Cleveland County North Carolina Residential Rent and Rental Statistics
The median monthly gross residential rent in Cleveland County NC was $676 in 2019 according to the Census ACS survey.1 Average gross rent in Cleveland County was $611 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 Cleveland County median and average rent data will be released in September of 2021.
Data is also available below for Cleveland County rental vacancy rates, Cleveland County rent as a percent of median income and the fraction of renters in Cleveland County.
Real Gross Rent in Cleveland County 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% |
| Cleveland County NC Median Gross Rent | $676 | +0.45% | 0.00% |
Cleveland County NC Real Gross Rent Trends
Median gross rent for Cleveland County peaked in real terms in 2015 at $712 and is now $36 (5.06%) lower. Average gross rent for Cleveland County peaked in real terms in 2014 at $711 and is now $100 (14.06%) lower.
Real Gross Rent: Cleveland County NC Median, Cleveland County NC Average, North Carolina Median, US Median
Real Gross Rent History for Cleveland County
| Date | US Median |
North Carolina Median |
Cleveland County NC Median |
Cleveland County NC Average |
|---|---|---|---|---|
| 2019 | $1,097 | $931 | $676 | $611 |
| 2018 | $1,077 | $916 | $673 | $632 |
| 2017 | $1,043 | $888 | $667 | $681 |
| 2016 | $1,027 | $879 | $676 | $614 |
| 2015 | $1,017 | $877 | $712 | $617 |
| 2014 | $986 | $848 | $705 | $711 |
| 2013 | $953 | $819 | $627 | $612 |
| 2012 | $940 | $804 | $665 | $566 |
| 2011 | $941 | $805 | $690 | $659 |
| 2010 | $955 | $817 | $638 | $559 |
| 2009 | $960 | $821 | $711 | $617 |
| 2007 | $927 | $797 | $652 | $633 |
| 2005 | $910 | $794 | $683 | $685 |
Cleveland County Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2018 the rental vacancy rate for Cleveland County North Carolina was 7.55% according to Census ACS data.
Rental Vacancy Rate in Cleveland County North Carolina
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| North Carolina | 6.60% | -0.43% | -0.39% |
| Cleveland County NC | — | — | — |
Trends in Cleveland County NC Rental Vacancy Rate
The rental vacancy rate in Cleveland County peaked in 2006 at 16.51%. Since then it has fallen by 8.96% to 7.55%. Data records for this series originated in 2005. From a 2015 post peak low of 2.90%, the rental vacancy rate has increased by 4.65%.
Rental Vacancy Rate: Cleveland County NC, North Carolina, US
Historical Rental Vacancy Rate data for Cleveland County
| Date | US | North Carolina | Cleveland County NC |
|---|---|---|---|
| 2019 | 5.97% | 6.60% | — |
| 2018 | 6.15% | 7.03% | 7.55% |
| 2017 | 6.18% | 6.77% | — |
| 2016 | 5.89% | 6.99% | 10.03% |
| 2015 | 5.85% | 7.02% | 2.90% |
| 2014 | 6.32% | 7.29% | 15.46% |
| 2013 | 6.49% | 7.46% | 7.25% |
| 2012 | 6.77% | 8.00% | — |
| 2011 | 7.40% | 9.31% | 14.02% |
| 2010 | 8.17% | 9.97% | 7.26% |
| 2009 | 8.43% | 10.10% | — |
| 2007 | 7.87% | 9.26% | 9.62% |
| 2005 | 7.74% | 9.99% | 12.01% |
Rent as a Fraction of Income
Using median household income data for Cleveland County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Cleveland County, median monthly gross rent as a fraction of median household income was 18.03% in 2019 according to the ACS.
Cleveland County 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% |
| Cleveland County NC | 18.03% | -1.46% | -2.92% |
Trends in Cleveland County NC Rent as a Fraction of Income
The fraction of median Cleveland County household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 21.45%. Since then it has fallen by 3.42% to 18.03%.
Fraction of Income towards Rent: Cleveland County NC, North Carolina, US
Historical Data for Annual Rent as a Fraction of Income in Cleveland County North Carolina
| Date | US | North Carolina | Cleveland County NC |
|---|---|---|---|
| 2019 | 20.03% | 19.48% | 18.03% |
| 2018 | 20.50% | 20.05% | 19.49% |
| 2017 | 20.13% | 19.59% | 20.87% |
| 2016 | 20.43% | 19.90% | 20.96% |
| 2015 | 20.63% | 20.75% | 20.71% |
| 2014 | 20.89% | 20.70% | 21.41% |
| 2013 | 20.78% | 20.34% | 17.59% |
| 2012 | 20.65% | 20.09% | 21.10% |
| 2011 | 20.70% | 20.36% | 21.45% |
| 2010 | 20.50% | 20.25% | 17.90% |
| 2009 | 20.12% | 19.78% | 19.76% |
| 2007 | 18.66% | 18.21% | 18.48% |
| 2005 | 18.89% | 18.71% | 18.92% |
Renter Fraction in Cleveland County North Carolina
You can calculate the renter fraction in Cleveland 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 Cleveland County as a fraction of total Cleveland County households. In 2019 30.43% of households were renters according to Census ACS data.
Cleveland County 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% |
| Cleveland County NC | 30.43% | -2.16% | -5.53% |
Trends in the Cleveland County NC Renter Fraction
The Cleveland County household renter fraction peaked in in 2016 at 35.96% and is now 5.53% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Cleveland County NC, North Carolina, US
History of Cleveland County Renter Fraction
| Date | US | North Carolina | Cleveland County NC |
|---|---|---|---|
| 2019 | 35.89% | 34.69% | 30.43% |
| 2018 | 36.05% | 34.86% | 32.59% |
| 2017 | 36.13% | 34.60% | 32.60% |
| 2016 | 36.88% | 35.78% | 35.96% |
| 2015 | 36.97% | 36.13% | 32.75% |
| 2014 | 36.90% | 35.75% | 31.98% |
| 2013 | 36.50% | 35.74% | 31.55% |
| 2012 | 36.09% | 34.56% | 32.04% |
| 2011 | 35.42% | 33.49% | 34.03% |
| 2010 | 34.65% | 32.83% | 31.75% |
| 2009 | 34.13% | 32.81% | 33.08% |
| 2007 | 32.80% | 31.70% | 30.07% |
| 2005 | 33.10% | 31.81% | 28.44% |
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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