Rowan County North Carolina Residential Rent and Rental Statistics
The median monthly gross residential rent in Rowan County NC was $830 in 2019 according to the Census ACS survey.1 Average gross rent in Rowan County was $694 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 Rowan County median and average rent data will be released in September of 2021.
Data is also available below for Rowan County rental vacancy rates, Rowan County rent as a percent of median income and the fraction of renters in Rowan County.
Real Gross Rent in Rowan 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% |
| Rowan County NC Median Gross Rent | $830 | +7.79% | +13.54% |
Rowan County NC Real Gross Rent Trends
At $830, real median gross rent in Rowan County was at its highest level in 2019 since the series began in 2005. Average gross rent for Rowan County peaked in real terms in 2015 at $728 and is now $34 (4.67%) lower.
Real Gross Rent: Rowan County NC Median, Rowan County NC Average, North Carolina Median, US Median
Real Gross Rent History for Rowan County
| Date | US Median |
North Carolina Median |
Rowan County NC Median |
Rowan County NC Average |
|---|---|---|---|---|
| 2019 | $1,097 | $931 | $830 | $694 |
| 2018 | $1,077 | $916 | $770 | $694 |
| 2017 | $1,043 | $888 | $719 | $655 |
| 2016 | $1,027 | $879 | $731 | $696 |
| 2015 | $1,017 | $877 | $775 | $728 |
| 2014 | $986 | $848 | $803 | $682 |
| 2013 | $953 | $819 | $720 | $661 |
| 2012 | $940 | $804 | $720 | $668 |
| 2011 | $941 | $805 | $702 | $622 |
| 2010 | $955 | $817 | $760 | $689 |
| 2009 | $960 | $821 | $774 | $678 |
| 2007 | $927 | $797 | $721 | $693 |
| 2005 | $910 | $794 | $726 | $689 |
Rowan 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 Rowan County North Carolina was 7.11% according to Census ACS data.
Rental Vacancy Rate in Rowan 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% |
| Rowan County NC | 7.11% | +5.03% | +3.15% |
Trends in Rowan County NC Rental Vacancy Rate
The rental vacancy rate in Rowan County peaked in 2006 at 15.78%. Since then it has fallen by 8.67% to 7.11%. Data records for this series originated in 2005. From a 2018 post peak low of 2.08%, the rental vacancy rate has increased by 5.03%.
Rental Vacancy Rate: Rowan County NC, North Carolina, US
Historical Rental Vacancy Rate data for Rowan County
| Date | US | North Carolina | Rowan County NC |
|---|---|---|---|
| 2019 | 5.97% | 6.60% | 7.11% |
| 2018 | 6.15% | 7.03% | 2.08% |
| 2017 | 6.18% | 6.77% | 6.53% |
| 2016 | 5.89% | 6.99% | 3.96% |
| 2015 | 5.85% | 7.02% | 5.97% |
| 2014 | 6.32% | 7.29% | 5.50% |
| 2013 | 6.49% | 7.46% | 10.95% |
| 2012 | 6.77% | 8.00% | 7.33% |
| 2011 | 7.40% | 9.31% | — |
| 2010 | 8.17% | 9.97% | 9.47% |
| 2009 | 8.43% | 10.10% | 10.41% |
| 2007 | 7.87% | 9.26% | — |
| 2005 | 7.74% | 9.99% | 12.63% |
Rent as a Fraction of Income
Using median household income data for Rowan County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Rowan County, median monthly gross rent as a fraction of median household income was 19.18% in 2019 according to the ACS.
Rowan 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% |
| Rowan County NC | 19.18% | -0.53% | +1.87% |
Trends in Rowan County NC Rent as a Fraction of Income
The fraction of median Rowan County household income required to pay median monthly gross rent peaked in 2010 (relative to the 2005 series origin) at 21.84%. Since then it has fallen by 2.66% to 19.18%.
Fraction of Income towards Rent: Rowan County NC, North Carolina, US
Historical Data for Annual Rent as a Fraction of Income in Rowan County North Carolina
| Date | US | North Carolina | Rowan County NC |
|---|---|---|---|
| 2019 | 20.03% | 19.48% | 19.18% |
| 2018 | 20.50% | 20.05% | 19.71% |
| 2017 | 20.13% | 19.59% | 17.65% |
| 2016 | 20.43% | 19.90% | 17.31% |
| 2015 | 20.63% | 20.75% | 19.36% |
| 2014 | 20.89% | 20.70% | 19.86% |
| 2013 | 20.78% | 20.34% | 19.94% |
| 2012 | 20.65% | 20.09% | 20.26% |
| 2011 | 20.70% | 20.36% | 19.50% |
| 2010 | 20.50% | 20.25% | 21.84% |
| 2009 | 20.12% | 19.78% | 18.70% |
| 2007 | 18.66% | 18.21% | 15.79% |
| 2005 | 18.89% | 18.71% | 17.57% |
Renter Fraction in Rowan County North Carolina
You can calculate the renter fraction in Rowan 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 Rowan County as a fraction of total Rowan County households. In 2019 32.12% of households were renters according to Census ACS data.
Rowan 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% |
| Rowan County NC | 32.12% | +3.16% | -0.30% |
Trends in the Rowan County NC Renter Fraction
The Rowan County household renter fraction peaked in in 2014 at 34.57% and is now 2.45% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Rowan County NC, North Carolina, US
History of Rowan County Renter Fraction
| Date | US | North Carolina | Rowan County NC |
|---|---|---|---|
| 2019 | 35.89% | 34.69% | 32.12% |
| 2018 | 36.05% | 34.86% | 28.96% |
| 2017 | 36.13% | 34.60% | 28.56% |
| 2016 | 36.88% | 35.78% | 32.42% |
| 2015 | 36.97% | 36.13% | 32.31% |
| 2014 | 36.90% | 35.75% | 34.57% |
| 2013 | 36.50% | 35.74% | 33.94% |
| 2012 | 36.09% | 34.56% | 31.60% |
| 2011 | 35.42% | 33.49% | 31.66% |
| 2010 | 34.65% | 32.83% | 30.84% |
| 2009 | 34.13% | 32.81% | 29.07% |
| 2007 | 32.80% | 31.70% | 23.46% |
| 2005 | 33.10% | 31.81% | 26.14% |
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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