Martin County Florida Residential Rent and Rental Statistics
The median monthly gross residential rent in Martin County FL was $1,203 in 2019 according to the Census ACS survey.1 Average gross rent in Martin County was $1,243 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 Martin County median and average rent data will be released in September of 2021.
Data is also available below for Martin County rental vacancy rates, Martin County rent as a percent of median income and the fraction of renters in Martin County.
Real Gross Rent in Martin 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% |
| Martin County FL Median Gross Rent | $1,203 | +1.35% | +11.39% |
Martin County FL Real Gross Rent Trends
Median gross rent for Martin County peaked in real terms in 2008 at $1,203 and is now $0 (0.00%) lower. From a recent low of 932.0 in 2011, real median gross rent has now increased by $271 (29.08%). Average gross rent for Martin County peaked in real terms in 2006 at $1,260 and is now $17 (1.35%) lower. From a recent low of 913.0 in 2011, real average gross rent has now increased by $330 (36.14%).
Real Gross Rent: Martin County FL Median, Martin County FL Average, Florida Median, US Median
Real Gross Rent History for Martin County
| Date | US Median |
Florida Median |
Martin County FL Median |
Martin County FL Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,238 | $1,203 | $1,243 |
| 2018 | $1,077 | $1,203 | $1,187 | $1,236 |
| 2017 | $1,043 | $1,163 | $1,082 | $1,147 |
| 2016 | $1,027 | $1,137 | $1,080 | $1,023 |
| 2015 | $1,017 | $1,110 | $1,062 | $1,105 |
| 2014 | $986 | $1,059 | $1,148 | $1,237 |
| 2013 | $953 | $1,024 | $960 | $982 |
| 2012 | $940 | $1,015 | $973 | $1,016 |
| 2011 | $941 | $1,025 | $932 | $913 |
| 2010 | $955 | $1,058 | $991 | $1,003 |
| 2009 | $960 | $1,085 | $1,155 | $1,123 |
| 2007 | $927 | $1,087 | $1,181 | $1,162 |
| 2005 | $910 | $1,011 | $1,106 | $1,044 |
Martin 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 Martin County Florida was 7.11% according to Census ACS data.
Rental Vacancy Rate in Martin County Florida
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Florida | 8.72% | +0.20% | +0.42% |
| Martin County FL | 7.11% | +0.25% | -0.68% |
Trends in Martin County FL Rental Vacancy Rate
The rental vacancy rate in Martin County peaked in 2009 at 17.25%. Since then it has fallen by 10.14% to 7.11%. Data records for this series originated in 2005.
Rental Vacancy Rate: Martin County FL, Florida, US
Historical Rental Vacancy Rate data for Martin County
| Date | US | Florida | Martin County FL |
|---|---|---|---|
| 2019 | 5.97% | 8.72% | 7.11% |
| 2018 | 6.15% | 8.52% | 6.86% |
| 2017 | 6.18% | 9.16% | 10.88% |
| 2016 | 5.89% | 8.30% | 7.79% |
| 2015 | 5.85% | 7.79% | — |
| 2014 | 6.32% | 8.66% | 7.87% |
| 2013 | 6.49% | 9.22% | 10.78% |
| 2012 | 6.77% | 9.37% | 7.59% |
| 2011 | 7.40% | 10.91% | 9.48% |
| 2010 | 8.17% | 12.17% | 11.05% |
| 2009 | 8.43% | 13.16% | 17.25% |
| 2007 | 7.87% | 11.55% | 8.94% |
| 2005 | 7.74% | 7.72% | 5.85% |
Rent as a Fraction of Income
Using median household income data for Martin County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Martin County, median monthly gross rent as a fraction of median household income was 20.38% in 2019 according to the ACS.
Martin 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% |
| Martin County FL | 20.38% | -2.95% | -2.27% |
Trends in Martin County FL Rent as a Fraction of Income
The fraction of median Martin County household income required to pay median monthly gross rent peaked in 2009 (relative to the 2005 series origin) at 24.54%. Since then it has fallen by 4.16% to 20.38%.
Fraction of Income towards Rent: Martin County FL, Florida, US
Historical Data for Annual Rent as a Fraction of Income in Martin County Florida
| Date | US | Florida | Martin County FL |
|---|---|---|---|
| 2019 | 20.03% | 25.08% | 20.38% |
| 2018 | 20.50% | 25.57% | 23.33% |
| 2017 | 20.13% | 25.74% | 23.02% |
| 2016 | 20.43% | 25.62% | 22.65% |
| 2015 | 20.63% | 25.40% | 23.27% |
| 2014 | 20.89% | 25.36% | 23.35% |
| 2013 | 20.78% | 25.34% | 22.13% |
| 2012 | 20.65% | 25.42% | 24.50% |
| 2011 | 20.70% | 25.71% | 20.70% |
| 2010 | 20.50% | 25.59% | 22.03% |
| 2009 | 20.12% | 25.54% | 24.54% |
| 2007 | 18.66% | 23.22% | 21.74% |
| 2005 | 18.89% | 22.88% | 23.34% |
Renter Fraction in Martin County Florida
You can calculate the renter fraction in Martin 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 Martin County as a fraction of total Martin County households. In 2019 21.63% of households were renters according to Census ACS data.
Martin 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% |
| Martin County FL | 21.63% | +1.41% | -0.84% |
Trends in the Martin County FL Renter Fraction
The Martin County household renter fraction peaked in in 2012 at 26.89% and is now 5.26% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Martin County FL, Florida, US
History of Martin County Renter Fraction
| Date | US | Florida | Martin County FL |
|---|---|---|---|
| 2019 | 35.89% | 33.75% | 21.63% |
| 2018 | 36.05% | 34.08% | 20.22% |
| 2017 | 36.13% | 34.85% | 24.80% |
| 2016 | 36.88% | 35.87% | 22.47% |
| 2015 | 36.97% | 36.22% | 24.72% |
| 2014 | 36.90% | 35.95% | 21.79% |
| 2013 | 36.50% | 35.21% | 26.66% |
| 2012 | 36.09% | 34.36% | 26.89% |
| 2011 | 35.42% | 33.28% | 22.92% |
| 2010 | 34.65% | 31.85% | 22.54% |
| 2009 | 34.13% | 31.52% | 22.29% |
| 2007 | 32.80% | 29.39% | 21.91% |
| 2005 | 33.10% | 30.43% | 24.00% |
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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