Department of Numbers

Wake County North Carolina Residential Rent and Rental Statistics

The median monthly gross residential rent in Wake County NC was $1,107 in 2017 according to the Census ACS survey.1 Average gross rent in Wake County was $1,154 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 Wake County median and average rent data will be released in September of 2019.

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.

Show dollars as: Nominal Real

Real Gross Rent in Wake 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%
Wake County NC Median Gross Rent $1,107 +2.50% +12.16%

Wake County NC Real Gross Rent Trends

At $1,107, real median gross rent in Wake County was at its highest level in 2017 since the series began in 2005. At $1,154, real average gross rent in Wake County was at its highest level in 2017 since the series began in 2005.

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

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Wake County

Date US
Median
North Carolina
Median
Wake County NC
Median
Wake County NC
Average
2017 $1,012 $861 $1,107 $1,154
2016 $996 $852 $1,080 $1,111
2015 $987 $851 $1,024 $1,080
2014 $956 $822 $987 $1,014
2013 $924 $795 $948 $1,005
2012 $912 $780 $934 $985
2011 $912 $780 $882 $926
2010 $927 $792 $930 $973
2009 $931 $796 $946 $980
2008 $947 $797 $957 $991
2007 $899 $773 $918 $949
2006 $909 $781 $903 $913

Wake 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 Wake County North Carolina was 5.32% according to Census ACS data.

Rental Vacancy Rate in Wake 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%
Wake County NC 5.32% -0.82% -0.94%

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 5.99% to 5.32%. Data records for this series originated in 2005. From a 2013 post peak low of 4.28%, the rental vacancy rate has increased by 1.04%.

Rental Vacancy Rate: Wake County NC, North Carolina, US

Rental vacancy rate in North Carolina

Historical Rental Vacancy Rate data for Wake County

Date US North Carolina Wake County NC
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%
2008 7.86% 9.58% 7.45%
2007 7.87% 9.26% 6.80%
2006 7.70% 9.98% 8.48%

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 17.18% in 2017 according to the ACS.

Wake 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%
Wake County NC 17.18% +0.42% -0.18%

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 2014 (relative to the 2005 series origin) at 17.36%. Since then it has fallen by 0.18% to 17.18%.

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

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

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

Date US North Carolina Wake County NC
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%
2008 19.00% 17.89% 15.34%
2007 18.66% 18.21% 15.71%
2006 18.90% 18.47% 14.94%

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 2017 34.59% of households were renters according to Census ACS data.

Wake 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%
Wake County NC 34.59% -2.93% -2.30%

Trends in the Wake County NC Renter Fraction

The Wake County household renter fraction peaked in in 2016 at 37.52% and is now 2.93% below that level. The origin year for the series is 2005.

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

Fraction of renters in Wake County

History of Wake County Renter Fraction

Date US North Carolina Wake County NC
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%
2008 33.36% 31.82% 32.71%
2007 32.80% 31.70% 33.03%
2006 32.73% 31.94% 33.90%

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.