Department of Numbers

Florence Alabama Residential Rent and Rental Statistics

The median monthly gross residential rent in Florence, AL (the Florence-Muscle Shoals metro area) was $683 in 2017 according to the Census ACS survey.1 Average gross rent in Florence was $625 in 2017. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2018 Florence median and average rent data will be released in September of 2019.

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

Show dollars as: Nominal Real

Real Gross Rent in Florence Alabama (2017 dollars)2

2017 1 Year Change 3 Year Change
US Median Gross Rent $1,012 +1.61% +5.86%
Alabama Median Gross Rent $750 -0.66% +2.18%
Florence, AL Median Gross Rent $683 +7.73% +4.75%

Florence, AL Real Gross Rent Trends

At $683, real median gross rent in Florence was at its highest level in 2017 since the series began in 2005. At $625, real average gross rent in Florence was at its highest level in 2017 since the series began in 2005.

Real Gross Rent in Florence: Florence AL Median, Florence AL Average, Alabama Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Florence

Date US
Median
Alabama
Median
Florence, AL
Median
Florence, AL
Average
2017 $1,012 $750 $683 $625
2016 $996 $755 $634 $563
2015 $987 $750 $658 $559
2014 $956 $734 $652 $593
2013 $924 $709 $578 $533
2012 $912 $711 $606 $548
2011 $912 $720 $634 $591
2010 $927 $723 $645 $599
2009 $931 $726 $620 $535
2008 $947 $725 $588 $564
2007 $899 $685 $607 $536
2006 $909 $682 $600 $531

Florence Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2017 the rental vacancy rate for Florence Alabama was 9.42% according to Census ACS data.

Rental Vacancy Rate in Florence Alabama

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
Alabama 10.99% +0.65% +0.62%
Florence, AL 9.42% -4.08% +2.31%

Trends in Florence, AL Rental Vacancy Rate

The rental vacancy rate in Florence peaked in 2016 at 13.50%. Since then it has fallen by 4.08% to 9.42%. Data records for this series originated in 2005.

Rental Vacancy Rate: Florence AL, Alabama, US

Rental vacancy rate in Alabama

Historical Rental Vacancy Rate data for Florence

Date US Alabama Florence, AL
2017 6.18% 10.99% 9.42%
2016 5.89% 10.34% 13.50%
2015 5.85% 9.72% 8.60%
2014 6.32% 10.37% 7.11%
2013 6.49% 9.17% 3.51%
2012 6.77% 7.79% 9.73%
2011 7.40% 8.30% 11.29%
2010 8.17% 9.64% 6.07%
2009 8.43% 10.33% 8.44%
2008 7.86% 9.73% 5.60%
2007 7.87% 9.25% 7.66%
2006 7.70% 8.72% 12.88%

Rent as a Fraction of Income

Using median household income data for Florence, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Florence, median monthly gross rent as a fraction of median household income was 17.86% in 2017 according to the ACS.

Florence Alabama Median Annual Rent as a Fraction of Median Household Income

2017 1 Year Change 3 Year Change
US 20.13% -0.30% -0.76%
Alabama 18.70% -0.57% -1.39%
Florence, AL 17.86% +1.32% -0.52%

Trends in Florence, AL Rent as a Fraction of Income

The fraction of median Florence household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 19.11%. Since then it has fallen by 1.25% to 17.86%.

Fraction of Income towards Rent: Florence AL, Alabama, US

Percent of median household income going towards median monthly gross rent in Florence Alabama

Historical Data for Annual Rent as a Fraction of Income in Florence Alabama

Date US Alabama Florence, AL
2017 20.13% 18.70% 17.86%
2016 20.43% 19.27% 16.53%
2015 20.63% 19.54% 18.49%
2014 20.89% 20.09% 18.38%
2013 20.78% 19.44% 15.83%
2012 20.65% 19.89% 16.99%
2011 20.70% 19.91% 19.11%
2010 20.50% 19.78% 18.97%
2009 20.12% 19.47% 17.85%
2008 19.00% 17.75% 15.58%
2007 18.66% 17.78% 17.30%
2006 18.90% 17.73% 16.13%

Renter Fraction in Florence Alabama

You can calculate the renter fraction in Florence 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 Florence as a fraction of total Florence households. In 2017 32.83% of households were renters according to Census ACS data.

Florence Fraction of Renters by Household Units

2017 1 Year Change 3 Year Change
US 36.13% -0.75% -0.77%
Alabama 31.95% +0.40% -0.37%
Florence, AL 32.83% +3.81% +1.27%

Trends in the Florence, AL Renter Fraction

At 32.83%, the 2017 household based renter fraction in Florence was at its highest level. The origin year for the series is 2005.

Fraction of Renting Households: Florence AL, Alabama, US

Fraction of renters in Florence

History of Florence Renter Fraction

Date US Alabama Florence, AL
2017 36.13% 31.95% 32.83%
2016 36.88% 31.55% 29.02%
2015 36.97% 32.11% 30.19%
2014 36.90% 32.32% 31.56%
2013 36.50% 31.96% 31.33%
2012 36.09% 31.25% 30.49%
2011 35.42% 30.11% 27.91%
2010 34.65% 29.88% 28.80%
2009 34.13% 30.42% 29.31%
2008 33.36% 29.01% 25.77%
2007 32.80% 29.10% 29.41%
2006 32.73% 28.22% 24.28%

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.