Hernando County Florida Residential Rent and Rental Statistics
The median monthly gross residential rent in Hernando County FL was $974 in 2019 according to the Census ACS survey.1 Average gross rent in Hernando County was $934 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 Hernando County median and average rent data will be released in September of 2021.
Data is also available below for Hernando County rental vacancy rates, Hernando County rent as a percent of median income and the fraction of renters in Hernando County.
Real Gross Rent in Hernando County Florida (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| Florida Median Gross Rent | $1,238 | +2.91% | +8.88% |
| Hernando County FL Median Gross Rent | $974 | +0.31% | -0.31% |
Hernando County FL Real Gross Rent Trends
Median gross rent for Hernando County peaked in real terms in 2016 at $977 and is now $3 (0.31%) lower. Average gross rent for Hernando County peaked in real terms in 2018 at $989 and is now $55 (5.56%) lower.
Real Gross Rent: Hernando County FL Median, Hernando County FL Average, Florida Median, US Median
Real Gross Rent History for Hernando County
| Date | US Median |
Florida Median |
Hernando County FL Median |
Hernando County FL Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,238 | $974 | $934 |
| 2018 | $1,077 | $1,203 | $971 | $989 |
| 2017 | $1,043 | $1,163 | $976 | $950 |
| 2016 | $1,027 | $1,137 | $977 | $968 |
| 2015 | $1,017 | $1,110 | $971 | $886 |
| 2014 | $986 | $1,059 | $944 | $901 |
| 2013 | $953 | $1,024 | $922 | $852 |
| 2012 | $940 | $1,015 | $895 | $878 |
| 2011 | $941 | $1,025 | $929 | $858 |
| 2010 | $955 | $1,058 | $967 | $904 |
| 2009 | $960 | $1,085 | $972 | $935 |
| 2007 | $927 | $1,087 | $962 | $899 |
| 2005 | $910 | $1,011 | $854 | $859 |
Hernando County Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2018 the rental vacancy rate for Hernando County Florida was 7.44% according to Census ACS data.
Rental Vacancy Rate in Hernando County Florida
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Florida | 8.72% | +0.20% | +0.42% |
| Hernando County FL | — | — | — |
Trends in Hernando County FL Rental Vacancy Rate
The rental vacancy rate in Hernando County peaked in 2007 at 19.11%. Since then it has fallen by 11.67% to 7.44%. Data records for this series originated in 2005. From a 2016 post peak low of 3.54%, the rental vacancy rate has increased by 3.90%.
Rental Vacancy Rate: Hernando County FL, Florida, US
Historical Rental Vacancy Rate data for Hernando County
| Date | US | Florida | Hernando County FL |
|---|---|---|---|
| 2019 | 5.97% | 8.72% | — |
| 2018 | 6.15% | 8.52% | 7.44% |
| 2017 | 6.18% | 9.16% | 8.74% |
| 2016 | 5.89% | 8.30% | 3.54% |
| 2015 | 5.85% | 7.79% | 6.07% |
| 2014 | 6.32% | 8.66% | 14.76% |
| 2013 | 6.49% | 9.22% | 4.99% |
| 2012 | 6.77% | 9.37% | 5.09% |
| 2011 | 7.40% | 10.91% | 6.84% |
| 2010 | 8.17% | 12.17% | 8.79% |
| 2009 | 8.43% | 13.16% | 7.67% |
| 2007 | 7.87% | 11.55% | 19.11% |
| 2005 | 7.74% | 7.72% | 7.85% |
Rent as a Fraction of Income
Using median household income data for Hernando County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Hernando County, median monthly gross rent as a fraction of median household income was 22.90% in 2019 according to the ACS.
Hernando County Florida Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| Florida | 25.08% | -0.49% | -0.54% |
| Hernando County FL | 22.90% | -2.00% | -0.79% |
Trends in Hernando County FL Rent as a Fraction of Income
The fraction of median Hernando County household income required to pay median monthly gross rent peaked in 2010 (relative to the 2005 series origin) at 27.71%. Since then it has fallen by 4.81% to 22.90%.
Fraction of Income towards Rent: Hernando County FL, Florida, US
Historical Data for Annual Rent as a Fraction of Income in Hernando County Florida
| Date | US | Florida | Hernando County FL |
|---|---|---|---|
| 2019 | 20.03% | 25.08% | 22.90% |
| 2018 | 20.50% | 25.57% | 24.90% |
| 2017 | 20.13% | 25.74% | 25.31% |
| 2016 | 20.43% | 25.62% | 23.69% |
| 2015 | 20.63% | 25.40% | 25.19% |
| 2014 | 20.89% | 25.36% | 26.65% |
| 2013 | 20.78% | 25.34% | 26.82% |
| 2012 | 20.65% | 25.42% | 27.64% |
| 2011 | 20.70% | 25.71% | 25.08% |
| 2010 | 20.50% | 25.59% | 27.71% |
| 2009 | 20.12% | 25.54% | 25.13% |
| 2007 | 18.66% | 23.22% | 22.25% |
| 2005 | 18.89% | 22.88% | 21.42% |
Renter Fraction in Hernando County Florida
You can calculate the renter fraction in Hernando County 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 Hernando County as a fraction of total Hernando County households. In 2019 19.19% of households were renters according to Census ACS data.
Hernando County Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| Florida | 33.75% | -0.33% | -2.12% |
| Hernando County FL | 19.19% | -4.70% | -2.42% |
Trends in the Hernando County FL Renter Fraction
The Hernando County household renter fraction peaked in in 2013 at 26.02% and is now 6.83% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Hernando County FL, Florida, US
History of Hernando County Renter Fraction
| Date | US | Florida | Hernando County FL |
|---|---|---|---|
| 2019 | 35.89% | 33.75% | 19.19% |
| 2018 | 36.05% | 34.08% | 23.89% |
| 2017 | 36.13% | 34.85% | 22.44% |
| 2016 | 36.88% | 35.87% | 21.61% |
| 2015 | 36.97% | 36.22% | 22.73% |
| 2014 | 36.90% | 35.95% | 22.87% |
| 2013 | 36.50% | 35.21% | 26.02% |
| 2012 | 36.09% | 34.36% | 20.89% |
| 2011 | 35.42% | 33.28% | 19.79% |
| 2010 | 34.65% | 31.85% | 19.55% |
| 2009 | 34.13% | 31.52% | 20.41% |
| 2007 | 32.80% | 29.39% | 13.35% |
| 2005 | 33.10% | 30.43% | 15.76% |
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. ↩
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