Department of Numbers

Franklin County North Carolina Residential Rent and Rental Statistics

The median monthly gross residential rent in Franklin County NC was $797 in 2019 according to the Census ACS survey.1 Average gross rent in Franklin County was $662 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 Franklin County median and average rent data will be released in September of 2021.

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

Show dollars as: Nominal Real

Real Gross Rent in Franklin 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%
Franklin County NC Median Gross Rent $797 -13.93%

Franklin County NC Real Gross Rent Trends

Median gross rent for Franklin County peaked in real terms in 2018 at $926 and is now $129 (13.93%) lower. Average gross rent for Franklin County peaked in real terms in 2018 at $832 and is now $170 (20.43%) lower.

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Franklin County

Date US
Median
North Carolina
Median
Franklin County NC
Median
Franklin County NC
Average
2019 $1,097 $931 $797 $662
2018 $1,077 $916 $926 $832
2017 $1,043 $888 $817 $777
2016 $1,027 $879
2015 $1,017 $877
2014 $986 $848
2013 $953 $819
2012 $940 $804
2011 $941 $805
2010 $955 $817
2009 $960 $821

more history ...

Historical Rental Vacancy Rate data for Franklin County

Date US North Carolina Franklin 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%
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%

more history ...

Rent as a Fraction of Income

Using median household income data for Franklin County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Franklin County, median monthly gross rent as a fraction of median household income was 16.75% in 2019 according to the ACS.

Franklin 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%
Franklin County NC 16.75% -1.27%

Trends in Franklin County NC Rent as a Fraction of Income

The fraction of median Franklin County household income required to pay median monthly gross rent peaked in 2018 (relative to the 2017 series origin) at 18.02%. Since then it has fallen by 1.27% to 16.75%.

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

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

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

Date US North Carolina Franklin County NC
2019 20.03% 19.48% 16.75%
2018 20.50% 20.05% 18.02%
2017 20.13% 19.59% 17.34%
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%

more history ...

Renter Fraction in Franklin County North Carolina

You can calculate the renter fraction in Franklin 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 Franklin County as a fraction of total Franklin County households. In 2019 27.88% of households were renters according to Census ACS data.

Franklin 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%
Franklin County NC 27.88% +4.46%

Trends in the Franklin County NC Renter Fraction

At 27.88%, the 2019 household based renter fraction in Franklin County was at its highest level. The origin year for the series is 2017.

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

Fraction of renters in Franklin County

History of Franklin County Renter Fraction

Date US North Carolina Franklin County NC
2019 35.89% 34.69% 27.88%
2018 36.05% 34.86% 23.42%
2017 36.13% 34.60% 27.65%
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%

more history ...

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.