Department of Numbers

North Carolina Residential Rent and Rental Statistics

The median monthly gross residential rent in North Carolina was $839 in 2016 according to the Census ACS survey.1 Average gross rent was $832 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 North Carolina median and average rent data will be released in September of 2018.

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

Show dollars as: Nominal Real

Real Gross Rent in North Carolina (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
North Carolina Median Gross Rent $839 +0.12% +7.29%

North Carolina Real Gross Rent Trends

At $839, real median gross rent in North Carolina was at its highest level in 2016 since the series began in 2005. Average gross rent for North Carolina peaked in real terms in 2015 at $832 and is now $0 (0.00%) lower.

Real Gross Rent in North Carolina: Median, Average, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for North Carolina

Date US Median North Carolina Median North Carolina Average
2016 $981 $839 $832
2015 $972 $838 $832
2014 $942 $810 $809
2013 $910 $782 $777
2012 $898 $768 $764
2011 $898 $768 $760
2010 $912 $780 $770
2009 $916 $784 $761
2008 $932 $785 $768
2007 $885 $761 $733
2006 $895 $769 $739
2005 $869 $758 $722

North Carolina 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 North Carolina was 6.99% according to Census ACS data.

Rental Vacancy Rate in North Carolina

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
North Carolina 6.99% -0.03% -0.47%

Trends in North Carolina Rental Vacancy Rate

The rental vacancy rate in North Carolina peaked in 2009 at 10.10%. Since then it has fallen by 3.11% to 6.99%. Data records for this series originated in 2005.

Rental Vacancy Rate: North Carolina, US

Rental vacancy rate in North Carolina

Historical Rental Vacancy Rate data for North Carolina

Date US North Carolina
2016 5.89% 6.99%
2015 5.85% 7.02%
2014 6.32% 7.29%
2013 6.49% 7.46%
2012 6.77% 8.00%
2011 7.40% 9.31%
2010 8.17% 9.97%
2009 8.43% 10.10%
2008 7.86% 9.58%
2007 7.87% 9.26%
2006 7.70% 9.98%
2005 7.74% 9.99%

North Carolina Rent as a Fraction of Income

Using median household income data for North Carolina, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For North Carolina, median monthly gross rent as a fraction of median household income was 19.90% in 2016 according to the ACS.

North Carolina Median Annual Rent as a Fraction of Median Household Income

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
North Carolina 19.90% -0.84% -0.43%

Trends in North Carolina Rent as a Fraction of Income

The fraction of median North Carolina household income required to pay median monthly gross rent peaked in 2015 (relative to the 2005 series origin) at 20.75%. Since then it has fallen by 0.84% to 19.90%.

Fraction of Income towards Rent: North Carolina, US

Percent of median household income going towards median monthly gross rent in North Carolina

Historical Data for Annual Rent as a Fraction of Income in North Carolina

Date US North Carolina
2016 20.43% 19.90%
2015 20.63% 20.75%
2014 20.89% 20.70%
2013 20.78% 20.34%
2012 20.65% 20.09%
2011 20.70% 20.36%
2010 20.50% 20.25%
2009 20.12% 19.78%
2008 19.00% 17.89%
2007 18.66% 18.21%
2006 18.90% 18.47%
2005 18.89% 18.71%

Renter Fraction in North Carolina

You can calculate the renter fraction in North Carolina 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 North Carolina as a fraction of total North Carolina households. In 2016 35.78% of households were renters according to Census ACS data.

North Carolina Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
North Carolina 35.78% -0.35% +0.04%

Trends in the North Carolina Renter Fraction

The North Carolina household renter fraction peaked in in 2015 at 36.13% and is now 0.35% below that level. The origin year for the series is 2005.

Fraction of Renting Households: North Carolina, US

Fraction of renters in North Carolina

History of North Carolina Renter Fraction

Date US North Carolina
2016 36.88% 35.78%
2015 36.97% 36.13%
2014 36.90% 35.75%
2013 36.50% 35.74%
2012 36.09% 34.56%
2011 35.42% 33.49%
2010 34.65% 32.83%
2009 34.13% 32.81%
2008 33.36% 31.82%
2007 32.80% 31.70%
2006 32.73% 31.94%
2005 33.10% 31.81%

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.