Department of Numbers

Greensboro North Carolina Residential Rent and Rental Statistics

The median monthly gross residential rent in Greensboro, NC (the Greensboro-High Point metro area) was $768 in 2015 according to the Census ACS survey.1 Average gross rent in Greensboro was $762 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 Greensboro median and average rent data will be released in September of 2017.

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

Show dollars as: Nominal Real

Real Gross Rent in Greensboro 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%
Greensboro, NC Median Gross Rent $768 +2.54% +8.94%

Greensboro, NC Real Gross Rent Trends

At $768, real median gross rent in Greensboro was at its highest level in 2015 since the series began in 2005. At $762, real average gross rent in Greensboro was at its highest level in 2015 since the series began in 2005.

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Greensboro

Date US
Median
North Carolina
Median
Greensboro, NC
Median
Greensboro, NC
Average
2015 $959 $827 $768 $762
2014 $930 $799 $749 $738
2013 $898 $772 $706 $703
2012 $886 $758 $705 $703
2011 $887 $759 $720 $716
2010 $901 $770 $716 $715
2009 $905 $774 $727 $717
2008 $920 $775 $731 $737
2007 $874 $751 $709 $705
2006 $883 $759 $740 $739
2005 $858 $748 $757 $726

Greensboro 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 Greensboro North Carolina was 9.42% according to Census ACS data.

Rental Vacancy Rate in Greensboro North Carolina

2015 1 Year Change 3 Year Change
US 5.85% -0.47% -0.92%
North Carolina 7.02% -0.27% -0.98%
Greensboro, NC 9.42% +0.63% +0.64%

Trends in Greensboro, NC Rental Vacancy Rate

The rental vacancy rate in Greensboro peaked in 2008 at 14.59%. Since then it has fallen by 5.17% to 9.42%. Data records for this series originated in 2005. From a 2012 post peak low of 8.78%, the rental vacancy rate has increased by 0.64%.

Rental Vacancy Rate: Greensboro NC, North Carolina, US

Rental vacancy rate in North Carolina

Historical Rental Vacancy Rate data for Greensboro

Date US North Carolina Greensboro, NC
2015 5.85% 7.02% 9.42%
2014 6.32% 7.29% 8.79%
2013 6.49% 7.46% 9.03%
2012 6.77% 8.00% 8.78%
2011 7.40% 9.31% 9.55%
2010 8.17% 9.97% 11.03%
2009 8.43% 10.10% 13.16%
2008 7.86% 9.58% 14.59%
2007 7.87% 9.26% 12.16%
2006 7.70% 9.98% 11.47%
2005 7.74% 9.99% 11.59%

Rent as a Fraction of Income

Using median household income data for Greensboro, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Greensboro, median monthly gross rent as a fraction of median household income was 20.14% in 2015 according to the ACS.

Greensboro 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%
Greensboro, NC 20.14% -1.08% -0.06%

Trends in Greensboro, NC Rent as a Fraction of Income

The fraction of median Greensboro household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 21.23%. Since then it has fallen by 1.08% to 20.14%.

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

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

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

Date US North Carolina Greensboro, NC
2015 20.63% 20.75% 20.14%
2014 20.89% 20.70% 21.23%
2013 20.78% 20.34% 19.48%
2012 20.65% 20.09% 20.21%
2011 20.70% 20.36% 20.49%
2010 20.50% 20.25% 19.84%
2009 20.12% 19.78% 19.68%
2008 19.00% 17.89% 17.38%
2007 18.66% 18.21% 18.08%
2006 18.90% 18.47% 18.46%
2005 18.89% 18.71% 19.18%

Renter Fraction in Greensboro North Carolina

You can calculate the renter fraction in Greensboro 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 Greensboro as a fraction of total Greensboro households. In 2015 38.67% of households were renters according to Census ACS data.

Greensboro 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%
Greensboro, NC 38.67% +0.34% +2.86%

Trends in the Greensboro, NC Renter Fraction

At 38.67%, the 2015 household based renter fraction in Greensboro was at its highest level. The origin year for the series is 2005.

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

Fraction of renters in Greensboro

History of Greensboro Renter Fraction

Date US North Carolina Greensboro, NC
2015 36.97% 36.13% 38.67%
2014 36.90% 35.75% 38.33%
2013 36.50% 35.74% 38.38%
2012 36.09% 34.56% 35.81%
2011 35.42% 33.49% 33.74%
2010 34.65% 32.83% 34.90%
2009 34.13% 32.81% 34.57%
2008 33.36% 31.82% 31.65%
2007 32.80% 31.70% 34.22%
2006 32.73% 31.94% 34.23%
2005 33.10% 31.81% 33.89%

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.