Franklin County North Carolina Residential Rent and Rental Statistics
The median monthly gross residential rent in Franklin County NC was $797 in 2019 according to the Census ACS survey.1 Average gross rent in Franklin County was $662 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 Franklin County median and average rent data will be released in September of 2021.
Data is also available below for Franklin County rental vacancy rates, Franklin County rent as a percent of median income and the fraction of renters in Franklin County.
Real Gross Rent in Franklin 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% |
| Franklin County NC Median Gross Rent | $797 | -13.93% | — |
Franklin County NC Real Gross Rent Trends
Median gross rent for Franklin County peaked in real terms in 2018 at $926 and is now $129 (13.93%) lower. Average gross rent for Franklin County peaked in real terms in 2018 at $832 and is now $170 (20.43%) lower.
Real Gross Rent: Franklin County NC Median, Franklin County NC Average, North Carolina Median, US Median
Real Gross Rent History for Franklin County
| Date | US Median |
North Carolina Median |
Franklin County NC Median |
Franklin County NC Average |
|---|---|---|---|---|
| 2019 | $1,097 | $931 | $797 | $662 |
| 2018 | $1,077 | $916 | $926 | $832 |
| 2017 | $1,043 | $888 | $817 | $777 |
| 2016 | $1,027 | $879 | — | — |
| 2015 | $1,017 | $877 | — | — |
| 2014 | $986 | $848 | — | — |
| 2013 | $953 | $819 | — | — |
| 2012 | $940 | $804 | — | — |
| 2011 | $941 | $805 | — | — |
| 2010 | $955 | $817 | — | — |
| 2009 | $960 | $821 | — | — |
| 2007 | $927 | $797 | — | — |
| 2005 | $910 | $794 | — | — |
Historical Rental Vacancy Rate data for Franklin County
| Date | US | North Carolina | Franklin County NC |
|---|---|---|---|
| 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% | — |
Rent as a Fraction of Income
Using median household income data for Franklin County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Franklin County, median monthly gross rent as a fraction of median household income was 16.75% in 2019 according to the ACS.
Franklin 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% |
| Franklin County NC | 16.75% | -1.27% | — |
Trends in Franklin County NC Rent as a Fraction of Income
The fraction of median Franklin County household income required to pay median monthly gross rent peaked in 2018 (relative to the 2017 series origin) at 18.02%. Since then it has fallen by 1.27% to 16.75%.
Fraction of Income towards Rent: Franklin County NC, North Carolina, US
Historical Data for Annual Rent as a Fraction of Income in Franklin County North Carolina
| Date | US | North Carolina | Franklin County NC |
|---|---|---|---|
| 2019 | 20.03% | 19.48% | 16.75% |
| 2018 | 20.50% | 20.05% | 18.02% |
| 2017 | 20.13% | 19.59% | 17.34% |
| 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 Franklin County North Carolina
You can calculate the renter fraction in Franklin 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 Franklin County as a fraction of total Franklin County households. In 2019 27.88% of households were renters according to Census ACS data.
Franklin 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% |
| Franklin County NC | 27.88% | +4.46% | — |
Trends in the Franklin County NC Renter Fraction
At 27.88%, the 2019 household based renter fraction in Franklin County was at its highest level. The origin year for the series is 2017.
Fraction of Renting Households: Franklin County NC, North Carolina, US
History of Franklin County Renter Fraction
| Date | US | North Carolina | Franklin County NC |
|---|---|---|---|
| 2019 | 35.89% | 34.69% | 27.88% |
| 2018 | 36.05% | 34.86% | 23.42% |
| 2017 | 36.13% | 34.60% | 27.65% |
| 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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