Orange County North Carolina Residential Rent and Rental Statistics
The median monthly gross residential rent in Orange County NC was $1,054 in 2019 according to the Census ACS survey.1 Average gross rent in Orange County was $1,064 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 Orange County median and average rent data will be released in September of 2021.
Data is also available below for Orange County rental vacancy rates, Orange County rent as a percent of median income and the fraction of renters in Orange County.
Real Gross Rent in Orange 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% |
| Orange County NC Median Gross Rent | $1,054 | -5.30% | -3.21% |
Orange County NC Real Gross Rent Trends
Median gross rent for Orange County peaked in real terms in 2018 at $1,113 and is now $59 (5.30%) lower. Average gross rent for Orange County peaked in real terms in 2017 at $1,164 and is now $100 (8.59%) lower.
Real Gross Rent: Orange County NC Median, Orange County NC Average, North Carolina Median, US Median
Real Gross Rent History for Orange County
| Date | US Median |
North Carolina Median |
Orange County NC Median |
Orange County NC Average |
|---|---|---|---|---|
| 2019 | $1,097 | $931 | $1,054 | $1,064 |
| 2018 | $1,077 | $916 | $1,113 | $1,133 |
| 2017 | $1,043 | $888 | $1,109 | $1,164 |
| 2016 | $1,027 | $879 | $1,089 | $1,120 |
| 2015 | $1,017 | $877 | $1,019 | $1,072 |
| 2014 | $986 | $848 | $1,023 | $1,059 |
| 2013 | $953 | $819 | $980 | $1,024 |
| 2012 | $940 | $804 | $922 | $989 |
| 2011 | $941 | $805 | $921 | $947 |
| 2010 | $955 | $817 | $903 | $954 |
| 2009 | $960 | $821 | $891 | $988 |
| 2007 | $927 | $797 | $905 | $932 |
| 2005 | $910 | $794 | $879 | $880 |
Orange 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 Orange County North Carolina was 5.41% according to Census ACS data.
Rental Vacancy Rate in Orange 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% |
| Orange County NC | 5.41% | +3.65% | -2.95% |
Trends in Orange County NC Rental Vacancy Rate
The rental vacancy rate in Orange County peaked in 2007 at 9.96%. Since then it has fallen by 4.55% to 5.41%. Data records for this series originated in 2005. From a 2018 post peak low of 1.76%, the rental vacancy rate has increased by 3.65%.
Rental Vacancy Rate: Orange County NC, North Carolina, US
Historical Rental Vacancy Rate data for Orange County
| Date | US | North Carolina | Orange County NC |
|---|---|---|---|
| 2019 | 5.97% | 6.60% | 5.41% |
| 2018 | 6.15% | 7.03% | 1.76% |
| 2017 | 6.18% | 6.77% | 4.07% |
| 2016 | 5.89% | 6.99% | 8.36% |
| 2015 | 5.85% | 7.02% | 3.42% |
| 2014 | 6.32% | 7.29% | 5.14% |
| 2013 | 6.49% | 7.46% | 5.44% |
| 2012 | 6.77% | 8.00% | — |
| 2011 | 7.40% | 9.31% | 8.62% |
| 2010 | 8.17% | 9.97% | 8.92% |
| 2009 | 8.43% | 10.10% | 8.96% |
| 2007 | 7.87% | 9.26% | 9.96% |
| 2005 | 7.74% | 9.99% | — |
Rent as a Fraction of Income
Using median household income data for Orange County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Orange County, median monthly gross rent as a fraction of median household income was 17.02% in 2019 according to the ACS.
Orange 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% |
| Orange County NC | 17.02% | -1.05% | -1.77% |
Trends in Orange County NC Rent as a Fraction of Income
The fraction of median Orange County household income required to pay median monthly gross rent peaked in 2012 (relative to the 2005 series origin) at 20.36%. Since then it has fallen by 3.34% to 17.02%.
Fraction of Income towards Rent: Orange County NC, North Carolina, US
Historical Data for Annual Rent as a Fraction of Income in Orange County North Carolina
| Date | US | North Carolina | Orange County NC |
|---|---|---|---|
| 2019 | 20.03% | 19.48% | 17.02% |
| 2018 | 20.50% | 20.05% | 18.08% |
| 2017 | 20.13% | 19.59% | 18.46% |
| 2016 | 20.43% | 19.90% | 18.79% |
| 2015 | 20.63% | 20.75% | 18.85% |
| 2014 | 20.89% | 20.70% | 19.49% |
| 2013 | 20.78% | 20.34% | 18.81% |
| 2012 | 20.65% | 20.09% | 20.36% |
| 2011 | 20.70% | 20.36% | 18.12% |
| 2010 | 20.50% | 20.25% | 20.11% |
| 2009 | 20.12% | 19.78% | 18.71% |
| 2007 | 18.66% | 18.21% | 16.88% |
| 2005 | 18.89% | 18.71% | 19.18% |
Renter Fraction in Orange County North Carolina
You can calculate the renter fraction in Orange 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 Orange County as a fraction of total Orange County households. In 2019 37.08% of households were renters according to Census ACS data.
Orange 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% |
| Orange County NC | 37.08% | +0.48% | +1.86% |
Trends in the Orange County NC Renter Fraction
The Orange County household renter fraction peaked in in 2010 at 41.16% and is now 4.08% below that level. From a recent low of 35.22% in 2016, the household based renter fraction has now grown by 1.86%. The origin year for the series is 2005.
Fraction of Renting Households: Orange County NC, North Carolina, US
History of Orange County Renter Fraction
| Date | US | North Carolina | Orange County NC |
|---|---|---|---|
| 2019 | 35.89% | 34.69% | 37.08% |
| 2018 | 36.05% | 34.86% | 36.60% |
| 2017 | 36.13% | 34.60% | 39.17% |
| 2016 | 36.88% | 35.78% | 35.22% |
| 2015 | 36.97% | 36.13% | 39.76% |
| 2014 | 36.90% | 35.75% | 40.14% |
| 2013 | 36.50% | 35.74% | 38.67% |
| 2012 | 36.09% | 34.56% | 40.45% |
| 2011 | 35.42% | 33.49% | 38.73% |
| 2010 | 34.65% | 32.83% | 41.16% |
| 2009 | 34.13% | 32.81% | 39.29% |
| 2007 | 32.80% | 31.70% | 38.22% |
| 2005 | 33.10% | 31.81% | 40.32% |
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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