Department of Numbers

New Hanover County North Carolina Residential Rent and Rental Statistics

The median monthly gross residential rent in New Hanover County NC was $922 in 2017 according to the Census ACS survey.1 Average gross rent in New Hanover County was $922 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 New Hanover County median and average rent data will be released in September of 2019.

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

Show dollars as: Nominal Real

Real Gross Rent in New Hanover 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%
New Hanover County NC Median Gross Rent $922 -2.02% +2.22%

New Hanover County NC Real Gross Rent Trends

Median gross rent for New Hanover County peaked in real terms in 2015 at $972 and is now $50 (5.14%) lower. Average gross rent for New Hanover County peaked in real terms in 2012 at $989 and is now $67 (6.77%) lower.

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for New Hanover County

Date US
Median
North Carolina
Median
New Hanover County NC
Median
New Hanover County NC
Average
2017 $1,012 $861 $922 $922
2016 $996 $852 $941 $934
2015 $987 $851 $972 $964
2014 $956 $822 $902 $948
2013 $924 $795 $919 $953
2012 $912 $780 $936 $989
2011 $912 $780 $870 $906
2010 $927 $792 $936 $932
2009 $931 $796 $957 $956
2008 $947 $797 $969 $945
2007 $899 $773 $908 $881
2006 $909 $781 $916 $869

New Hanover 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 New Hanover County North Carolina was 5.22% according to Census ACS data.

Rental Vacancy Rate in New Hanover 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%
New Hanover County NC 5.22% -1.91% -1.37%

Trends in New Hanover County NC Rental Vacancy Rate

The rental vacancy rate in New Hanover County peaked in 2008 at 12.65%. Since then it has fallen by 7.43% to 5.22%. Data records for this series originated in 2005. From a 2011 post peak low of 3.46%, the rental vacancy rate has increased by 1.76%.

Rental Vacancy Rate: New Hanover County NC, North Carolina, US

Rental vacancy rate in North Carolina

Historical Rental Vacancy Rate data for New Hanover County

Date US North Carolina New Hanover County NC
2017 6.18% 6.77% 5.22%
2016 5.89% 6.99% 7.13%
2015 5.85% 7.02% 5.47%
2014 6.32% 7.29% 6.59%
2013 6.49% 7.46% 7.57%
2012 6.77% 8.00% 10.77%
2011 7.40% 9.31% 3.46%
2010 8.17% 9.97% 11.26%
2009 8.43% 10.10% 7.94%
2008 7.86% 9.58% 12.65%
2007 7.87% 9.26% 8.79%
2006 7.70% 9.98% 8.20%

Rent as a Fraction of Income

Using median household income data for New Hanover County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For New Hanover County, median monthly gross rent as a fraction of median household income was 21.00% in 2017 according to the ACS.

New Hanover 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%
New Hanover County NC 21.00% -1.23% -0.15%

Trends in New Hanover County NC Rent as a Fraction of Income

The fraction of median New Hanover County household income required to pay median monthly gross rent peaked in 2009 (relative to the 2005 series origin) at 23.44%. Since then it has fallen by 2.44% to 21.00%.

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

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

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

Date US North Carolina New Hanover County NC
2017 20.13% 19.59% 21.00%
2016 20.43% 19.90% 22.24%
2015 20.63% 20.75% 21.52%
2014 20.89% 20.70% 21.15%
2013 20.78% 20.34% 22.18%
2012 20.65% 20.09% 20.98%
2011 20.70% 20.36% 21.81%
2010 20.50% 20.25% 22.48%
2009 20.12% 19.78% 23.44%
2008 19.00% 17.89% 19.77%
2007 18.66% 18.21% 19.84%
2006 18.90% 18.47% 21.45%

Renter Fraction in New Hanover County North Carolina

You can calculate the renter fraction in New Hanover 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 New Hanover County as a fraction of total New Hanover County households. In 2017 40.49% of households were renters according to Census ACS data.

New Hanover 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%
New Hanover County NC 40.49% -3.17% -2.39%

Trends in the New Hanover County NC Renter Fraction

The New Hanover County household renter fraction peaked in in 2013 at 44.51% and is now 4.02% below that level. The origin year for the series is 2005.

Fraction of Renting Households: New Hanover County NC, North Carolina, US

Fraction of renters in New Hanover County

History of New Hanover County Renter Fraction

Date US North Carolina New Hanover County NC
2017 36.13% 34.60% 40.49%
2016 36.88% 35.78% 43.66%
2015 36.97% 36.13% 41.90%
2014 36.90% 35.75% 42.88%
2013 36.50% 35.74% 44.51%
2012 36.09% 34.56% 39.49%
2011 35.42% 33.49% 44.44%
2010 34.65% 32.83% 39.76%
2009 34.13% 32.81% 40.18%
2008 33.36% 31.82% 36.56%
2007 32.80% 31.70% 36.82%
2006 32.73% 31.94% 37.89%

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.