Wake County North Carolina Residential Rent and Rental Statistics
The median monthly gross residential rent in Wake County NC was $1,198 in 2019 according to the Census ACS survey.1 Average gross rent in Wake County was $1,214 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 Wake County median and average rent data will be released in September of 2021.
Data is also available below for Wake County rental vacancy rates, Wake County rent as a percent of median income and the fraction of renters in Wake County.
Real Gross Rent in Wake 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% |
| Wake County NC Median Gross Rent | $1,198 | +1.10% | +7.64% |
Wake County NC Real Gross Rent Trends
At $1,198, real median gross rent in Wake County was at its highest level in 2019 since the series began in 2005. Average gross rent for Wake County peaked in real terms in 2018 at $1,217 and is now $3 (0.25%) lower.
Real Gross Rent: Wake County NC Median, Wake County NC Average, North Carolina Median, US Median
Real Gross Rent History for Wake County
| Date | US Median |
North Carolina Median |
Wake County NC Median |
Wake County NC Average |
|---|---|---|---|---|
| 2019 | $1,097 | $931 | $1,198 | $1,214 |
| 2018 | $1,077 | $916 | $1,185 | $1,217 |
| 2017 | $1,043 | $888 | $1,141 | $1,190 |
| 2016 | $1,027 | $879 | $1,113 | $1,146 |
| 2015 | $1,017 | $877 | $1,056 | $1,114 |
| 2014 | $986 | $848 | $1,018 | $1,045 |
| 2013 | $953 | $819 | $977 | $1,036 |
| 2012 | $940 | $804 | $963 | $1,016 |
| 2011 | $941 | $805 | $909 | $955 |
| 2010 | $955 | $817 | $959 | $1,003 |
| 2009 | $960 | $821 | $976 | $1,011 |
| 2007 | $927 | $797 | $947 | $979 |
| 2005 | $910 | $794 | $926 | $941 |
Wake 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 Wake County North Carolina was 6.64% according to Census ACS data.
Rental Vacancy Rate in Wake 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% |
| Wake County NC | 6.64% | +0.45% | +0.50% |
Trends in Wake County NC Rental Vacancy Rate
The rental vacancy rate in Wake County peaked in 2009 at 11.31%. Since then it has fallen by 4.67% to 6.64%. Data records for this series originated in 2005. From a 2013 post peak low of 4.28%, the rental vacancy rate has increased by 2.36%.
Rental Vacancy Rate: Wake County NC, North Carolina, US
Historical Rental Vacancy Rate data for Wake County
| Date | US | North Carolina | Wake County NC |
|---|---|---|---|
| 2019 | 5.97% | 6.60% | 6.64% |
| 2018 | 6.15% | 7.03% | 6.19% |
| 2017 | 6.18% | 6.77% | 5.32% |
| 2016 | 5.89% | 6.99% | 6.14% |
| 2015 | 5.85% | 7.02% | 4.94% |
| 2014 | 6.32% | 7.29% | 6.26% |
| 2013 | 6.49% | 7.46% | 4.28% |
| 2012 | 6.77% | 8.00% | 5.08% |
| 2011 | 7.40% | 9.31% | 9.44% |
| 2010 | 8.17% | 9.97% | 9.87% |
| 2009 | 8.43% | 10.10% | 11.31% |
| 2007 | 7.87% | 9.26% | 6.80% |
| 2005 | 7.74% | 9.99% | 10.24% |
Rent as a Fraction of Income
Using median household income data for Wake County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Wake County, median monthly gross rent as a fraction of median household income was 17.07% in 2019 according to the ACS.
Wake 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% |
| Wake County NC | 17.07% | -0.40% | +0.31% |
Trends in Wake County NC Rent as a Fraction of Income
The fraction of median Wake County household income required to pay median monthly gross rent peaked in 2018 (relative to the 2005 series origin) at 17.47%. Since then it has fallen by 0.40% to 17.07%.
Fraction of Income towards Rent: Wake County NC, North Carolina, US
Historical Data for Annual Rent as a Fraction of Income in Wake County North Carolina
| Date | US | North Carolina | Wake County NC |
|---|---|---|---|
| 2019 | 20.03% | 19.48% | 17.07% |
| 2018 | 20.50% | 20.05% | 17.47% |
| 2017 | 20.13% | 19.59% | 17.18% |
| 2016 | 20.43% | 19.90% | 16.76% |
| 2015 | 20.63% | 20.75% | 16.93% |
| 2014 | 20.89% | 20.70% | 17.36% |
| 2013 | 20.78% | 20.34% | 17.09% |
| 2012 | 20.65% | 20.09% | 17.02% |
| 2011 | 20.70% | 20.36% | 16.26% |
| 2010 | 20.50% | 20.25% | 16.76% |
| 2009 | 20.12% | 19.78% | 16.15% |
| 2007 | 18.66% | 18.21% | 15.71% |
| 2005 | 18.89% | 18.71% | 15.52% |
Renter Fraction in Wake County North Carolina
You can calculate the renter fraction in Wake 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 Wake County as a fraction of total Wake County households. In 2019 36.21% of households were renters according to Census ACS data.
Wake 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% |
| Wake County NC | 36.21% | -0.34% | -1.31% |
Trends in the Wake County NC Renter Fraction
The Wake County household renter fraction peaked in in 2016 at 37.52% and is now 1.31% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Wake County NC, North Carolina, US
History of Wake County Renter Fraction
| Date | US | North Carolina | Wake County NC |
|---|---|---|---|
| 2019 | 35.89% | 34.69% | 36.21% |
| 2018 | 36.05% | 34.86% | 36.55% |
| 2017 | 36.13% | 34.60% | 34.59% |
| 2016 | 36.88% | 35.78% | 37.52% |
| 2015 | 36.97% | 36.13% | 37.19% |
| 2014 | 36.90% | 35.75% | 36.89% |
| 2013 | 36.50% | 35.74% | 36.84% |
| 2012 | 36.09% | 34.56% | 37.14% |
| 2011 | 35.42% | 33.49% | 33.10% |
| 2010 | 34.65% | 32.83% | 33.55% |
| 2009 | 34.13% | 32.81% | 33.29% |
| 2007 | 32.80% | 31.70% | 33.03% |
| 2005 | 33.10% | 31.81% | 33.89% |
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. ↩
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