Department of Numbers

Asheville North Carolina Residential Rent and Rental Statistics

The median monthly gross residential rent in Asheville, NC (the Asheville metro area) was $777 in 2015 according to the Census ACS survey.1 Average gross rent in Asheville was $767 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 Asheville median and average rent data will be released in September of 2017.

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

Show dollars as: Nominal Real

Real Gross Rent in Asheville 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%
Asheville, NC Median Gross Rent $777 -3.24% -0.89%

Asheville, NC Real Gross Rent Trends

Median gross rent for Asheville peaked in real terms in 2014 at $803 and is now $26 (3.24%) lower. Average gross rent for Asheville peaked in real terms in 2014 at $801 and is now $34 (4.24%) lower.

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Asheville

Date US
Median
North Carolina
Median
Asheville, NC
Median
Asheville, NC
Average
2015 $959 $827 $777 $767
2014 $930 $799 $803 $801
2013 $898 $772 $791 $796
2012 $886 $758 $784 $756
2011 $887 $759 $739 $767
2010 $901 $770 $769 $745
2009 $905 $774 $788 $756
2008 $920 $775 $788 $764
2007 $874 $751 $730 $724
2006 $883 $759 $766 $732
2005 $858 $748 $726 $722

Asheville 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 Asheville North Carolina was 5.49% according to Census ACS data.

Rental Vacancy Rate in Asheville North Carolina

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
North Carolina 7.02% -0.27% -0.98%
Asheville, NC 5.49% +2.66% +0.70%

Trends in Asheville, NC Rental Vacancy Rate

The rental vacancy rate in Asheville peaked in 2009 at 11.64%. Since then it has fallen by 6.15% to 5.49%. Data records for this series originated in 2005. From a 2014 post peak low of 2.83%, the rental vacancy rate has increased by 2.66%.

Rental Vacancy Rate: Asheville NC, North Carolina, US

Rental vacancy rate in North Carolina

Historical Rental Vacancy Rate data for Asheville

Date US North Carolina Asheville, NC
2015 5.85% 7.02% 5.49%
2014 6.32% 7.29% 2.83%
2013 6.49% 7.46% 4.89%
2012 6.77% 8.00% 4.79%
2011 7.40% 9.31% 5.03%
2010 8.17% 9.97% 7.02%
2009 8.43% 10.10% 11.64%
2008 7.86% 9.58% 4.25%
2007 7.87% 9.26% 3.73%
2006 7.70% 9.98% 6.73%
2005 7.74% 9.99% 7.06%

Rent as a Fraction of Income

Using median household income data for Asheville, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Asheville, median monthly gross rent as a fraction of median household income was 20.80% in 2015 according to the ACS.

Asheville 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%
Asheville, NC 20.80% +0.16% -0.94%

Trends in Asheville, NC Rent as a Fraction of Income

The fraction of median Asheville household income required to pay median monthly gross rent peaked in 2013 (relative to the 2005 series origin) at 21.78%. Since then it has fallen by 0.98% to 20.80%.

Fraction of Income towards Rent: Asheville NC, North Carolina, US

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

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

Date US North Carolina Asheville, NC
2015 20.63% 20.75% 20.80%
2014 20.89% 20.70% 20.64%
2013 20.78% 20.34% 21.78%
2012 20.65% 20.09% 21.74%
2011 20.70% 20.36% 20.76%
2010 20.50% 20.25% 20.77%
2009 20.12% 19.78% 21.41%
2008 19.00% 17.89% 19.62%
2007 18.66% 18.21% 18.05%
2006 18.90% 18.47% 19.45%
2005 18.89% 18.71% 19.31%

Renter Fraction in Asheville North Carolina

You can calculate the renter fraction in Asheville 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 Asheville as a fraction of total Asheville households. In 2015 33.42% of households were renters according to Census ACS data.

Asheville 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%
Asheville, NC 33.42% +0.55% +2.28%

Trends in the Asheville, NC Renter Fraction

At 33.42%, the 2015 household based renter fraction in Asheville was at its highest level. The origin year for the series is 2005.

Fraction of Renting Households: Asheville NC, North Carolina, US

Fraction of renters in Asheville

History of Asheville Renter Fraction

Date US North Carolina Asheville, NC
2015 36.97% 36.13% 33.42%
2014 36.90% 35.75% 32.87%
2013 36.50% 35.74% 33.07%
2012 36.09% 34.56% 31.14%
2011 35.42% 33.49% 33.28%
2010 34.65% 32.83% 30.14%
2009 34.13% 32.81% 28.26%
2008 33.36% 31.82% 30.25%
2007 32.80% 31.70% 28.27%
2006 32.73% 31.94% 29.02%
2005 33.10% 31.81% 28.92%

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.