Department of Numbers

Buncombe County North Carolina Residential Rent and Rental Statistics

The median monthly gross residential rent in Buncombe County NC was $975 in 2017 according to the Census ACS survey.1 Average gross rent in Buncombe County was $961 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 Buncombe County median and average rent data will be released in September of 2019.

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

Show dollars as: Nominal Real

Real Gross Rent in Buncombe County North Carolina (2017 dollars)2

2017 1 Year Change 3 Year Change
US Median Gross Rent $1,012 +1.61% +5.86%
North Carolina Median Gross Rent $861 +1.06% +4.74%
Buncombe County NC Median Gross Rent $975 +7.38% +12.46%

Buncombe County NC Real Gross Rent Trends

At $975, real median gross rent in Buncombe County was at its highest level in 2017 since the series began in 2005. At $961, real average gross rent in Buncombe County was at its highest level in 2017 since the series began in 2005.

Real Gross Rent: Buncombe County NC Median, Buncombe County NC Average, North Carolina Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Buncombe County

Date US
Median
North Carolina
Median
Buncombe County NC
Median
Buncombe County NC
Average
2017 $1,012 $861 $975 $961
2016 $996 $852 $908 $870
2015 $987 $851 $862 $860
2014 $956 $822 $867 $846
2013 $924 $795 $865 $891
2012 $912 $780 $831 $818
2011 $912 $780 $782 $836
2010 $927 $792 $833 $812
2009 $931 $796 $817 $811
2008 $947 $797 $853 $849
2007 $899 $773 $775 $770
2006 $909 $781 $821 $828

Buncombe 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 Buncombe County North Carolina was 5.19% according to Census ACS data.

Rental Vacancy Rate in Buncombe County North Carolina

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
North Carolina 6.77% -0.22% -0.52%
Buncombe County NC 5.19% +2.63% +3.74%

Trends in Buncombe County NC Rental Vacancy Rate

The rental vacancy rate in Buncombe County peaked in 2009 at 10.80%. Since then it has fallen by 5.61% to 5.19%. Data records for this series originated in 2005. From a 2014 post peak low of 1.45%, the rental vacancy rate has increased by 3.74%.

Rental Vacancy Rate: Buncombe County NC, North Carolina, US

Rental vacancy rate in North Carolina

Historical Rental Vacancy Rate data for Buncombe County

Date US North Carolina Buncombe County NC
2017 6.18% 6.77% 5.19%
2016 5.89% 6.99% 2.56%
2015 5.85% 7.02% 6.26%
2014 6.32% 7.29% 1.45%
2013 6.49% 7.46% 3.96%
2012 6.77% 8.00% 5.94%
2011 7.40% 9.31% 3.32%
2010 8.17% 9.97% 5.72%
2009 8.43% 10.10% 10.80%
2008 7.86% 9.58% 4.22%
2007 7.87% 9.26% 3.14%
2006 7.70% 9.98% 5.84%

Rent as a Fraction of Income

Using median household income data for Buncombe County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Buncombe County, median monthly gross rent as a fraction of median household income was 23.38% in 2017 according to the ACS.

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

2017 1 Year Change 3 Year Change
US 20.13% -0.30% -0.76%
North Carolina 19.59% -0.32% -1.11%
Buncombe County NC 23.38% +2.22% +2.06%

Trends in Buncombe County NC Rent as a Fraction of Income

Buncombe County renters paid 23.38% of median household income towards the median monthly gross rent in 2017. This is the highest fraction of median household income going to rent since the series originated in 2005.

Fraction of Income towards Rent: Buncombe County NC, North Carolina, US

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

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

Date US North Carolina Buncombe County NC
2017 20.13% 19.59% 23.38%
2016 20.43% 19.90% 21.17%
2015 20.63% 20.75% 22.54%
2014 20.89% 20.70% 21.32%
2013 20.78% 20.34% 21.89%
2012 20.65% 20.09% 22.31%
2011 20.70% 20.36% 21.64%
2010 20.50% 20.25% 21.34%
2009 20.12% 19.78% 21.80%
2008 19.00% 17.89% 20.43%
2007 18.66% 18.21% 18.78%
2006 18.90% 18.47% 19.81%

Renter Fraction in Buncombe County North Carolina

You can calculate the renter fraction in Buncombe 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 Buncombe County as a fraction of total Buncombe County households. In 2017 36.63% of households were renters according to Census ACS data.

Buncombe County Fraction of Renters by Household Units

2017 1 Year Change 3 Year Change
US 36.13% -0.75% -0.77%
North Carolina 34.60% -1.18% -1.15%
Buncombe County NC 36.63% +0.73% +1.30%

Trends in the Buncombe County NC Renter Fraction

The Buncombe County household renter fraction peaked in in 2011 at 38.83% and is now 2.20% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Buncombe County NC, North Carolina, US

Fraction of renters in Buncombe County

History of Buncombe County Renter Fraction

Date US North Carolina Buncombe County NC
2017 36.13% 34.60% 36.63%
2016 36.88% 35.78% 35.90%
2015 36.97% 36.13% 35.94%
2014 36.90% 35.75% 35.33%
2013 36.50% 35.74% 37.22%
2012 36.09% 34.56% 35.23%
2011 35.42% 33.49% 38.83%
2010 34.65% 32.83% 34.28%
2009 34.13% 32.81% 32.32%
2008 33.36% 31.82% 33.79%
2007 32.80% 31.70% 32.23%
2006 32.73% 31.94% 30.80%

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.