Department of Numbers

Monroe County Florida Residential Rent and Rental Statistics

The median monthly gross residential rent in Monroe County FL was $1,550 in 2017 according to the Census ACS survey.1 Average gross rent in Monroe County was $1,623 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 Monroe County median and average rent data will be released in September of 2019.

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

Show dollars as: Nominal Real

Real Gross Rent in Monroe County Florida (2017 dollars)2

2017 1 Year Change 3 Year Change
US Median Gross Rent $1,012 +1.61% +5.86%
Florida Median Gross Rent $1,128 +2.27% +9.83%
Monroe County FL Median Gross Rent $1,550 -8.98% +5.37%

Monroe County FL Real Gross Rent Trends

Median gross rent for Monroe County peaked in real terms in 2016 at $1,703 and is now $153 (8.98%) lower. At $1,623, real average gross rent in Monroe County was at its highest level in 2017 since the series began in 2005.

Real Gross Rent: Monroe County FL Median, Monroe County FL Average, Florida Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Monroe County

Date US
Median
Florida
Median
Monroe County FL
Median
Monroe County FL
Average
2017 $1,012 $1,128 $1,550 $1,623
2016 $996 $1,103 $1,703 $1,558
2015 $987 $1,076 $1,483 $1,397
2014 $956 $1,027 $1,471 $1,489
2013 $924 $993 $1,236 $1,229
2012 $912 $984 $1,434 $1,417
2011 $912 $994 $1,286 $1,282
2010 $927 $1,026 $1,471 $1,395
2009 $931 $1,052 $1,333 $1,293
2008 $947 $1,088 $1,347 $1,396
2007 $899 $1,054 $1,265 $1,327
2006 $909 $1,038 $1,483 $1,334

Monroe County 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 Monroe County Florida was 21.19% according to Census ACS data.

Rental Vacancy Rate in Monroe County Florida

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
Florida 9.16% +0.86% +0.50%
Monroe County FL 21.19% -5.74% -0.25%

Trends in Monroe County FL Rental Vacancy Rate

The rental vacancy rate in Monroe County peaked in 2016 at 26.93%. Since then it has fallen by 5.74% to 21.19%. Data records for this series originated in 2005.

Rental Vacancy Rate: Monroe County FL, Florida, US

Rental vacancy rate in Florida

Historical Rental Vacancy Rate data for Monroe County

Date US Florida Monroe County FL
2017 6.18% 9.16% 21.19%
2016 5.89% 8.30% 26.93%
2015 5.85% 7.79% 23.51%
2014 6.32% 8.66% 21.44%
2013 6.49% 9.22% 21.37%
2012 6.77% 9.37% 11.98%
2011 7.40% 10.91% 22.30%
2010 8.17% 12.17% 11.93%
2009 8.43% 13.16% 6.57%
2008 7.86% 12.67% 14.93%
2007 7.87% 11.55% 12.94%
2006 7.70% 8.32% 11.90%

Rent as a Fraction of Income

Using median household income data for Monroe County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Monroe County, median monthly gross rent as a fraction of median household income was 28.29% in 2017 according to the ACS.

Monroe County Florida Median Annual Rent as a Fraction of Median Household Income

2017 1 Year Change 3 Year Change
US 20.13% -0.30% -0.76%
Florida 25.74% +0.11% +0.38%
Monroe County FL 28.29% -2.33% -0.75%

Trends in Monroe County FL Rent as a Fraction of Income

The fraction of median Monroe County household income required to pay median monthly gross rent peaked in 2010 (relative to the 2005 series origin) at 32.17%. Since then it has fallen by 3.88% to 28.29%.

Fraction of Income towards Rent: Monroe County FL, Florida, US

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

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

Date US Florida Monroe County FL
2017 20.13% 25.74% 28.29%
2016 20.43% 25.62% 30.62%
2015 20.63% 25.40% 28.34%
2014 20.89% 25.36% 29.04%
2013 20.78% 25.34% 28.56%
2012 20.65% 25.42% 31.10%
2011 20.70% 25.71% 28.60%
2010 20.50% 25.59% 32.17%
2009 20.12% 25.54% 29.11%
2008 19.00% 23.79% 26.84%
2007 18.66% 23.22% 21.96%
2006 18.90% 23.00% 28.69%

Renter Fraction in Monroe County Florida

You can calculate the renter fraction in Monroe 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 Monroe County as a fraction of total Monroe County households. In 2017 43.65% of households were renters according to Census ACS data.

Monroe County Fraction of Renters by Household Units

2017 1 Year Change 3 Year Change
US 36.13% -0.75% -0.77%
Florida 34.85% -1.02% -1.10%
Monroe County FL 43.65% +1.20% +1.62%

Trends in the Monroe County FL Renter Fraction

At 43.65%, the 2017 household based renter fraction in Monroe County was at its highest level. The origin year for the series is 2005.

Fraction of Renting Households: Monroe County FL, Florida, US

Fraction of renters in Monroe County

History of Monroe County Renter Fraction

Date US Florida Monroe County FL
2017 36.13% 34.85% 43.65%
2016 36.88% 35.87% 42.45%
2015 36.97% 36.22% 39.39%
2014 36.90% 35.95% 42.03%
2013 36.50% 35.21% 38.38%
2012 36.09% 34.36% 39.48%
2011 35.42% 33.28% 39.85%
2010 34.65% 31.85% 41.24%
2009 34.13% 31.52% 36.82%
2008 33.36% 30.33% 30.78%
2007 32.80% 29.39% 32.35%
2006 32.73% 29.72% 33.71%

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.