Department of Numbers

Chatham County North Carolina Residential Rent and Rental Statistics

The median monthly gross residential rent in Chatham County NC was $689 in 2017 according to the Census ACS survey.1 Average gross rent in Chatham County was $625 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 Chatham County median and average rent data will be released in September of 2019.

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.

Show dollars as: Nominal Real

Real Gross Rent in Chatham 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%
Chatham County NC Median Gross Rent $689 -9.93% -18.75%

Chatham County NC Real Gross Rent Trends

Median gross rent for Chatham County peaked in real terms in 2014 at $848 and is now $159 (18.75%) lower. Average gross rent for Chatham County peaked in real terms in 2014 at $891 and is now $266 (29.85%) lower.

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Chatham County

Date US
Median
North Carolina
Median
Chatham County NC
Median
Chatham County NC
Average
2017 $1,012 $861 $689 $625
2016 $996 $852 $765 $795
2015 $987 $851 $834 $781
2014 $956 $822 $848 $891
2013 $924 $795 $712 $586
2012 $912 $780 $747 $853
2011 $912 $780
2010 $927 $792
2009 $931 $796
2008 $947 $797
2007 $899 $773
2006 $909 $781

Historical Rental Vacancy Rate data for Chatham County

Date US North Carolina Chatham County NC
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%
2008 7.86% 9.58%
2007 7.87% 9.26%
2006 7.70% 9.98%

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 14.31% in 2017 according to the ACS.

Chatham 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%
Chatham County NC 14.31% -0.04% -4.01%

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 4.01% to 14.31%.

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

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

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

Date US North Carolina Chatham County NC
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%
2008 19.00% 17.89%
2007 18.66% 18.21%
2006 18.90% 18.47%

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 2017 23.88% of households were renters according to Census ACS data.

Chatham 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%
Chatham County NC 23.88% +2.94% +0.26%

Trends in the Chatham County NC Renter Fraction

The Chatham County household renter fraction peaked in in 2015 at 26.91% and is now 3.03% below that level. The origin year for the series is 2012.

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

Fraction of renters in Chatham County

History of Chatham County Renter Fraction

Date US North Carolina Chatham County NC
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%
2008 33.36% 31.82%
2007 32.80% 31.70%
2006 32.73% 31.94%

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.