Surry County North Carolina Residential Rent and Rental Statistics
The median monthly gross residential rent in Surry County NC was $607 in 2019 according to the Census ACS survey.1 Average gross rent in Surry County was $536 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 Surry County median and average rent data will be released in September of 2021.
Data is also available below for Surry County rental vacancy rates, Surry County rent as a percent of median income and the fraction of renters in Surry County.
Real Gross Rent in Surry 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% |
| Surry County NC Median Gross Rent | $607 | +2.36% | -5.01% |
Surry County NC Real Gross Rent Trends
Median gross rent for Surry County peaked in real terms in 2010 at $692 and is now $85 (12.28%) lower. Average gross rent for Surry County peaked in real terms in 2009 at $639 and is now $103 (16.12%) lower.
Real Gross Rent: Surry County NC Median, Surry County NC Average, North Carolina Median, US Median
Real Gross Rent History for Surry County
| Date | US Median |
North Carolina Median |
Surry County NC Median |
Surry County NC Average |
|---|---|---|---|---|
| 2019 | $1,097 | $931 | $607 | $536 |
| 2018 | $1,077 | $916 | $593 | $571 |
| 2017 | $1,043 | $888 | $605 | $545 |
| 2016 | $1,027 | $879 | $639 | $586 |
| 2015 | $1,017 | $877 | $644 | $607 |
| 2014 | $986 | $848 | $646 | $614 |
| 2013 | $953 | $819 | $673 | $590 |
| 2012 | $940 | $804 | $612 | $562 |
| 2011 | $941 | $805 | $577 | $534 |
| 2010 | $955 | $817 | $692 | $607 |
| 2009 | $960 | $821 | $617 | $639 |
| 2007 | $927 | $797 | $613 | $525 |
| 2005 | $910 | $794 | $613 | $500 |
Surry 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 Surry County North Carolina was 15.42% according to Census ACS data.
Rental Vacancy Rate in Surry 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% |
| Surry County NC | 15.42% | +1.85% | +1.36% |
Trends in Surry County NC Rental Vacancy Rate
The rental vacancy rate in Surry County peaked in 2014 at 15.55%. Since then it has fallen by 0.13% to 15.42%. Data records for this series originated in 2005.
Rental Vacancy Rate: Surry County NC, North Carolina, US
Historical Rental Vacancy Rate data for Surry County
| Date | US | North Carolina | Surry County NC |
|---|---|---|---|
| 2019 | 5.97% | 6.60% | 15.42% |
| 2018 | 6.15% | 7.03% | 13.57% |
| 2017 | 6.18% | 6.77% | — |
| 2016 | 5.89% | 6.99% | 14.06% |
| 2015 | 5.85% | 7.02% | — |
| 2014 | 6.32% | 7.29% | 15.55% |
| 2013 | 6.49% | 7.46% | 7.40% |
| 2012 | 6.77% | 8.00% | 13.79% |
| 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% | 6.95% |
Rent as a Fraction of Income
Using median household income data for Surry County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Surry County, median monthly gross rent as a fraction of median household income was 14.79% in 2019 according to the ACS.
Surry 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% |
| Surry County NC | 14.79% | +0.36% | -5.10% |
Trends in Surry County NC Rent as a Fraction of Income
The fraction of median Surry County household income required to pay median monthly gross rent peaked in 2013 (relative to the 2005 series origin) at 21.55%. Since then it has fallen by 6.76% to 14.79%.
Fraction of Income towards Rent: Surry County NC, North Carolina, US
Historical Data for Annual Rent as a Fraction of Income in Surry County North Carolina
| Date | US | North Carolina | Surry County NC |
|---|---|---|---|
| 2019 | 20.03% | 19.48% | 14.79% |
| 2018 | 20.50% | 20.05% | 14.43% |
| 2017 | 20.13% | 19.59% | 16.60% |
| 2016 | 20.43% | 19.90% | 19.89% |
| 2015 | 20.63% | 20.75% | 19.51% |
| 2014 | 20.89% | 20.70% | 20.11% |
| 2013 | 20.78% | 20.34% | 21.55% |
| 2012 | 20.65% | 20.09% | 19.10% |
| 2011 | 20.70% | 20.36% | 19.83% |
| 2010 | 20.50% | 20.25% | 20.67% |
| 2009 | 20.12% | 19.78% | 19.58% |
| 2007 | 18.66% | 18.21% | 17.58% |
| 2005 | 18.89% | 18.71% | 17.32% |
Renter Fraction in Surry County North Carolina
You can calculate the renter fraction in Surry 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 Surry County as a fraction of total Surry County households. In 2019 27.14% of households were renters according to Census ACS data.
Surry 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% |
| Surry County NC | 27.14% | -0.43% | -4.18% |
Trends in the Surry County NC Renter Fraction
The Surry County household renter fraction peaked in in 2016 at 31.32% and is now 4.18% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Surry County NC, North Carolina, US
History of Surry County Renter Fraction
| Date | US | North Carolina | Surry County NC |
|---|---|---|---|
| 2019 | 35.89% | 34.69% | 27.14% |
| 2018 | 36.05% | 34.86% | 27.57% |
| 2017 | 36.13% | 34.60% | 27.22% |
| 2016 | 36.88% | 35.78% | 31.32% |
| 2015 | 36.97% | 36.13% | 28.31% |
| 2014 | 36.90% | 35.75% | 28.89% |
| 2013 | 36.50% | 35.74% | 26.24% |
| 2012 | 36.09% | 34.56% | 27.22% |
| 2011 | 35.42% | 33.49% | 28.57% |
| 2010 | 34.65% | 32.83% | 28.44% |
| 2009 | 34.13% | 32.81% | 24.92% |
| 2007 | 32.80% | 31.70% | 23.58% |
| 2005 | 33.10% | 31.81% | 25.58% |
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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