Shelby County Tennessee Residential Rent and Rental Statistics
The median monthly gross residential rent in Shelby County TN was $960 in 2019 according to the Census ACS survey.1 Average gross rent in Shelby County was $970 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 Shelby County median and average rent data will be released in September of 2021.
Data is also available below for Shelby County rental vacancy rates, Shelby County rent as a percent of median income and the fraction of renters in Shelby County.
Real Gross Rent in Shelby County Tennessee (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Tennessee Median Gross Rent | $904 | +3.08% | +7.11% |
| Shelby County TN Median Gross Rent | $960 | +4.58% | +3.67% |
Shelby County TN Real Gross Rent Trends
At $960, real median gross rent in Shelby County was at its highest level in 2019 since the series began in 2005. At $970, real average gross rent in Shelby County was at its highest level in 2019 since the series began in 2005.
Real Gross Rent: Shelby County TN Median, Shelby County TN Average, Tennessee Median, US Median
Real Gross Rent History for Shelby County
| Date | US Median |
Tennessee Median |
Shelby County TN Median |
Shelby County TN Average |
|---|---|---|---|---|
| 2019 | $1,097 | $904 | $960 | $970 |
| 2018 | $1,077 | $877 | $918 | $929 |
| 2017 | $1,043 | $859 | $933 | $953 |
| 2016 | $1,027 | $844 | $926 | $955 |
| 2015 | $1,017 | $833 | $914 | $920 |
| 2014 | $986 | $813 | $908 | $922 |
| 2013 | $953 | $788 | $881 | $902 |
| 2012 | $940 | $777 | $884 | $906 |
| 2011 | $941 | $772 | $882 | $899 |
| 2010 | $955 | $779 | $905 | $933 |
| 2009 | $960 | $777 | $873 | $897 |
| 2007 | $927 | $745 | $873 | $865 |
| 2005 | $910 | $729 | $871 | $884 |
Shelby 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 Shelby County Tennessee was 9.33% according to Census ACS data.
Rental Vacancy Rate in Shelby County Tennessee
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Tennessee | 7.27% | -0.29% | +0.59% |
| Shelby County TN | 9.33% | +1.63% | +0.75% |
Trends in Shelby County TN Rental Vacancy Rate
The rental vacancy rate in Shelby County peaked in 2008 at 17.27%. Since then it has fallen by 7.94% to 9.33%. Data records for this series originated in 2005. From a 2018 post peak low of 7.70%, the rental vacancy rate has increased by 1.63%.
Rental Vacancy Rate: Shelby County TN, Tennessee, US
Historical Rental Vacancy Rate data for Shelby County
| Date | US | Tennessee | Shelby County TN |
|---|---|---|---|
| 2019 | 5.97% | 7.27% | 9.33% |
| 2018 | 6.15% | 7.56% | 7.70% |
| 2017 | 6.18% | 6.67% | 8.76% |
| 2016 | 5.89% | 6.68% | 8.58% |
| 2015 | 5.85% | 7.13% | 9.28% |
| 2014 | 6.32% | 7.24% | 10.68% |
| 2013 | 6.49% | 7.86% | 11.43% |
| 2012 | 6.77% | 7.89% | 10.64% |
| 2011 | 7.40% | 8.54% | 11.39% |
| 2010 | 8.17% | 10.33% | 15.61% |
| 2009 | 8.43% | 10.52% | 15.41% |
| 2007 | 7.87% | 9.20% | 13.67% |
| 2005 | 7.74% | 8.82% | 11.02% |
Rent as a Fraction of Income
Using median household income data for Shelby County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Shelby County, median monthly gross rent as a fraction of median household income was 21.90% in 2019 according to the ACS.
Shelby County Tennessee Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Tennessee | 19.35% | -0.38% | -0.58% |
| Shelby County TN | 21.90% | -0.89% | -0.35% |
Trends in Shelby County TN Rent as a Fraction of Income
The fraction of median Shelby County household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 23.49%. Since then it has fallen by 1.59% to 21.90%.
Fraction of Income towards Rent: Shelby County TN, Tennessee, US
Historical Data for Annual Rent as a Fraction of Income in Shelby County Tennessee
| Date | US | Tennessee | Shelby County TN |
|---|---|---|---|
| 2019 | 20.03% | 19.35% | 21.90% |
| 2018 | 20.50% | 19.73% | 22.79% |
| 2017 | 20.13% | 19.47% | 21.87% |
| 2016 | 20.43% | 19.92% | 22.24% |
| 2015 | 20.63% | 19.93% | 21.97% |
| 2014 | 20.89% | 20.83% | 23.49% |
| 2013 | 20.78% | 20.26% | 22.21% |
| 2012 | 20.65% | 20.48% | 22.31% |
| 2011 | 20.70% | 20.58% | 22.09% |
| 2010 | 20.50% | 20.17% | 22.10% |
| 2009 | 20.12% | 19.61% | 21.99% |
| 2007 | 18.66% | 17.96% | 20.13% |
| 2005 | 18.89% | 18.00% | 20.48% |
Renter Fraction in Shelby County Tennessee
You can calculate the renter fraction in Shelby 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 Shelby County as a fraction of total Shelby County households. In 2019 45.81% of households were renters according to Census ACS data.
Shelby County Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Tennessee | 33.49% | -0.28% | -1.42% |
| Shelby County TN | 45.81% | +0.86% | -1.31% |
Trends in the Shelby County TN Renter Fraction
The Shelby County household renter fraction peaked in in 2016 at 47.12% and is now 1.31% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Shelby County TN, Tennessee, US
History of Shelby County Renter Fraction
| Date | US | Tennessee | Shelby County TN |
|---|---|---|---|
| 2019 | 35.89% | 33.49% | 45.81% |
| 2018 | 36.05% | 33.77% | 44.95% |
| 2017 | 36.13% | 34.57% | 44.80% |
| 2016 | 36.88% | 34.91% | 47.12% |
| 2015 | 36.97% | 34.18% | 45.04% |
| 2014 | 36.90% | 33.86% | 43.73% |
| 2013 | 36.50% | 33.62% | 43.33% |
| 2012 | 36.09% | 33.31% | 41.67% |
| 2011 | 35.42% | 32.72% | 42.41% |
| 2010 | 34.65% | 31.87% | 40.24% |
| 2009 | 34.13% | 30.85% | 39.85% |
| 2007 | 32.80% | 30.06% | 38.36% |
| 2005 | 33.10% | 30.74% | 37.95% |
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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