Department of Numbers

North Carolina Residential Rent and Rental Statistics

The median monthly gross residential rent in North Carolina was $827 in 2015 according to the Census ACS survey.1 Average gross rent was $821 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 North Carolina median and average rent data will be released in September of 2017.

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

Show dollars as: Nominal Real

Real Gross Rent in North Carolina (2015 dollars)2

2015 1 Year Change 3 Year Change
US Median Gross Rent $959 +3.12% +8.24%
North Carolina Median Gross Rent $827 +3.50% +9.10%

North Carolina Real Gross Rent Trends

At $827, real median gross rent in North Carolina was at its highest level in 2015 since the series began in 2005. At $821, real average gross rent in North Carolina was at its highest level in 2015 since the series began in 2005.

Real Gross Rent in North Carolina: Median, Average, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for North Carolina

Date US Median North Carolina Median North Carolina Average
2015 $959 $827 $821
2014 $930 $799 $798
2013 $898 $772 $767
2012 $886 $758 $754
2011 $887 $759 $750
2010 $901 $770 $761
2009 $905 $774 $751
2008 $920 $775 $758
2007 $874 $751 $723
2006 $883 $759 $729
2005 $858 $748 $713

North Carolina 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 North Carolina was 7.02% according to Census ACS data.

Rental Vacancy Rate in North Carolina

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
North Carolina 7.02% -0.27% -0.98%

Trends in North Carolina Rental Vacancy Rate

The rental vacancy rate in North Carolina peaked in 2009 at 10.10%. Since then it has fallen by 3.08% to 7.02%. Data records for this series originated in 2005.

Rental Vacancy Rate: North Carolina, US

Rental vacancy rate in North Carolina

Historical Rental Vacancy Rate data for North Carolina

Date US North Carolina
2015 5.85% 7.02%
2014 6.32% 7.29%
2013 6.49% 7.46%
2012 6.77% 8.00%
2011 7.40% 9.31%
2010 8.17% 9.97%
2009 8.43% 10.10%
2008 7.86% 9.58%
2007 7.87% 9.26%
2006 7.70% 9.98%
2005 7.74% 9.99%

North Carolina Rent as a Fraction of Income

Using median household income data for North Carolina, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For North Carolina, median monthly gross rent as a fraction of median household income was 20.75% in 2015 according to the ACS.

North Carolina Median Annual Rent as a Fraction of Median Household Income

2015 1 Year Change 3 Year Change
US 20.63% -0.26% -0.02%
North Carolina 20.75% +0.05% +0.66%

Trends in North Carolina Rent as a Fraction of Income

North Carolina renters paid 20.75% of median household income towards the median monthly gross rent in 2015. This is the highest fraction of median household income going to rent since the series originated in 2005.

Fraction of Income towards Rent: North Carolina, US

Percent of median household income going towards median monthly gross rent in North Carolina

Historical Data for Annual Rent as a Fraction of Income in North Carolina

Date US North Carolina
2015 20.63% 20.75%
2014 20.89% 20.70%
2013 20.78% 20.34%
2012 20.65% 20.09%
2011 20.70% 20.36%
2010 20.50% 20.25%
2009 20.12% 19.78%
2008 19.00% 17.89%
2007 18.66% 18.21%
2006 18.90% 18.47%
2005 18.89% 18.71%

Renter Fraction in North Carolina

You can calculate the renter fraction in North Carolina 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 North Carolina as a fraction of total North Carolina households. In 2015 36.13% of households were renters according to Census ACS data.

North Carolina Fraction of Renters by Household Units

2015 1 Year Change 3 Year Change
US 36.97% +0.07% +0.88%
North Carolina 36.13% +0.38% +1.57%

Trends in the North Carolina Renter Fraction

At 36.13%, the 2015 household based renter fraction in North Carolina was at its highest level. The origin year for the series is 2005.

Fraction of Renting Households: North Carolina, US

Fraction of renters in North Carolina

History of North Carolina Renter Fraction

Date US North Carolina
2015 36.97% 36.13%
2014 36.90% 35.75%
2013 36.50% 35.74%
2012 36.09% 34.56%
2011 35.42% 33.49%
2010 34.65% 32.83%
2009 34.13% 32.81%
2008 33.36% 31.82%
2007 32.80% 31.70%
2006 32.73% 31.94%
2005 33.10% 31.81%

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.