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 $624 in 2016 according to the Census ACS survey.1 Average gross rent in Florence was $554 in 2016. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2017 Florence median and average rent data will be released in September of 2018.

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 (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
Alabama Median Gross Rent $743 +0.54% +6.45%
Florence, AL Median Gross Rent $624 -3.70% +9.67%

Florence, AL Real Gross Rent Trends

Median gross rent for Florence peaked in real terms in 2015 at $648 and is now $24 (3.70%) lower. Average gross rent for Florence peaked in real terms in 2010 at $590 and is now $36 (6.10%) lower.

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
2016 $981 $743 $624 $554
2015 $972 $739 $648 $550
2014 $942 $723 $642 $584
2013 $910 $698 $569 $525
2012 $898 $700 $596 $539
2011 $898 $709 $624 $582
2010 $912 $712 $635 $590
2009 $916 $715 $611 $527
2008 $932 $714 $579 $555
2007 $885 $674 $598 $527
2006 $895 $672 $591 $523
2005 $869 $639 $540 $463

Florence Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Florence Alabama was 13.50% according to Census ACS data.

Rental Vacancy Rate in Florence Alabama

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
Alabama 10.34% +0.62% +1.17%
Florence, AL 13.50% +4.90% +9.99%

Trends in Florence, AL Rental Vacancy Rate

At 13.50%, Florence residential rental vacancy rate in 2016 is at the highest point since 2005, the beginning of our reporting for this series.

Rental Vacancy Rate: Florence AL, Alabama, US

Rental vacancy rate in Alabama

Historical Rental Vacancy Rate data for Florence

Date US Alabama Florence, AL
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%
2005 7.74% 9.21% 9.73%

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 16.53% in 2016 according to the ACS.

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

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
Alabama 19.27% -0.27% -0.16%
Florence, AL 16.53% -1.95% +0.70%

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 2.57% to 16.53%.

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
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%
2005 18.89% 17.41% 16.25%

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 2016 29.02% of households were renters according to Census ACS data.

Florence Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
Alabama 31.55% -0.56% -0.41%
Florence, AL 29.02% -1.17% -2.31%

Trends in the Florence, AL Renter Fraction

The Florence household renter fraction peaked in in 2014 at 31.56% and is now 2.54% below that 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
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%
2005 33.10% 29.48% 26.56%

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.