Cabarrus County North Carolina Residential Rent and Rental Statistics
The median monthly gross residential rent in Cabarrus County NC was $985 in 2019 according to the Census ACS survey.1 Average gross rent in Cabarrus County was $990 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 Cabarrus County median and average rent data will be released in September of 2021.
Data is also available below for Cabarrus County rental vacancy rates, Cabarrus County rent as a percent of median income and the fraction of renters in Cabarrus County.
Real Gross Rent in Cabarrus County North Carolina (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| North Carolina Median Gross Rent | $931 | +1.64% | +5.92% |
| Cabarrus County NC Median Gross Rent | $985 | +5.57% | +8.84% |
Cabarrus County NC Real Gross Rent Trends
At $985, real median gross rent in Cabarrus County was at its highest level in 2019 since the series began in 2005. Average gross rent for Cabarrus County peaked in real terms in 2018 at $998 and is now $8 (0.80%) lower.
Real Gross Rent: Cabarrus County NC Median, Cabarrus County NC Average, North Carolina Median, US Median
Real Gross Rent History for Cabarrus County
| Date | US Median |
North Carolina Median |
Cabarrus County NC Median |
Cabarrus County NC Average |
|---|---|---|---|---|
| 2019 | $1,097 | $931 | $985 | $990 |
| 2018 | $1,077 | $916 | $933 | $998 |
| 2017 | $1,043 | $888 | $903 | $936 |
| 2016 | $1,027 | $879 | $905 | $930 |
| 2015 | $1,017 | $877 | $909 | $897 |
| 2014 | $986 | $848 | $865 | $857 |
| 2013 | $953 | $819 | $827 | $773 |
| 2012 | $940 | $804 | $824 | $819 |
| 2011 | $941 | $805 | $837 | $849 |
| 2010 | $955 | $817 | $828 | $834 |
| 2009 | $960 | $821 | $866 | $900 |
| 2007 | $927 | $797 | $814 | $784 |
| 2005 | $910 | $794 | $843 | $773 |
Cabarrus 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 Cabarrus County North Carolina was 11.95% according to Census ACS data.
Rental Vacancy Rate in Cabarrus County North Carolina
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| North Carolina | 6.60% | -0.43% | -0.39% |
| Cabarrus County NC | 11.95% | — | +4.81% |
Trends in Cabarrus County NC Rental Vacancy Rate
The rental vacancy rate in Cabarrus County peaked in 2010 at 13.91%. Since then it has fallen by 1.96% to 11.95%. Data records for this series originated in 2005.
Rental Vacancy Rate: Cabarrus County NC, North Carolina, US
Historical Rental Vacancy Rate data for Cabarrus County
| Date | US | North Carolina | Cabarrus County NC |
|---|---|---|---|
| 2019 | 5.97% | 6.60% | 11.95% |
| 2018 | 6.15% | 7.03% | — |
| 2017 | 6.18% | 6.77% | 3.25% |
| 2016 | 5.89% | 6.99% | 7.14% |
| 2015 | 5.85% | 7.02% | 5.52% |
| 2014 | 6.32% | 7.29% | 7.12% |
| 2013 | 6.49% | 7.46% | 9.48% |
| 2012 | 6.77% | 8.00% | 8.93% |
| 2011 | 7.40% | 9.31% | 10.43% |
| 2010 | 8.17% | 9.97% | 13.91% |
| 2009 | 8.43% | 10.10% | 8.00% |
| 2007 | 7.87% | 9.26% | 1.49% |
| 2005 | 7.74% | 9.99% | — |
Rent as a Fraction of Income
Using median household income data for Cabarrus County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Cabarrus County, median monthly gross rent as a fraction of median household income was 16.34% in 2019 according to the ACS.
Cabarrus County North Carolina Median Annual Rent as a Fraction of Median Household Income
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 20.03% | -0.47% | -0.40% |
| North Carolina | 19.48% | -0.57% | -0.42% |
| Cabarrus County NC | 16.34% | +0.57% | -0.02% |
Trends in Cabarrus County NC Rent as a Fraction of Income
The fraction of median Cabarrus County household income required to pay median monthly gross rent peaked in 2011 (relative to the 2005 series origin) at 19.11%. Since then it has fallen by 2.77% to 16.34%.
Fraction of Income towards Rent: Cabarrus County NC, North Carolina, US
Historical Data for Annual Rent as a Fraction of Income in Cabarrus County North Carolina
| Date | US | North Carolina | Cabarrus County NC |
|---|---|---|---|
| 2019 | 20.03% | 19.48% | 16.34% |
| 2018 | 20.50% | 20.05% | 15.78% |
| 2017 | 20.13% | 19.59% | 17.10% |
| 2016 | 20.43% | 19.90% | 16.36% |
| 2015 | 20.63% | 20.75% | 18.09% |
| 2014 | 20.89% | 20.70% | 18.08% |
| 2013 | 20.78% | 20.34% | 17.35% |
| 2012 | 20.65% | 20.09% | 16.66% |
| 2011 | 20.70% | 20.36% | 19.11% |
| 2010 | 20.50% | 20.25% | 18.27% |
| 2009 | 20.12% | 19.78% | 17.59% |
| 2007 | 18.66% | 18.21% | 16.38% |
| 2005 | 18.89% | 18.71% | 16.18% |
Renter Fraction in Cabarrus County North Carolina
You can calculate the renter fraction in Cabarrus 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 Cabarrus County as a fraction of total Cabarrus County households. In 2019 26.23% of households were renters according to Census ACS data.
Cabarrus County Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| North Carolina | 34.69% | -0.17% | -1.09% |
| Cabarrus County NC | 26.23% | -1.17% | -4.11% |
Trends in the Cabarrus County NC Renter Fraction
The Cabarrus County household renter fraction peaked in in 2015 at 31.30% and is now 5.07% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Cabarrus County NC, North Carolina, US
History of Cabarrus County Renter Fraction
| Date | US | North Carolina | Cabarrus County NC |
|---|---|---|---|
| 2019 | 35.89% | 34.69% | 26.23% |
| 2018 | 36.05% | 34.86% | 27.40% |
| 2017 | 36.13% | 34.60% | 29.16% |
| 2016 | 36.88% | 35.78% | 30.34% |
| 2015 | 36.97% | 36.13% | 31.30% |
| 2014 | 36.90% | 35.75% | 28.47% |
| 2013 | 36.50% | 35.74% | 29.28% |
| 2012 | 36.09% | 34.56% | 27.39% |
| 2011 | 35.42% | 33.49% | 28.17% |
| 2010 | 34.65% | 32.83% | 24.71% |
| 2009 | 34.13% | 32.81% | 24.97% |
| 2007 | 32.80% | 31.70% | 30.08% |
| 2005 | 33.10% | 31.81% | 24.77% |
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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