Greensboro North Carolina Residential Rent and Rental Statistics
The median monthly gross residential rent in Greensboro, NC (the Greensboro-High Point metro area) was $863 in 2019 according to the Census ACS survey.1 Average gross rent in Greensboro was $861 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 Greensboro median and average rent data will be released in September of 2021.
Data is also available below for Greensboro rental vacancy rates, Greensboro rent as a percent of median income and the fraction of renters in Greensboro.
Real Gross Rent in Greensboro 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% |
| Greensboro, NC Median Gross Rent | $863 | +2.62% | +7.88% |
Greensboro, NC Real Gross Rent Trends
At $863, real median gross rent in Greensboro was at its highest level in 2019 since the series began in 2005. At $861, real average gross rent in Greensboro was at its highest level in 2019 since the series began in 2005.
Real Gross Rent in Greensboro: Greensboro NC Median, Greensboro NC Average, North Carolina Median, US Median
Real Gross Rent History for Greensboro
| Date | US Median |
North Carolina Median |
Greensboro, NC Median |
Greensboro, NC Average |
|---|---|---|---|---|
| 2019 | $1,097 | $931 | $863 | $861 |
| 2018 | $1,077 | $916 | $841 | $842 |
| 2017 | $1,043 | $888 | $816 | $832 |
| 2016 | $1,027 | $879 | $800 | $778 |
| 2015 | $1,017 | $877 | $815 | $808 |
| 2014 | $986 | $848 | $795 | $783 |
| 2013 | $953 | $819 | $749 | $746 |
| 2012 | $940 | $804 | $748 | $746 |
| 2011 | $941 | $805 | $764 | $759 |
| 2010 | $955 | $817 | $760 | $759 |
| 2009 | $960 | $821 | $772 | $760 |
| 2007 | $927 | $797 | $752 | $748 |
| 2005 | $910 | $794 | $803 | $770 |
Greensboro 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 Greensboro North Carolina was 5.61% according to Census ACS data.
Rental Vacancy Rate in Greensboro North Carolina
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| North Carolina | 6.60% | -0.43% | -0.39% |
| Greensboro, NC | 5.61% | +1.17% | -2.32% |
Trends in Greensboro, NC Rental Vacancy Rate
The rental vacancy rate in Greensboro peaked in 2008 at 14.59%. Since then it has fallen by 8.98% to 5.61%. Data records for this series originated in 2005. From a 2018 post peak low of 4.44%, the rental vacancy rate has increased by 1.17%.
Rental Vacancy Rate: Greensboro NC, North Carolina, US
Historical Rental Vacancy Rate data for Greensboro
| Date | US | North Carolina | Greensboro, NC |
|---|---|---|---|
| 2019 | 5.97% | 6.60% | 5.61% |
| 2018 | 6.15% | 7.03% | 4.44% |
| 2017 | 6.18% | 6.77% | 6.11% |
| 2016 | 5.89% | 6.99% | 7.93% |
| 2015 | 5.85% | 7.02% | 9.42% |
| 2014 | 6.32% | 7.29% | 8.79% |
| 2013 | 6.49% | 7.46% | 9.03% |
| 2012 | 6.77% | 8.00% | 8.78% |
| 2011 | 7.40% | 9.31% | 9.55% |
| 2010 | 8.17% | 9.97% | 11.03% |
| 2009 | 8.43% | 10.10% | 13.16% |
| 2007 | 7.87% | 9.26% | 12.16% |
| 2005 | 7.74% | 9.99% | 11.59% |
Rent as a Fraction of Income
Using median household income data for Greensboro, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Greensboro, median monthly gross rent as a fraction of median household income was 20.00% in 2019 according to the ACS.
Greensboro 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% |
| Greensboro, NC | 20.00% | +0.19% | +0.13% |
Trends in Greensboro, NC Rent as a Fraction of Income
The fraction of median Greensboro household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 21.23%. Since then it has fallen by 1.22% to 20.00%.
Fraction of Income towards Rent: Greensboro NC, North Carolina, US
Historical Data for Annual Rent as a Fraction of Income in Greensboro North Carolina
| Date | US | North Carolina | Greensboro, NC |
|---|---|---|---|
| 2019 | 20.03% | 19.48% | 20.00% |
| 2018 | 20.50% | 20.05% | 19.81% |
| 2017 | 20.13% | 19.59% | 18.88% |
| 2016 | 20.43% | 19.90% | 19.87% |
| 2015 | 20.63% | 20.75% | 20.14% |
| 2014 | 20.89% | 20.70% | 21.23% |
| 2013 | 20.78% | 20.34% | 19.48% |
| 2012 | 20.65% | 20.09% | 20.21% |
| 2011 | 20.70% | 20.36% | 20.49% |
| 2010 | 20.50% | 20.25% | 19.84% |
| 2009 | 20.12% | 19.78% | 19.68% |
| 2007 | 18.66% | 18.21% | 18.08% |
| 2005 | 18.89% | 18.71% | 19.18% |
Renter Fraction in Greensboro North Carolina
You can calculate the renter fraction in Greensboro 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 Greensboro as a fraction of total Greensboro households. In 2019 38.19% of households were renters according to Census ACS data.
Greensboro 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% |
| Greensboro, NC | 38.19% | +0.28% | -0.45% |
Trends in the Greensboro, NC Renter Fraction
The Greensboro household renter fraction peaked in in 2015 at 38.67% and is now 0.48% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Greensboro NC, North Carolina, US
History of Greensboro Renter Fraction
| Date | US | North Carolina | Greensboro, NC |
|---|---|---|---|
| 2019 | 35.89% | 34.69% | 38.19% |
| 2018 | 36.05% | 34.86% | 37.91% |
| 2017 | 36.13% | 34.60% | 37.52% |
| 2016 | 36.88% | 35.78% | 38.64% |
| 2015 | 36.97% | 36.13% | 38.67% |
| 2014 | 36.90% | 35.75% | 38.33% |
| 2013 | 36.50% | 35.74% | 38.38% |
| 2012 | 36.09% | 34.56% | 35.81% |
| 2011 | 35.42% | 33.49% | 33.74% |
| 2010 | 34.65% | 32.83% | 34.90% |
| 2009 | 34.13% | 32.81% | 34.57% |
| 2007 | 32.80% | 31.70% | 34.22% |
| 2005 | 33.10% | 31.81% | 33.89% |
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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