77% | 9.37% | 7.01% |
| 2011 | 7.40% | 10.91% | 10.62% |
| 2010 | 8.17% | 12.17% | 10.84% |
| 2009 | 8.43% | 13.16% | 12.66% |
| 2007 | 7.87% | 11.55% | 11.13% |
| 2005 | 7.74% | 7.72% | 7.01% |
Rent as a Fraction of Income
Using median household income data for Hillsborough County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Hillsborough County, median monthly gross rent as a fraction of median household income was 23.27% in 2019 according to the ACS.
Hillsborough County Florida Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Florida | 25.08% | -0.49% | -0.54% |
| Hillsborough County FL | 23.27% | -0.55% | -0.36% |
Trends in Hillsborough County FL Rent as a Fraction of Income
The fraction of median Hillsborough County household income required to pay median monthly gross rent peaked in 2017 (relative to the 2005 series origin) at 24.12%. Since then it has fallen by 0.85% to 23.27%.
Fraction of Income towards Rent: Hillsborough County FL, Florida, US
Historical Data for Annual Rent as a Fraction of Income in Hillsborough County Florida
| Date | US | Florida | Hillsborough County FL |
|---|---|---|---|
| 2019 | 20.03% | 25.08% | 23.27% |
| 2018 | 20.50% | 25.57% | 23.82% |
| 2017 | 20.13% | 25.74% | 24.12% |
| 2016 | 20.43% | 25.62% | 23.63% |
| 2015 | 20.63% | 25.40% | 22.97% |
| 2014 | 20.89% | 25.36% | 22.75% |
| 2013 | 20.78% | 25.34% | 22.74% |
| 2012 | 20.65% | 25.42% | 23.27% |
| 2011 | 20.70% | 25.71% | 23.30% |
| 2010 | 20.50% | 25.59% | 23.37% |
| 2009 | 20.12% | 25.54% | 23.35% |
| 2007 | 18.66% | 23.22% | 21.00% |
| 2005 | 18.89% | 22.88% | 20.61% |
Renter Fraction in Hillsborough County Florida
You can calculate the renter fraction in Hillsborough County 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 Hillsborough County as a fraction of total Hillsborough County households. In 2019 40.13% of households were renters according to Census ACS data.
Hillsborough County Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Florida | 33.75% | -0.33% | -2.12% |
| Hillsborough County FL | 40.13% | -1.76% | -2.95% |
Trends in the Hillsborough County FL Renter Fraction
The Hillsborough County household renter fraction peaked in in 2016 at 43.08% and is now 2.95% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Hillsborough County FL, Florida, US
History of Hillsborough County Renter Fraction
| Date | US | Florida | Hillsborough County FL |
|---|---|---|---|
| 2019 | 35.89% | 33.75% | 40.13% |
| 2018 | 36.05% | 34.08% | 41.89% |
| 2017 | 36.13% | 34.85% | 42.03% |
| 2016 | 36.88% | 35.87% | 43.08% |
| 2015 | 36.97% | 36.22% | 43.03% |
| 2014 | 36.90% | 35.95% | 42.40% |
| 2013 | 36.50% | 35.21% | 42.75% |
| 2012 | 36.09% | 34.36% | 41.91% |
| 2011 | 35.42% | 33.28% | 39.95% |
| 2010 | 34.65% | 31.85% | 39.04% |
| 2009 | 34.13% | 31.52% | 38.55% |
| 2007 | 32.80% | 29.39% | 34.33% |
| 2005 | 33.10% | 30.43% | 35.52% |
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. ↩
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