Pitt County North Carolina Residential Rent and Rental Statistics
The median monthly gross residential rent in Pitt County NC was $829 in 2019 according to the Census ACS survey.1 Average gross rent in Pitt County was $841 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 Pitt County median and average rent data will be released in September of 2021.
Data is also available below for Pitt County rental vacancy rates, Pitt County rent as a percent of median income and the fraction of renters in Pitt County.
Real Gross Rent in Pitt 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% |
| Pitt County NC Median Gross Rent | $829 | +14.03% | +10.39% |
Pitt County NC Real Gross Rent Trends
At $829, real median gross rent in Pitt County was at its highest level in 2019 since the series began in 2005. Average gross rent for Pitt County peaked in real terms in 2014 at $879 and is now $38 (4.32%) lower.
Real Gross Rent: Pitt County NC Median, Pitt County NC Average, North Carolina Median, US Median
Real Gross Rent History for Pitt County
| Date | US Median |
North Carolina Median |
Pitt County NC Median |
Pitt County NC Average |
|---|---|---|---|---|
| 2019 | $1,097 | $931 | $829 | $841 |
| 2018 | $1,077 | $916 | $727 | $786 |
| 2017 | $1,043 | $888 | $811 | $851 |
| 2016 | $1,027 | $879 | $751 | $797 |
| 2015 | $1,017 | $877 | $805 | $859 |
| 2014 | $986 | $848 | $815 | $879 |
| 2013 | $953 | $819 | $734 | $792 |
| 2012 | $940 | $804 | $735 | $756 |
| 2011 | $941 | $805 | $752 | $786 |
| 2010 | $955 | $817 | $768 | $830 |
| 2009 | $960 | $821 | $752 | $777 |
| 2007 | $927 | $797 | $785 | $778 |
| 2005 | $910 | $794 | $709 | $684 |
Pitt 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 Pitt County North Carolina was 9.05% according to Census ACS data.
Rental Vacancy Rate in Pitt 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% |
| Pitt County NC | — | — | — |
Trends in Pitt County NC Rental Vacancy Rate
The rental vacancy rate in Pitt County peaked in 2005 at 13.89%. Since then it has fallen by 4.84% to 9.05%. Data records for this series originated in 2005. From a 2012 post peak low of 2.29%, the rental vacancy rate has increased by 6.76%.
Rental Vacancy Rate: Pitt County NC, North Carolina, US
Historical Rental Vacancy Rate data for Pitt County
| Date | US | North Carolina | Pitt County NC |
|---|---|---|---|
| 2019 | 5.97% | 6.60% | — |
| 2018 | 6.15% | 7.03% | 9.05% |
| 2017 | 6.18% | 6.77% | 4.28% |
| 2016 | 5.89% | 6.99% | 8.59% |
| 2015 | 5.85% | 7.02% | 3.99% |
| 2014 | 6.32% | 7.29% | 7.96% |
| 2013 | 6.49% | 7.46% | — |
| 2012 | 6.77% | 8.00% | 2.29% |
| 2011 | 7.40% | 9.31% | 12.10% |
| 2010 | 8.17% | 9.97% | 13.22% |
| 2009 | 8.43% | 10.10% | 9.64% |
| 2007 | 7.87% | 9.26% | 5.99% |
| 2005 | 7.74% | 9.99% | 13.89% |
Rent as a Fraction of Income
Using median household income data for Pitt County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Pitt County, median monthly gross rent as a fraction of median household income was 18.63% in 2019 according to the ACS.
Pitt 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% |
| Pitt County NC | 18.63% | -1.54% | +0.15% |
Trends in Pitt County NC Rent as a Fraction of Income
The fraction of median Pitt County household income required to pay median monthly gross rent peaked in 2009 (relative to the 2005 series origin) at 22.30%. Since then it has fallen by 3.68% to 18.63%. From a 2016 low of 18.47%, the fraction of income going to rent has increased by 0.15%.
Fraction of Income towards Rent: Pitt County NC, North Carolina, US
Historical Data for Annual Rent as a Fraction of Income in Pitt County North Carolina
| Date | US | North Carolina | Pitt County NC |
|---|---|---|---|
| 2019 | 20.03% | 19.48% | 18.63% |
| 2018 | 20.50% | 20.05% | 20.17% |
| 2017 | 20.13% | 19.59% | 20.60% |
| 2016 | 20.43% | 19.90% | 18.47% |
| 2015 | 20.63% | 20.75% | 21.97% |
| 2014 | 20.89% | 20.70% | 22.25% |
| 2013 | 20.78% | 20.34% | 20.58% |
| 2012 | 20.65% | 20.09% | 21.49% |
| 2011 | 20.70% | 20.36% | 21.39% |
| 2010 | 20.50% | 20.25% | 21.02% |
| 2009 | 20.12% | 19.78% | 22.30% |
| 2007 | 18.66% | 18.21% | 21.54% |
| 2005 | 18.89% | 18.71% | 21.28% |
Renter Fraction in Pitt County North Carolina
You can calculate the renter fraction in Pitt 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 Pitt County as a fraction of total Pitt County households. In 2019 49.72% of households were renters according to Census ACS data.
Pitt 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% |
| Pitt County NC | 49.72% | +3.11% | +2.49% |
Trends in the Pitt County NC Renter Fraction
At 49.72%, the 2019 household based renter fraction in Pitt County was at its highest level. The origin year for the series is 2005.
Fraction of Renting Households: Pitt County NC, North Carolina, US
History of Pitt County Renter Fraction
| Date | US | North Carolina | Pitt County NC |
|---|---|---|---|
| 2019 | 35.89% | 34.69% | 49.72% |
| 2018 | 36.05% | 34.86% | 46.61% |
| 2017 | 36.13% | 34.60% | 46.36% |
| 2016 | 36.88% | 35.78% | 47.23% |
| 2015 | 36.97% | 36.13% | 47.69% |
| 2014 | 36.90% | 35.75% | 49.48% |
| 2013 | 36.50% | 35.74% | 47.18% |
| 2012 | 36.09% | 34.56% | 48.61% |
| 2011 | 35.42% | 33.49% | 45.41% |
| 2010 | 34.65% | 32.83% | 42.40% |
| 2009 | 34.13% | 32.81% | 48.13% |
| 2007 | 32.80% | 31.70% | 45.49% |
| 2005 | 33.10% | 31.81% | 43.17% |
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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