Florence South Carolina Residential Rent and Rental Statistics
The median monthly gross residential rent in Florence, SC (the Florence metro area) was $777 in 2019 according to the Census ACS survey.1 Average gross rent in Florence was $686 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 Florence median and average rent data will be released in September of 2021.
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.
Real Gross Rent in Florence South Carolina (2019 dollars)2
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US Median Gross Rent | $1,097 | +1.86% | +6.82% |
| South Carolina Median Gross Rent | $922 | +1.54% | +4.65% |
| Florence, SC Median Gross Rent | $777 | +9.13% | +5.71% |
Florence, SC Real Gross Rent Trends
At $777, real median gross rent in Florence was at its highest level in 2019 since the series began in 2005. Average gross rent for Florence peaked in real terms in 2017 at $692 and is now $6 (0.87%) lower.
Real Gross Rent in Florence: Florence SC Median, Florence SC Average, South Carolina Median, US Median
Real Gross Rent History for Florence
| Date | US Median |
South Carolina Median |
Florence, SC Median |
Florence, SC Average |
|---|---|---|---|---|
| 2019 | $1,097 | $922 | $777 | $686 |
| 2018 | $1,077 | $908 | $712 | $607 |
| 2017 | $1,043 | $874 | $733 | $692 |
| 2016 | $1,027 | $881 | $735 | $660 |
| 2015 | $1,017 | $869 | $742 | $651 |
| 2014 | $986 | $835 | $701 | $601 |
| 2013 | $953 | $807 | $666 | $604 |
| 2012 | $940 | $802 | $660 | $588 |
| 2011 | $941 | $800 | $684 | $620 |
| 2010 | $955 | $813 | $670 | $584 |
| 2009 | $960 | $805 | $667 | $619 |
| 2007 | $927 | $758 | $639 | $607 |
| 2005 | $910 | $764 | $693 | $609 |
Florence 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 Florence South Carolina was 9.45% according to Census ACS data.
Rental Vacancy Rate in Florence South Carolina
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 5.97% | -0.18% | +0.08% |
| South Carolina | 9.13% | -0.86% | +0.64% |
| Florence, SC | 9.45% | -1.50% | -1.42% |
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 1.88% to 9.45%. Data records for this series originated in 2005. From a 2015 post peak low of 5.45%, the rental vacancy rate has increased by 4.00%.
Rental Vacancy Rate: Florence SC, South Carolina, US
Historical Rental Vacancy Rate data for Florence
| Date | US | South Carolina | Florence, SC |
|---|---|---|---|
| 2019 | 5.97% | 9.13% | 9.45% |
| 2018 | 6.15% | 9.99% | 10.95% |
| 2017 | 6.18% | 8.97% | 9.57% |
| 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% |
| 2007 | 7.87% | 11.99% | 9.29% |
| 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 19.21% in 2019 according to the ACS.
Florence South 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% |
| South Carolina | 19.68% | -0.79% | -0.71% |
| Florence, SC | 19.21% | -0.48% | -0.76% |
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 2.83% to 19.21%.
Fraction of Income towards Rent: Florence SC, South Carolina, US
Historical Data for Annual Rent as a Fraction of Income in Florence South Carolina
| Date | US | South Carolina | Florence, SC |
|---|---|---|---|
| 2019 | 20.03% | 19.68% | 19.21% |
| 2018 | 20.50% | 20.46% | 19.68% |
| 2017 | 20.13% | 20.12% | 21.03% |
| 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% |
| 2007 | 18.66% | 17.86% | 15.95% |
| 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 2019 33.52% of households were renters according to Census ACS data.
Florence Fraction of Renters by Household Units
| 2019 | 1 Year Change | 3 Year Change | |
|---|---|---|---|
| US | 35.89% | -0.16% | -0.99% |
| South Carolina | 29.73% | -1.00% | -1.64% |
| Florence, SC | 33.52% | +0.38% | +4.96% |
Trends in the Florence, SC Renter Fraction
The Florence household renter fraction peaked in in 2013 at 36.15% and is now 2.63% below that level. The origin year for the series is 2005.
Fraction of Renting Households: Florence SC, South Carolina, US
History of Florence Renter Fraction
| Date | US | South Carolina | Florence, SC |
|---|---|---|---|
| 2019 | 35.89% | 29.73% | 33.52% |
| 2018 | 36.05% | 30.73% | 33.14% |
| 2017 | 36.13% | 31.25% | 33.71% |
| 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% |
| 2007 | 32.80% | 29.96% | 31.49% |
| 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. ↩
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