New Hanover County North Carolina Residential Rent and Rental Statistics
The median monthly gross residential rent in New Hanover County NC was $1,111 in 2019 according to the Census ACS survey.1 Average gross rent in New Hanover County was $1,061 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 New Hanover County median and average rent data will be released in September of 2021.
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.
Real Gross Rent in New Hanover 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% |
| New Hanover County NC Median Gross Rent | $1,111 | +2.59% | +14.42% |
New Hanover County NC Real Gross Rent Trends
At $1,111, real median gross rent in New Hanover County was at its highest level in 2019 since the series began in 2005. Average gross rent for New Hanover County peaked in real terms in 2018 at $1,098 and is now $37 (3.37%) lower.
Real Gross Rent: New Hanover County NC Median, New Hanover County NC Average, North Carolina Median, US Median
Real Gross Rent History for New Hanover County
| Date | US Median |
North Carolina Median |
New Hanover County NC Median |
New Hanover County NC Average |
|---|---|---|---|---|
| 2019 | $1,097 | $931 | $1,111 | $1,061 |
| 2018 | $1,077 | $916 | $1,083 | $1,098 |
| 2017 | $1,043 | $888 | $951 | $951 |
| 2016 | $1,027 | $879 | $971 | $963 |
| 2015 | $1,017 | $877 | $1,002 | $994 |
| 2014 | $986 | $848 | $930 | $978 |
| 2013 | $953 | $819 | $948 | $982 |
| 2012 | $940 | $804 | $965 | $1,020 |
| 2011 | $941 | $805 | $898 | $934 |
| 2010 | $955 | $817 | $965 | $961 |
| 2009 | $960 | $821 | $987 | $986 |
| 2007 | $927 | $797 | $936 | $908 |
| 2005 | $910 | $794 | $896 | $906 |
New Hanover 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 New Hanover County North Carolina was 4.02% according to Census ACS data.
Rental Vacancy Rate in New Hanover 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% |
| New Hanover County NC | 4.02% | -1.46% | -3.11% |
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 8.63% to 4.02%. Data records for this series originated in 2005. From a 2011 post peak low of 3.46%, the rental vacancy rate has increased by 0.56%.
Rental Vacancy Rate: New Hanover County NC, North Carolina, US
Historical Rental Vacancy Rate data for New Hanover County
| Date | US | North Carolina | New Hanover County NC |
|---|---|---|---|
| 2019 | 5.97% | 6.60% | 4.02% |
| 2018 | 6.15% | 7.03% | 5.48% |
| 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% |
| 2007 | 7.87% | 9.26% | 8.79% |
| 2005 | 7.74% | 9.99% | 7.34% |
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 23.65% in 2019 according to the ACS.
New Hanover 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% |
| New Hanover County NC | 23.65% | -0.80% | +1.41% |
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 2018 (relative to the 2005 series origin) at 24.44%. Since then it has fallen by 0.80% to 23.65%.
Fraction of Income towards Rent: New Hanover County NC, North Carolina, US
Historical Data for Annual Rent as a Fraction of Income in New Hanover County North Carolina
| Date | US | North Carolina | New Hanover County NC |
|---|---|---|---|
| 2019 | 20.03% | 19.48% | 23.65% |
| 2018 | 20.50% | 20.05% | 24.44% |
| 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% |
| 2007 | 18.66% | 18.21% | 19.84% |
| 2005 | 18.89% | 18.71% | 19.21% |
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 2019 42.33% of households were renters according to Census ACS data.
New Hanover 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% |
| New Hanover County NC | 42.33% | -1.78% | -1.33% |
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 2.18% below that level. The origin year for the series is 2005.
Fraction of Renting Households: New Hanover County NC, North Carolina, US
History of New Hanover County Renter Fraction
| Date | US | North Carolina | New Hanover County NC |
|---|---|---|---|
| 2019 | 35.89% | 34.69% | 42.33% |
| 2018 | 36.05% | 34.86% | 44.11% |
| 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% |
| 2007 | 32.80% | 31.70% | 36.82% |
| 2005 | 33.10% | 31.81% | 37.19% |
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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