North Carolina Residential Rent and Rental Statistics
The median monthly gross residential rent in North Carolina was $931 in 2019 according to the Census ACS survey.1 Average gross rent was $925 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 North Carolina median and average rent data will be released in September of 2021.
Data is also available below for North Carolina rental vacancy rates, North Carolina rent as a percent of median income and the fraction of renters in North Carolina.
Real Gross Rent in North Carolina (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| North Carolina Median Gross Rent | $931 | +1.64% | +5.92% |
North Carolina Real Gross Rent Trends
At $931, real median gross rent in North Carolina was at its highest level in 2019 since the series began in 2005. At $925, real average gross rent in North Carolina was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in North Carolina: Median, Average, US Median
Real Gross Rent History for North Carolina
| Date | US Median | North Carolina Median | North Carolina Average |
|---|---|---|---|
| 2019 | $1,097 | $931 | $925 |
| 2018 | $1,077 | $916 | $917 |
| 2017 | $1,043 | $888 | $892 |
| 2016 | $1,027 | $879 | $871 |
| 2015 | $1,017 | $877 | $871 |
| 2014 | $986 | $848 | $847 |
| 2013 | $953 | $819 | $814 |
| 2012 | $940 | $804 | $800 |
| 2011 | $941 | $805 | $796 |
| 2010 | $955 | $817 | $807 |
| 2009 | $960 | $821 | $797 |
| 2007 | $927 | $797 | $767 |
| 2005 | $910 | $794 | $756 |
North Carolina 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 North Carolina was 6.60% according to Census ACS data.
Rental Vacancy Rate in North Carolina
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| North Carolina | 6.60% | -0.43% | -0.39% |
Trends in North Carolina Rental Vacancy Rate
The rental vacancy rate in North Carolina peaked in 2009 at 10.10%. Since then it has fallen by 3.50% to 6.60%. Data records for this series originated in 2005.
Rental Vacancy Rate: North Carolina, US
Historical Rental Vacancy Rate data for North Carolina
| Date | US | North Carolina |
|---|---|---|
| 2019 | 5.97% | 6.60% |
| 2018 | 6.15% | 7.03% |
| 2017 | 6.18% | 6.77% |
| 2016 | 5.89% | 6.99% |
| 2015 | 5.85% | 7.02% |
| 2014 | 6.32% | 7.29% |
| 2013 | 6.49% | 7.46% |
| 2012 | 6.77% | 8.00% |
| 2011 | 7.40% | 9.31% |
| 2010 | 8.17% | 9.97% |
| 2009 | 8.43% | 10.10% |
| 2007 | 7.87% | 9.26% |
| 2005 | 7.74% | 9.99% |
North Carolina Rent as a Fraction of Income
Using median household income data for North Carolina, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For North Carolina, median monthly gross rent as a fraction of median household income was 19.48% in 2019 according to the ACS.
North Carolina Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| North Carolina | 19.48% | -0.57% | -0.42% |
Trends in North Carolina Rent as a Fraction of Income
The fraction of median North Carolina household income required to pay median monthly gross rent peaked in 2015 (relative to the 2005 series origin) at 20.75%. Since then it has fallen by 1.27% to 19.48%.
Fraction of Income towards Rent: North Carolina, US
Historical Data for Annual Rent as a Fraction of Income in North Carolina
| Date | US | North Carolina |
|---|---|---|
| 2019 | 20.03% | 19.48% |
| 2018 | 20.50% | 20.05% |
| 2017 | 20.13% | 19.59% |
| 2016 | 20.43% | 19.90% |
| 2015 | 20.63% | 20.75% |
| 2014 | 20.89% | 20.70% |
| 2013 | 20.78% | 20.34% |
| 2012 | 20.65% | 20.09% |
| 2011 | 20.70% | 20.36% |
| 2010 | 20.50% | 20.25% |
| 2009 | 20.12% | 19.78% |
| 2007 | 18.66% | 18.21% |
| 2005 | 18.89% | 18.71% |
Renter Fraction in North Carolina
You can calculate the renter fraction in North Carolina 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 North Carolina as a fraction of total North Carolina households. In 2019 34.69% of households were renters according to Census ACS data.
North Carolina Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| North Carolina | 34.69% | -0.17% | -1.09% |
Trends in the North Carolina Renter Fraction
The North Carolina household renter fraction peaked in in 2015 at 36.13% and is now 1.44% below that level. The origin year for the series is 2005.
Fraction of Renting Households: North Carolina, US
History of North Carolina Renter Fraction
| Date | US | North Carolina |
|---|---|---|
| 2019 | 35.89% | 34.69% |
| 2018 | 36.05% | 34.86% |
| 2017 | 36.13% | 34.60% |
| 2016 | 36.88% | 35.78% |
| 2015 | 36.97% | 36.13% |
| 2014 | 36.90% | 35.75% |
| 2013 | 36.50% | 35.74% |
| 2012 | 36.09% | 34.56% |
| 2011 | 35.42% | 33.49% |
| 2010 | 34.65% | 32.83% |
| 2009 | 34.13% | 32.81% |
| 2007 | 32.80% | 31.70% |
| 2005 | 33.10% | 31.81% |
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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