Department of Numbers

Lakeland Florida Residential Rent and Rental Statistics

The median monthly gross residential rent in Lakeland, FL (the Lakeland-Winter Haven metro area) was $889 in 2016 according to the Census ACS survey.1 Average gross rent in Lakeland was $901 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 Lakeland median and average rent data will be released in September of 2018.

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

Show dollars as: Nominal Real

Real Gross Rent in Lakeland Florida (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
Florida Median Gross Rent $1,086 +2.45% +11.04%
Lakeland, FL Median Gross Rent $889 -1.44% +3.98%

Lakeland, FL Real Gross Rent Trends

Median gross rent for Lakeland peaked in real terms in 2008 at $939 and is now $50 (5.32%) lower. Average gross rent for Lakeland peaked in real terms in 2008 at $931 and is now $30 (3.22%) lower. From a recent low of 834.0 in 2012, real average gross rent has now increased by $67 (8.03%).

Real Gross Rent in Lakeland: Lakeland FL Median, Lakeland FL Average, Florida Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Lakeland

Date US
Median
Florida
Median
Lakeland, FL
Median
Lakeland, FL
Average
2016 $981 $1,086 $889 $901
2015 $972 $1,060 $902 $898
2014 $942 $1,011 $883 $893
2013 $910 $978 $855 $847
2012 $898 $969 $851 $834
2011 $898 $979 $858 $851
2010 $912 $1,011 $884 $891
2009 $916 $1,036 $890 $864
2008 $932 $1,071 $939 $931
2007 $885 $1,038 $889 $905
2006 $895 $1,023 $887 $891
2005 $869 $966 $819 $837

Lakeland 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 Lakeland Florida was 7.28% according to Census ACS data.

Rental Vacancy Rate in Lakeland Florida

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
Florida 8.30% +0.51% -0.92%
Lakeland, FL 7.28% +0.73% -1.19%

Trends in Lakeland, FL Rental Vacancy Rate

The rental vacancy rate in Lakeland peaked in 2009 at 12.94%. Since then it has fallen by 5.66% to 7.28%. Data records for this series originated in 2005.

Rental Vacancy Rate: Lakeland FL, Florida, US

Rental vacancy rate in Florida

Historical Rental Vacancy Rate data for Lakeland

Date US Florida Lakeland, FL
2016 5.89% 8.30% 7.28%
2015 5.85% 7.79% 6.55%
2014 6.32% 8.66% 8.94%
2013 6.49% 9.22% 8.47%
2012 6.77% 9.37% 7.78%
2011 7.40% 10.91% 11.60%
2010 8.17% 12.17% 11.32%
2009 8.43% 13.16% 12.94%
2008 7.86% 12.67% 9.35%
2007 7.87% 11.55% 10.03%
2006 7.70% 8.32% 6.72%
2005 7.74% 7.72% 5.51%

Rent as a Fraction of Income

Using median household income data for Lakeland, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Lakeland, median monthly gross rent as a fraction of median household income was 23.01% in 2016 according to the ACS.

Lakeland Florida Median Annual Rent as a Fraction of Median Household Income

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
Florida 25.62% +0.23% +0.29%
Lakeland, FL 23.01% -1.23% -1.02%

Trends in Lakeland, FL Rent as a Fraction of Income

The fraction of median Lakeland household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 24.79%. Since then it has fallen by 1.78% to 23.01%.

Fraction of Income towards Rent: Lakeland FL, Florida, US

Percent of median household income going towards median monthly gross rent in Lakeland Florida

Historical Data for Annual Rent as a Fraction of Income in Lakeland Florida

Date US Florida Lakeland, FL
2016 20.43% 25.62% 23.01%
2015 20.63% 25.40% 24.24%
2014 20.89% 25.36% 24.57%
2013 20.78% 25.34% 24.04%
2012 20.65% 25.42% 24.33%
2011 20.70% 25.71% 24.79%
2010 20.50% 25.59% 24.13%
2009 20.12% 25.54% 23.42%
2008 19.00% 23.79% 22.45%
2007 18.66% 23.22% 21.43%
2006 18.90% 23.00% 22.05%
2005 18.89% 22.88% 21.04%

Renter Fraction in Lakeland Florida

You can calculate the renter fraction in Lakeland 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 Lakeland as a fraction of total Lakeland households. In 2016 32.10% of households were renters according to Census ACS data.

Lakeland Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
Florida 35.87% -0.35% +0.66%
Lakeland, FL 32.10% -0.79% +0.73%

Trends in the Lakeland, FL Renter Fraction

The Lakeland household renter fraction peaked in in 2015 at 32.89% and is now 0.79% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Lakeland FL, Florida, US

Fraction of renters in Lakeland

History of Lakeland Renter Fraction

Date US Florida Lakeland, FL
2016 36.88% 35.87% 32.10%
2015 36.97% 36.22% 32.89%
2014 36.90% 35.95% 31.46%
2013 36.50% 35.21% 31.37%
2012 36.09% 34.36% 32.17%
2011 35.42% 33.28% 30.37%
2010 34.65% 31.85% 28.89%
2009 34.13% 31.52% 28.61%
2008 33.36% 30.33% 30.33%
2007 32.80% 29.39% 27.72%
2006 32.73% 29.72% 29.38%
2005 33.10% 30.43% 27.01%

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.