Department of Numbers

Florence South Carolina Residential Rent and Rental Statistics

The median monthly gross residential rent in Florence, SC (the Florence metro area) was $702 in 2016 according to the Census ACS survey.1 Average gross rent in Florence was $630 in 2016. The median rent more accurately depicts rental rates in the middle of the distribution of rents and is thus preferred in the analysis below. 2017 Florence median and average rent data will be released in September of 2018.

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

Show dollars as: Nominal Real

Real Gross Rent in Florence South Carolina (2016 dollars)2

2016 1 Year Change 3 Year Change
US Median Gross Rent $981 +0.93% +7.80%
South Carolina Median Gross Rent $841 +1.33% +9.22%
Florence, SC Median Gross Rent $702 -0.85% +10.38%

Florence, SC Real Gross Rent Trends

Median gross rent for Florence peaked in real terms in 2015 at $708 and is now $6 (0.85%) lower. At $630, real average gross rent in Florence was at its highest level in 2016 since the series began in 2005.

Real Gross Rent in Florence: Florence SC Median, Florence SC Average, South Carolina Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Florence

Date US
Median
South Carolina
Median
Florence, SC
Median
Florence, SC
Average
2016 $981 $841 $702 $630
2015 $972 $830 $708 $622
2014 $942 $798 $669 $574
2013 $910 $770 $636 $577
2012 $898 $766 $630 $562
2011 $898 $764 $653 $592
2010 $912 $777 $640 $558
2009 $916 $768 $637 $591
2008 $932 $763 $665 $580
2007 $885 $724 $610 $580
2006 $895 $751 $657 $591
2005 $869 $729 $661 $581

Florence Rental Vacancy Rate

The rental vacancy rate is the fraction of homes for rent that are not occupied.3 In 2016 the rental vacancy rate for Florence South Carolina was 10.87% according to Census ACS data.

Rental Vacancy Rate in Florence South Carolina

2016 1 Year Change 3 Year Change
US 5.89% +0.04% -0.60%
South Carolina 8.49% -0.96% -2.05%
Florence, SC 10.87% +5.42% +4.84%

Trends in Florence, SC Rental Vacancy Rate

The rental vacancy rate in Florence peaked in 2012 at 11.33%. Since then it has fallen by 0.46% to 10.87%. Data records for this series originated in 2005. From a 2015 post peak low of 5.45%, the rental vacancy rate has increased by 5.42%.

Rental Vacancy Rate: Florence SC, South Carolina, US

Rental vacancy rate in South Carolina

Historical Rental Vacancy Rate data for Florence

Date US South Carolina Florence, SC
2016 5.89% 8.49% 10.87%
2015 5.85% 9.45% 5.45%
2014 6.32% 10.54% 8.50%
2013 6.49% 10.54% 6.03%
2012 6.77% 12.68% 11.33%
2011 7.40% 12.12% 9.50%
2010 8.17% 13.69% 7.45%
2009 8.43% 13.35% 6.98%
2008 7.86% 12.38% 7.32%
2007 7.87% 11.99% 9.29%
2006 7.70% 11.42% 7.04%
2005 7.74% 11.43% 10.12%

Rent as a Fraction of Income

Using median household income data for Florence, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Florence, median monthly gross rent as a fraction of median household income was 19.96% in 2016 according to the ACS.

Florence South Carolina Median Annual Rent as a Fraction of Median Household Income

2016 1 Year Change 3 Year Change
US 20.43% -0.20% -0.35%
South Carolina 20.39% -0.42% -0.43%
Florence, SC 19.96% -2.08% +0.30%

Trends in Florence, SC Rent as a Fraction of Income

The fraction of median Florence household income required to pay median monthly gross rent peaked in 2015 (relative to the 2005 series origin) at 22.04%. Since then it has fallen by 2.08% to 19.96%.

Fraction of Income towards Rent: Florence SC, South Carolina, US

Percent of median household income going towards median monthly gross rent in Florence South Carolina

Historical Data for Annual Rent as a Fraction of Income in Florence South Carolina

Date US South Carolina Florence, SC
2016 20.43% 20.39% 19.96%
2015 20.63% 20.81% 22.04%
2014 20.89% 20.98% 19.85%
2013 20.78% 20.81% 19.66%
2012 20.65% 20.99% 19.50%
2011 20.70% 20.99% 19.01%
2010 20.50% 20.79% 19.15%
2009 20.12% 19.96% 18.34%
2008 19.00% 18.15% 17.52%
2007 18.66% 17.86% 15.95%
2006 18.90% 18.69% 17.71%
2005 18.89% 18.65% 18.39%

Renter Fraction in Florence South Carolina

You can calculate the renter fraction in Florence 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 Florence as a fraction of total Florence households. In 2016 28.56% of households were renters according to Census ACS data.

Florence Fraction of Renters by Household Units

2016 1 Year Change 3 Year Change
US 36.88% -0.09% +0.38%
South Carolina 31.37% -0.50% -0.46%
Florence, SC 28.56% -6.08% -7.59%

Trends in the Florence, SC Renter Fraction

The Florence household renter fraction peaked in in 2013 at 36.15% and is now 7.59% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Florence SC, South Carolina, US

Fraction of renters in Florence

History of Florence Renter Fraction

Date US South Carolina Florence, SC
2016 36.88% 31.37% 28.56%
2015 36.97% 31.87% 34.64%
2014 36.90% 31.95% 32.46%
2013 36.50% 31.83% 36.15%
2012 36.09% 31.87% 32.98%
2011 35.42% 30.83% 30.85%
2010 34.65% 31.30% 33.92%
2009 34.13% 29.86% 29.57%
2008 33.36% 29.42% 29.19%
2007 32.80% 29.96% 31.49%
2006 32.73% 29.66% 29.20%
2005 33.10% 29.91% 26.98%

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.