Chatham County North Carolina Residential Rent and Rental Statistics
The median monthly gross residential rent in Chatham County NC was $742 in 2019 according to the Census ACS survey.1 Average gross rent in Chatham County was $816 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 Chatham County median and average rent data will be released in September of 2021.
Data is also available below for Chatham County rental vacancy rates, Chatham County rent as a percent of median income and the fraction of renters in Chatham County.
Real Gross Rent in Chatham 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% |
| Chatham County NC Median Gross Rent | $742 | -21.23% | -5.84% |
Chatham County NC Real Gross Rent Trends
Median gross rent for Chatham County peaked in real terms in 2018 at $942 and is now $200 (21.23%) lower. Average gross rent for Chatham County peaked in real terms in 2018 at $1,036 and is now $220 (21.24%) lower.
Real Gross Rent: Chatham County NC Median, Chatham County NC Average, North Carolina Median, US Median
Real Gross Rent History for Chatham County
| Date | US Median |
North Carolina Median |
Chatham County NC Median |
Chatham County NC Average |
|---|---|---|---|---|
| 2019 | $1,097 | $931 | $742 | $816 |
| 2018 | $1,077 | $916 | $942 | $1,036 |
| 2017 | $1,043 | $888 | $710 | $644 |
| 2016 | $1,027 | $879 | $788 | $820 |
| 2015 | $1,017 | $877 | $860 | $805 |
| 2014 | $986 | $848 | $874 | $918 |
| 2013 | $953 | $819 | $734 | $604 |
| 2012 | $940 | $804 | $770 | $880 |
| 2011 | $941 | $805 | — | — |
| 2010 | $955 | $817 | — | — |
| 2009 | $960 | $821 | — | — |
| 2007 | $927 | $797 | — | — |
| 2005 | $910 | $794 | — | — |
Historical Rental Vacancy Rate data for Chatham County
| Date | US | North Carolina | Chatham County NC |
|---|---|---|---|
| 2019 | 5.97% | 6.60% | — |
| 2018 | 6.15% | 7.03% | — |
| 2017 | 6.18% | 6.77% | — |
| 2016 | 5.89% | 6.99% | — |
| 2015 | 5.85% | 7.02% | 4.33% |
| 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% | — |
| 2007 | 7.87% | 9.26% | — |
| 2005 | 7.74% | 9.99% | — |
Rent as a Fraction of Income
Using median household income data for Chatham County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Chatham County, median monthly gross rent as a fraction of median household income was 13.32% in 2019 according to the ACS.
Chatham 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% |
| Chatham County NC | 13.32% | -1.49% | -1.03% |
Trends in Chatham County NC Rent as a Fraction of Income
The fraction of median Chatham County household income required to pay median monthly gross rent peaked in 2014 (relative to the 2012 series origin) at 18.32%. Since then it has fallen by 5.00% to 13.32%.
Fraction of Income towards Rent: Chatham County NC, North Carolina, US
Historical Data for Annual Rent as a Fraction of Income in Chatham County North Carolina
| Date | US | North Carolina | Chatham County NC |
|---|---|---|---|
| 2019 | 20.03% | 19.48% | 13.32% |
| 2018 | 20.50% | 20.05% | 14.81% |
| 2017 | 20.13% | 19.59% | 14.31% |
| 2016 | 20.43% | 19.90% | 14.35% |
| 2015 | 20.63% | 20.75% | 17.49% |
| 2014 | 20.89% | 20.70% | 18.32% |
| 2013 | 20.78% | 20.34% | 14.79% |
| 2012 | 20.65% | 20.09% | 15.88% |
| 2011 | 20.70% | 20.36% | — |
| 2010 | 20.50% | 20.25% | — |
| 2009 | 20.12% | 19.78% | — |
| 2007 | 18.66% | 18.21% | — |
| 2005 | 18.89% | 18.71% | — |
Renter Fraction in Chatham County North Carolina
You can calculate the renter fraction in Chatham 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 Chatham County as a fraction of total Chatham County households. In 2019 27.10% of households were renters according to Census ACS data.
Chatham 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% |
| Chatham County NC | 27.10% | +5.28% | +6.16% |
Trends in the Chatham County NC Renter Fraction
At 27.10%, the 2019 household based renter fraction in Chatham County was at its highest level. The origin year for the series is 2012.
Fraction of Renting Households: Chatham County NC, North Carolina, US
History of Chatham County Renter Fraction
| Date | US | North Carolina | Chatham County NC |
|---|---|---|---|
| 2019 | 35.89% | 34.69% | 27.10% |
| 2018 | 36.05% | 34.86% | 21.82% |
| 2017 | 36.13% | 34.60% | 23.88% |
| 2016 | 36.88% | 35.78% | 20.94% |
| 2015 | 36.97% | 36.13% | 26.91% |
| 2014 | 36.90% | 35.75% | 23.62% |
| 2013 | 36.50% | 35.74% | 25.02% |
| 2012 | 36.09% | 34.56% | 20.07% |
| 2011 | 35.42% | 33.49% | — |
| 2010 | 34.65% | 32.83% | — |
| 2009 | 34.13% | 32.81% | — |
| 2007 | 32.80% | 31.70% | — |
| 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. ↩
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