Florence County South Carolina Residential Rent and Rental Statistics
The median monthly gross residential rent in Florence County SC was $790 in 2019 according to the Census ACS survey.1 Average gross rent in Florence County was $742 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 Florence County median and average rent data will be released in September of 2021.
Data is also available below for Florence County rental vacancy rates, Florence County rent as a percent of median income and the fraction of renters in Florence County.
Real Gross Rent in Florence County South Carolina (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| South Carolina Median Gross Rent | $922 | +1.54% | +4.65% |
| Florence County SC Median Gross Rent | $790 | +3.54% | +1.54% |
Florence County SC Real Gross Rent Trends
At $790, real median gross rent in Florence County was at its highest level in 2019 since the series began in 2005. At $742, real average gross rent in Florence County was at its highest level in 2019 since the series began in 2005.
Real Gross Rent: Florence County SC Median, Florence County SC Average, South Carolina Median, US Median
Real Gross Rent History for Florence County
| Date | US Median |
South Carolina Median |
Florence County SC Median |
Florence County SC Average |
|---|---|---|---|---|
| 2019 | $1,097 | $922 | $790 | $742 |
| 2018 | $1,077 | $908 | $763 | $674 |
| 2017 | $1,043 | $874 | $757 | $696 |
| 2016 | $1,027 | $881 | $778 | $714 |
| 2015 | $1,017 | $869 | $768 | $685 |
| 2014 | $986 | $835 | $713 | $641 |
| 2013 | $953 | $807 | $678 | $668 |
| 2012 | $940 | $802 | $702 | $638 |
| 2011 | $941 | $800 | $685 | $647 |
| 2010 | $955 | $813 | $710 | $615 |
| 2009 | $960 | $805 | $669 | $644 |
| 2007 | $927 | $758 | $657 | $630 |
| 2005 | $910 | $764 | $714 | $623 |
Florence 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 Florence County South Carolina was 10.79% according to Census ACS data.
Rental Vacancy Rate in Florence County South Carolina
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| South Carolina | 9.13% | -0.86% | +0.64% |
| Florence County SC | 10.79% | +3.22% | -1.75% |
Trends in Florence County SC Rental Vacancy Rate
The rental vacancy rate in Florence County peaked in 2016 at 12.54%. Since then it has fallen by 1.75% to 10.79%. Data records for this series originated in 2005.
Rental Vacancy Rate: Florence County SC, South Carolina, US
Historical Rental Vacancy Rate data for Florence County
| Date | US | South Carolina | Florence County SC |
|---|---|---|---|
| 2019 | 5.97% | 9.13% | 10.79% |
| 2018 | 6.15% | 9.99% | 7.57% |
| 2017 | 6.18% | 8.97% | — |
| 2016 | 5.89% | 8.49% | 12.54% |
| 2015 | 5.85% | 9.45% | 6.79% |
| 2014 | 6.32% | 10.54% | 6.44% |
| 2013 | 6.49% | 10.54% | 7.03% |
| 2012 | 6.77% | 12.68% | — |
| 2011 | 7.40% | 12.12% | 9.85% |
| 2010 | 8.17% | 13.69% | 7.44% |
| 2009 | 8.43% | 13.35% | 7.17% |
| 2007 | 7.87% | 11.99% | 5.85% |
| 2005 | 7.74% | 11.43% | 8.89% |
Rent as a Fraction of Income
Using median household income data for Florence County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Florence County, median monthly gross rent as a fraction of median household income was 18.93% in 2019 according to the ACS.
Florence County South 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% |
| South Carolina | 19.68% | -0.79% | -0.71% |
| Florence County SC | 18.93% | +0.51% | -0.24% |
Trends in Florence County SC Rent as a Fraction of Income
The fraction of median Florence County household income required to pay median monthly gross rent peaked in 2015 (relative to the 2005 series origin) at 21.25%. Since then it has fallen by 2.32% to 18.93%.
Fraction of Income towards Rent: Florence County SC, South Carolina, US
Historical Data for Annual Rent as a Fraction of Income in Florence County South Carolina
| Date | US | South Carolina | Florence County SC |
|---|---|---|---|
| 2019 | 20.03% | 19.68% | 18.93% |
| 2018 | 20.50% | 20.46% | 18.42% |
| 2017 | 20.13% | 20.12% | 20.52% |
| 2016 | 20.43% | 20.39% | 19.16% |
| 2015 | 20.63% | 20.81% | 21.25% |
| 2014 | 20.89% | 20.98% | 18.77% |
| 2013 | 20.78% | 20.81% | 18.70% |
| 2012 | 20.65% | 20.99% | 19.20% |
| 2011 | 20.70% | 20.99% | 18.91% |
| 2010 | 20.50% | 20.79% | 19.60% |
| 2009 | 20.12% | 19.96% | 17.41% |
| 2007 | 18.66% | 17.86% | 16.59% |
| 2005 | 18.89% | 18.65% | 18.49% |
Renter Fraction in Florence County South Carolina
You can calculate the renter fraction in Florence 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 Florence County as a fraction of total Florence County households. In 2019 35.03% of households were renters according to Census ACS data.
Florence County Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| South Carolina | 29.73% | -1.00% | -1.64% |
| Florence County SC | 35.03% | +0.32% | +4.33% |
Trends in the Florence County SC Renter Fraction
The Florence County household renter fraction peaked in in 2010 at 36.15% and is now 1.12% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Florence County SC, South Carolina, US
History of Florence County Renter Fraction
| Date | US | South Carolina | Florence County SC |
|---|---|---|---|
| 2019 | 35.89% | 29.73% | 35.03% |
| 2018 | 36.05% | 30.73% | 34.71% |
| 2017 | 36.13% | 31.25% | 34.84% |
| 2016 | 36.88% | 31.37% | 30.70% |
| 2015 | 36.97% | 31.87% | 33.56% |
| 2014 | 36.90% | 31.95% | 33.98% |
| 2013 | 36.50% | 31.83% | 36.08% |
| 2012 | 36.09% | 31.87% | 33.46% |
| 2011 | 35.42% | 30.83% | 31.42% |
| 2010 | 34.65% | 31.30% | 36.15% |
| 2009 | 34.13% | 29.86% | 31.49% |
| 2007 | 32.80% | 29.96% | 34.44% |
| 2005 | 33.10% | 29.91% | 30.62% |
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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