Department of Numbers

North Carolina Residential Rent and Rental Statistics

The median monthly gross residential rent in North Carolina was $931 in 2019 according to the Census ACS survey.1 Average gross rent was $925 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 North Carolina median and average rent data will be released in September of 2021.

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 (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%

North Carolina Real Gross Rent Trends

At $931, real median gross rent in North Carolina was at its highest level in 2019 since the series began in 2005. At $925, real average gross rent in North Carolina was at its highest level in 2019 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
2019 $1,097 $931 $925
2018 $1,077 $916 $917
2017 $1,043 $888 $892
2016 $1,027 $879 $871
2015 $1,017 $877 $871
2014 $986 $848 $847
2013 $953 $819 $814
2012 $940 $804 $800
2011 $941 $805 $796
2010 $955 $817 $807
2009 $960 $821 $797

more history ...

North Carolina 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 North Carolina was 6.60% according to Census ACS data.

Rental Vacancy Rate in North Carolina

2019 1 Year Change 3 Year Change
US 5.97% -0.18% +0.08%
North Carolina 6.60% -0.43% -0.39%

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 3.50% to 6.60%. 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
2019 5.97% 6.60%
2018 6.15% 7.03%
2017 6.18% 6.77%
2016 5.89% 6.99%
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%

more history ...

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 19.48% in 2019 according to the ACS.

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%

Trends in North Carolina Rent as a Fraction of Income

The fraction of median North Carolina household income required to pay median monthly gross rent peaked in 2015 (relative to the 2005 series origin) at 20.75%. Since then it has fallen by 1.27% to 19.48%.

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
2019 20.03% 19.48%
2018 20.50% 20.05%
2017 20.13% 19.59%
2016 20.43% 19.90%
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%

more history ...

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 2019 34.69% of households were renters according to Census ACS data.

North Carolina 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%

Trends in the North Carolina Renter Fraction

The North Carolina household renter fraction peaked in in 2015 at 36.13% and is now 1.44% below that 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
2019 35.89% 34.69%
2018 36.05% 34.86%
2017 36.13% 34.60%
2016 36.88% 35.78%
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%

more history ...

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.