Lake County Florida Residential Rent and Rental Statistics
The median monthly gross residential rent in Lake County FL was $1,132 in 2019 according to the Census ACS survey.1 Average gross rent in Lake County was $1,114 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 Lake County median and average rent data will be released in September of 2021.
Data is also available below for Lake County rental vacancy rates, Lake County rent as a percent of median income and the fraction of renters in Lake County.
Real Gross Rent in Lake 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% |
| Lake County FL Median Gross Rent | $1,132 | +8.12% | +9.27% |
Lake County FL Real Gross Rent Trends
At $1,132, real median gross rent in Lake County was at its highest level in 2019 since the series began in 2005. At $1,114, real average gross rent in Lake County was at its highest level in 2019 since the series began in 2005.
Real Gross Rent: Lake County FL Median, Lake County FL Average, Florida Median, US Median
Real Gross Rent History for Lake County
| Date | US Median |
Florida Median |
Lake County FL Median |
Lake County FL Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,238 | $1,132 | $1,114 |
| 2018 | $1,077 | $1,203 | $1,047 | $1,036 |
| 2017 | $1,043 | $1,163 | $1,047 | $1,060 |
| 2016 | $1,027 | $1,137 | $1,036 | $1,053 |
| 2015 | $1,017 | $1,110 | $1,045 | $1,079 |
| 2014 | $986 | $1,059 | $1,014 | $1,047 |
| 2013 | $953 | $1,024 | $893 | $938 |
| 2012 | $940 | $1,015 | $1,000 | $1,016 |
| 2011 | $941 | $1,025 | $1,024 | $1,021 |
| 2010 | $955 | $1,058 | $1,064 | $1,064 |
| 2009 | $960 | $1,085 | $1,020 | $1,046 |
| 2007 | $927 | $1,087 | $993 | $1,035 |
| 2005 | $910 | $1,011 | $905 | $904 |
Lake 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 Lake County Florida was 5.79% according to Census ACS data.
Rental Vacancy Rate in Lake County Florida
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Florida | 8.72% | +0.20% | +0.42% |
| Lake County FL | 5.79% | -5.12% | +0.31% |
Trends in Lake County FL Rental Vacancy Rate
The rental vacancy rate in Lake County peaked in 2011 at 23.62%. Since then it has fallen by 17.83% to 5.79%. Data records for this series originated in 2005. From a 2016 post peak low of 5.48%, the rental vacancy rate has increased by 0.31%.
Rental Vacancy Rate: Lake County FL, Florida, US
Historical Rental Vacancy Rate data for Lake County
| Date | US | Florida | Lake County FL |
|---|---|---|---|
| 2019 | 5.97% | 8.72% | 5.79% |
| 2018 | 6.15% | 8.52% | 10.91% |
| 2017 | 6.18% | 9.16% | 6.45% |
| 2016 | 5.89% | 8.30% | 5.48% |
| 2015 | 5.85% | 7.79% | 8.72% |
| 2014 | 6.32% | 8.66% | 9.79% |
| 2013 | 6.49% | 9.22% | 9.66% |
| 2012 | 6.77% | 9.37% | 17.67% |
| 2011 | 7.40% | 10.91% | 23.62% |
| 2010 | 8.17% | 12.17% | 18.04% |
| 2009 | 8.43% | 13.16% | 15.83% |
| 2007 | 7.87% | 11.55% | 16.16% |
| 2005 | 7.74% | 7.72% | 5.74% |
Rent as a Fraction of Income
Using median household income data for Lake County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Lake County, median monthly gross rent as a fraction of median household income was 23.59% in 2019 according to the ACS.
Lake 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% |
| Lake County FL | 23.59% | -0.09% | -0.04% |
Trends in Lake County FL Rent as a Fraction of Income
The fraction of median Lake County household income required to pay median monthly gross rent peaked in 2012 (relative to the 2005 series origin) at 27.46%. Since then it has fallen by 3.87% to 23.59%.
Fraction of Income towards Rent: Lake County FL, Florida, US
Historical Data for Annual Rent as a Fraction of Income in Lake County Florida
| Date | US | Florida | Lake County FL |
|---|---|---|---|
| 2019 | 20.03% | 25.08% | 23.59% |
| 2018 | 20.50% | 25.57% | 23.68% |
| 2017 | 20.13% | 25.74% | 23.70% |
| 2016 | 20.43% | 25.62% | 23.63% |
| 2015 | 20.63% | 25.40% | 23.50% |
| 2014 | 20.89% | 25.36% | 24.41% |
| 2013 | 20.78% | 25.34% | 23.11% |
| 2012 | 20.65% | 25.42% | 27.46% |
| 2011 | 20.70% | 25.71% | 25.03% |
| 2010 | 20.50% | 25.59% | 27.18% |
| 2009 | 20.12% | 25.54% | 25.52% |
| 2007 | 18.66% | 23.22% | 21.67% |
| 2005 | 18.89% | 22.88% | 21.89% |
Renter Fraction in Lake County Florida
You can calculate the renter fraction in Lake 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 Lake County as a fraction of total Lake County households. In 2019 26.65% of households were renters according to Census ACS data.
Lake 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% |
| Lake County FL | 26.65% | +2.62% | +0.15% |
Trends in the Lake County FL Renter Fraction
The Lake County household renter fraction peaked in in 2017 at 27.22% and is now 0.57% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Lake County FL, Florida, US
History of Lake County Renter Fraction
| Date | US | Florida | Lake County FL |
|---|---|---|---|
| 2019 | 35.89% | 33.75% | 26.65% |
| 2018 | 36.05% | 34.08% | 24.03% |
| 2017 | 36.13% | 34.85% | 27.22% |
| 2016 | 36.88% | 35.87% | 26.50% |
| 2015 | 36.97% | 36.22% | 24.61% |
| 2014 | 36.90% | 35.95% | 26.00% |
| 2013 | 36.50% | 35.21% | 26.86% |
| 2012 | 36.09% | 34.36% | 25.39% |
| 2011 | 35.42% | 33.28% | 24.28% |
| 2010 | 34.65% | 31.85% | 25.07% |
| 2009 | 34.13% | 31.52% | 21.24% |
| 2007 | 32.80% | 29.39% | 20.82% |
| 2005 | 33.10% | 30.43% | 20.30% |
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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