Polk County Florida Residential Rent and Rental Statistics
The median monthly gross residential rent in Polk County FL was $998 in 2019 according to the Census ACS survey.1 Average gross rent in Polk County was $1,024 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 Polk County median and average rent data will be released in September of 2021.
Data is also available below for Polk County rental vacancy rates, Polk County rent as a percent of median income and the fraction of renters in Polk County.
Real Gross Rent in Polk 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% |
| Polk County FL Median Gross Rent | $998 | +2.04% | +7.20% |
Polk County FL Real Gross Rent Trends
At $998, real median gross rent in Polk County was at its highest level in 2019 since the series began in 2005. At $1,024, real average gross rent in Polk County was at its highest level in 2019 since the series began in 2005.
Real Gross Rent: Polk County FL Median, Polk County FL Average, Florida Median, US Median
Real Gross Rent History for Polk County
| Date | US Median |
Florida Median |
Polk County FL Median |
Polk County FL Average |
|---|---|---|---|---|
| 2019 | $1,097 | $1,238 | $998 | $1,024 |
| 2018 | $1,077 | $1,203 | $978 | $988 |
| 2017 | $1,043 | $1,163 | $967 | $964 |
| 2016 | $1,027 | $1,137 | $931 | $943 |
| 2015 | $1,017 | $1,110 | $944 | $940 |
| 2014 | $986 | $1,059 | $925 | $935 |
| 2013 | $953 | $1,024 | $895 | $887 |
| 2012 | $940 | $1,015 | $891 | $873 |
| 2011 | $941 | $1,025 | $899 | $891 |
| 2010 | $955 | $1,058 | $925 | $933 |
| 2009 | $960 | $1,085 | $932 | $905 |
| 2007 | $927 | $1,087 | $930 | $948 |
| 2005 | $910 | $1,011 | $858 | $876 |
Polk County Rental Vacancy Rate
The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2019 the rental vacancy rate for Polk County Florida was 7.01% according to Census ACS data.
Rental Vacancy Rate in Polk County Florida
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| Florida | 8.72% | +0.20% | +0.42% |
| Polk County FL | 7.01% | +0.31% | -0.27% |
Trends in Polk County FL Rental Vacancy Rate
The rental vacancy rate in Polk County peaked in 2009 at 12.94%. Since then it has fallen by 5.93% to 7.01%. Data records for this series originated in 2005. From a 2017 post peak low of 5.19%, the rental vacancy rate has increased by 1.82%.
Rental Vacancy Rate: Polk County FL, Florida, US
Historical Rental Vacancy Rate data for Polk County
| Date | US | Florida | Polk County FL |
|---|---|---|---|
| 2019 | 5.97% | 8.72% | 7.01% |
| 2018 | 6.15% | 8.52% | 6.70% |
| 2017 | 6.18% | 9.16% | 5.19% |
| 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% |
| 2007 | 7.87% | 11.55% | 10.03% |
| 2005 | 7.74% | 7.72% | 5.51% |
Rent as a Fraction of Income
Using median household income data for Polk County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Polk County, median monthly gross rent as a fraction of median household income was 23.10% in 2019 according to the ACS.
Polk 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% |
| Polk County FL | 23.10% | +0.79% | +0.09% |
Trends in Polk County FL Rent as a Fraction of Income
The fraction of median Polk County 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 1.69% to 23.10%.
Fraction of Income towards Rent: Polk County FL, Florida, US
Historical Data for Annual Rent as a Fraction of Income in Polk County Florida
| Date | US | Florida | Polk County FL |
|---|---|---|---|
| 2019 | 20.03% | 25.08% | 23.10% |
| 2018 | 20.50% | 25.57% | 22.32% |
| 2017 | 20.13% | 25.74% | 23.22% |
| 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% |
| 2007 | 18.66% | 23.22% | 21.43% |
| 2005 | 18.89% | 22.88% | 21.04% |
Renter Fraction in Polk County Florida
You can calculate the renter fraction in Polk 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 Polk County as a fraction of total Polk County households. In 2019 30.65% of households were renters according to Census ACS data.
Polk 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% |
| Polk County FL | 30.65% | +0.29% | -1.45% |
Trends in the Polk County FL Renter Fraction
The Polk County household renter fraction peaked in in 2015 at 32.89% and is now 2.24% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Polk County FL, Florida, US
History of Polk County Renter Fraction
| Date | US | Florida | Polk County FL |
|---|---|---|---|
| 2019 | 35.89% | 33.75% | 30.65% |
| 2018 | 36.05% | 34.08% | 30.36% |
| 2017 | 36.13% | 34.85% | 32.22% |
| 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% |
| 2007 | 32.80% | 29.39% | 27.72% |
| 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. ↩
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