Monroe County Florida Residential Rent and Rental Statistics
The median monthly gross residential rent in Monroe County FL was $1,540 in 2019 according to the Census ACS survey.1 Average gross rent in Monroe County was $1,659 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 Monroe County median and average rent data will be released in September of 2021.
Data is also available below for Monroe County rental vacancy rates, Monroe County rent as a percent of median income and the fraction of renters in Monroe County.
Real Gross Rent in Monroe 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% |
| Monroe County FL Median Gross Rent | $1,540 | -10.57% | -12.30% |
Monroe County FL Real Gross Rent Trends
Median gross rent for Monroe County peaked in real terms in 2016 at $1,756 and is now $216 (12.30%) lower. Average gross rent for Monroe County peaked in real terms in 2017 at $1,673 and is now $14 (0.84%) lower.
Real Gross Rent: Monroe County FL Median, Monroe County FL Average, Florida Median, US Median
Real Gross Rent History for Monroe County
| Date | US Median |
Florida Median |
Monroe County FL Median |
Monroe County FL Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,238 | $1,540 | $1,659 |
| 2018 | $1,077 | $1,203 | $1,722 | $1,640 |
| 2017 | $1,043 | $1,163 | $1,598 | $1,673 |
| 2016 | $1,027 | $1,137 | $1,756 | $1,606 |
| 2015 | $1,017 | $1,110 | $1,529 | $1,441 |
| 2014 | $986 | $1,059 | $1,517 | $1,535 |
| 2013 | $953 | $1,024 | $1,274 | $1,267 |
| 2012 | $940 | $1,015 | $1,479 | $1,461 |
| 2011 | $941 | $1,025 | $1,326 | $1,322 |
| 2010 | $955 | $1,058 | $1,516 | $1,438 |
| 2009 | $960 | $1,085 | $1,375 | $1,333 |
| 2007 | $927 | $1,087 | $1,304 | $1,369 |
| 2005 | $910 | $1,011 | $1,410 | $1,338 |
Monroe 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 Monroe County Florida was 16.36% according to Census ACS data.
Rental Vacancy Rate in Monroe County Florida
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Florida | 8.72% | +0.20% | +0.42% |
| Monroe County FL | 16.36% | -5.03% | -10.57% |
Trends in Monroe County FL Rental Vacancy Rate
The rental vacancy rate in Monroe County peaked in 2016 at 26.93%. Since then it has fallen by 10.57% to 16.36%. Data records for this series originated in 2005.
Rental Vacancy Rate: Monroe County FL, Florida, US
Historical Rental Vacancy Rate data for Monroe County
| Date | US | Florida | Monroe County FL |
|---|---|---|---|
| 2019 | 5.97% | 8.72% | 16.36% |
| 2018 | 6.15% | 8.52% | 21.39% |
| 2017 | 6.18% | 9.16% | 21.19% |
| 2016 | 5.89% | 8.30% | 26.93% |
| 2015 | 5.85% | 7.79% | 23.51% |
| 2014 | 6.32% | 8.66% | 21.44% |
| 2013 | 6.49% | 9.22% | 21.37% |
| 2012 | 6.77% | 9.37% | 11.98% |
| 2011 | 7.40% | 10.91% | 22.30% |
| 2010 | 8.17% | 12.17% | 11.93% |
| 2009 | 8.43% | 13.16% | 6.57% |
| 2007 | 7.87% | 11.55% | 12.94% |
| 2005 | 7.74% | 7.72% | 8.03% |
Rent as a Fraction of Income
Using median household income data for Monroe County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Monroe County, median monthly gross rent as a fraction of median household income was 26.94% in 2019 according to the ACS.
Monroe 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% |
| Monroe County FL | 26.94% | -1.25% | -3.68% |
Trends in Monroe County FL Rent as a Fraction of Income
The fraction of median Monroe County household income required to pay median monthly gross rent peaked in 2010 (relative to the 2005 series origin) at 32.17%. Since then it has fallen by 5.23% to 26.94%.
Fraction of Income towards Rent: Monroe County FL, Florida, US
Historical Data for Annual Rent as a Fraction of Income in Monroe County Florida
| Date | US | Florida | Monroe County FL |
|---|---|---|---|
| 2019 | 20.03% | 25.08% | 26.94% |
| 2018 | 20.50% | 25.57% | 28.19% |
| 2017 | 20.13% | 25.74% | 28.29% |
| 2016 | 20.43% | 25.62% | 30.62% |
| 2015 | 20.63% | 25.40% | 28.34% |
| 2014 | 20.89% | 25.36% | 29.04% |
| 2013 | 20.78% | 25.34% | 28.56% |
| 2012 | 20.65% | 25.42% | 31.10% |
| 2011 | 20.70% | 25.71% | 28.60% |
| 2010 | 20.50% | 25.59% | 32.17% |
| 2009 | 20.12% | 25.54% | 29.11% |
| 2007 | 18.66% | 23.22% | 21.96% |
| 2005 | 18.89% | 22.88% | 27.60% |
Renter Fraction in Monroe County Florida
You can calculate the renter fraction in Monroe 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 Monroe County as a fraction of total Monroe County households. In 2019 43.24% of households were renters according to Census ACS data.
Monroe 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% |
| Monroe County FL | 43.24% | +7.28% | +0.79% |
Trends in the Monroe County FL Renter Fraction
The Monroe County household renter fraction peaked in in 2017 at 43.65% and is now 0.41% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Monroe County FL, Florida, US
History of Monroe County Renter Fraction
| Date | US | Florida | Monroe County FL |
|---|---|---|---|
| 2019 | 35.89% | 33.75% | 43.24% |
| 2018 | 36.05% | 34.08% | 35.96% |
| 2017 | 36.13% | 34.85% | 43.65% |
| 2016 | 36.88% | 35.87% | 42.45% |
| 2015 | 36.97% | 36.22% | 39.39% |
| 2014 | 36.90% | 35.95% | 42.03% |
| 2013 | 36.50% | 35.21% | 38.38% |
| 2012 | 36.09% | 34.36% | 39.48% |
| 2011 | 35.42% | 33.28% | 39.85% |
| 2010 | 34.65% | 31.85% | 41.24% |
| 2009 | 34.13% | 31.52% | 36.82% |
| 2007 | 32.80% | 29.39% | 32.35% |
| 2005 | 33.10% | 30.43% | 30.45% |
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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