Department of Numbers

Lakeland Florida Residential Rent and Rental Statistics

The median monthly gross residential rent in Lakeland, FL (the Lakeland-Winter Haven metro area) was $890 in 2015 according to the Census ACS survey.1 Average gross rent in Lakeland was $886 in 2015. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2016 Lakeland median and average rent data will be released in September of 2017.

Data is also available below for Lakeland rental vacancy rates, Lakeland rent as a percent of median income and the fraction of renters in Lakeland.

Show dollars as: Nominal Real

Real Gross Rent in Lakeland Florida (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
Florida Median Gross Rent $1,046 +4.81% +9.30%
Lakeland, FL Median Gross Rent $890 +2.06% +5.95%

Lakeland, FL Real Gross Rent Trends

Median gross rent for Lakeland peaked in real terms in 2008 at $927 and is now $37 (3.99%) lower. Average gross rent for Lakeland peaked in real terms in 2008 at $919 and is now $33 (3.59%) lower. From a recent low of 823.0 in 2012, real average gross rent has now increased by $63 (7.65%).

Real Gross Rent in Lakeland: Lakeland FL Median, Lakeland FL Average, Florida Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Lakeland

Date US
Median
Florida
Median
Lakeland, FL
Median
Lakeland, FL
Average
2015 $959 $1,046 $890 $886
2014 $930 $998 $872 $882
2013 $898 $965 $844 $836
2012 $886 $957 $840 $823
2011 $887 $966 $847 $840
2010 $901 $998 $872 $880
2009 $905 $1,023 $879 $853
2008 $920 $1,057 $927 $919
2007 $874 $1,024 $877 $894
2006 $883 $1,009 $875 $880
2005 $858 $953 $808 $826

Lakeland Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2015 the rental vacancy rate for Lakeland Florida was 6.55% according to Census ACS data.

Rental Vacancy Rate in Lakeland Florida

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
Florida 7.79% -0.87% -1.58%
Lakeland, FL 6.55% -2.39% -1.23%

Trends in Lakeland, FL Rental Vacancy Rate

The rental vacancy rate in Lakeland peaked in 2009 at 12.94%. Since then it has fallen by 6.39% to 6.55%. Data records for this series originated in 2005.

Rental Vacancy Rate: Lakeland FL, Florida, US

Rental vacancy rate in Florida

Historical Rental Vacancy Rate data for Lakeland

Date US Florida Lakeland, FL
2015 5.85% 7.79% 6.55%
2014 6.32% 8.66% 8.94%
2013 6.49% 9.22% 8.47%
2012 6.77% 9.37% 7.78%
2011 7.40% 10.91% 11.60%
2010 8.17% 12.17% 11.32%
2009 8.43% 13.16% 12.94%
2008 7.86% 12.67% 9.35%
2007 7.87% 11.55% 10.03%
2006 7.70% 8.32% 6.72%
2005 7.74% 7.72% 5.51%

Rent as a Fraction of Income

Using median household income data for Lakeland, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Lakeland, median monthly gross rent as a fraction of median household income was 24.24% in 2015 according to the ACS.

Lakeland Florida Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
Florida 25.40% +0.04% -0.02%
Lakeland, FL 24.24% -0.33% -0.09%

Trends in Lakeland, FL Rent as a Fraction of Income

The fraction of median Lakeland household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 24.79%. Since then it has fallen by 0.55% to 24.24%.

Fraction of Income towards Rent: Lakeland FL, Florida, US

Percent of median household income going towards median monthly gross rent in Lakeland Florida

Historical Data for Annual Rent as a Fraction of Income in Lakeland Florida

Date US Florida Lakeland, FL
2015 20.63% 25.40% 24.24%
2014 20.89% 25.36% 24.57%
2013 20.78% 25.34% 24.04%
2012 20.65% 25.42% 24.33%
2011 20.70% 25.71% 24.79%
2010 20.50% 25.59% 24.13%
2009 20.12% 25.54% 23.42%
2008 19.00% 23.79% 22.45%
2007 18.66% 23.22% 21.43%
2006 18.90% 23.00% 22.05%
2005 18.89% 22.88% 21.04%

Renter Fraction in Lakeland Florida

You can calculate the renter fraction in Lakeland 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 Lakeland as a fraction of total Lakeland households. In 2015 32.89% of households were renters according to Census ACS data.

Lakeland Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
Florida 36.22% +0.27% +1.86%
Lakeland, FL 32.89% +1.43% +0.72%

Trends in the Lakeland, FL Renter Fraction

At 32.89%, the 2015 household based renter fraction in Lakeland was at its highest level. The origin year for the series is 2005.

Fraction of Renting Households: Lakeland FL, Florida, US

Fraction of renters in Lakeland

History of Lakeland Renter Fraction

Date US Florida Lakeland, FL
2015 36.97% 36.22% 32.89%
2014 36.90% 35.95% 31.46%
2013 36.50% 35.21% 31.37%
2012 36.09% 34.36% 32.17%
2011 35.42% 33.28% 30.37%
2010 34.65% 31.85% 28.89%
2009 34.13% 31.52% 28.61%
2008 33.36% 30.33% 30.33%
2007 32.80% 29.39% 27.72%
2006 32.73% 29.72% 29.38%
2005 33.10% 30.43% 27.01%

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.