Department of Numbers

Shelby County Tennessee Residential Rent and Rental Statistics

The median monthly gross residential rent in Shelby County TN was $905 in 2017 according to the Census ACS survey.1 Average gross rent in Shelby County was $924 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 Shelby County median and average rent data will be released in September of 2019.

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

Show dollars as: Nominal Real

Real Gross Rent in Shelby County Tennessee (2017 dollars)2

2017 1 Year Change 3 Year Change
US Median Gross Rent $1,012 +1.61% +5.86%
Tennessee Median Gross Rent $833 +1.71% +5.71%
Shelby County TN Median Gross Rent $905 +0.78% +2.72%

Shelby County TN Real Gross Rent Trends

At $905, real median gross rent in Shelby County was at its highest level in 2017 since the series began in 2005. Average gross rent for Shelby County peaked in real terms in 2016 at $926 and is now $2 (0.22%) lower.

Real Gross Rent: Shelby County TN Median, Shelby County TN Average, Tennessee Median, US Median

Lower quartile, median and upper quartile real gross rent

Real Gross Rent History for Shelby County

Date US
Median
Tennessee
Median
Shelby County TN
Median
Shelby County TN
Average
2017 $1,012 $833 $905 $924
2016 $996 $819 $898 $926
2015 $987 $808 $887 $892
2014 $956 $788 $881 $894
2013 $924 $764 $855 $875
2012 $912 $753 $857 $879
2011 $912 $749 $856 $872
2010 $927 $755 $878 $905
2009 $931 $754 $847 $870
2008 $947 $758 $895 $910
2007 $899 $722 $847 $839
2006 $909 $730 $832 $834

Shelby 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 Shelby County Tennessee was 8.76% according to Census ACS data.

Rental Vacancy Rate in Shelby County Tennessee

2017 1 Year Change 3 Year Change
US 6.18% +0.29% -0.14%
Tennessee 6.67% -0.01% -0.57%
Shelby County TN 8.76% +0.18% -1.92%

Trends in Shelby County TN Rental Vacancy Rate

The rental vacancy rate in Shelby County peaked in 2008 at 17.27%. Since then it has fallen by 8.51% to 8.76%. Data records for this series originated in 2005. From a 2016 post peak low of 8.58%, the rental vacancy rate has increased by 0.18%.

Rental Vacancy Rate: Shelby County TN, Tennessee, US

Rental vacancy rate in Tennessee

Historical Rental Vacancy Rate data for Shelby County

Date US Tennessee Shelby County TN
2017 6.18% 6.67% 8.76%
2016 5.89% 6.68% 8.58%
2015 5.85% 7.13% 9.28%
2014 6.32% 7.24% 10.68%
2013 6.49% 7.86% 11.43%
2012 6.77% 7.89% 10.64%
2011 7.40% 8.54% 11.39%
2010 8.17% 10.33% 15.61%
2009 8.43% 10.52% 15.41%
2008 7.86% 10.30% 17.27%
2007 7.87% 9.20% 13.67%
2006 7.70% 9.61% 12.89%

Rent as a Fraction of Income

Using median household income data for Shelby County, we can calculate the fraction of income the median household would use to pay rent at the median monthly gross rent rate. For Shelby County, median monthly gross rent as a fraction of median household income was 21.87% in 2017 according to the ACS.

Shelby County Tennessee Median Annual Rent as a Fraction of Median Household Income

2017 1 Year Change 3 Year Change
US 20.13% -0.30% -0.76%
Tennessee 19.47% -0.45% -1.36%
Shelby County TN 21.87% -0.37% -1.61%

Trends in Shelby County TN Rent as a Fraction of Income

The fraction of median Shelby County household income required to pay median monthly gross rent peaked in 2014 (relative to the 2005 series origin) at 23.49%. Since then it has fallen by 1.61% to 21.87%.

Fraction of Income towards Rent: Shelby County TN, Tennessee, US

Percent of median household income going towards median monthly gross rent in Shelby County Tennessee

Historical Data for Annual Rent as a Fraction of Income in Shelby County Tennessee

Date US Tennessee Shelby County TN
2017 20.13% 19.47% 21.87%
2016 20.43% 19.92% 22.24%
2015 20.63% 19.93% 21.97%
2014 20.89% 20.83% 23.49%
2013 20.78% 20.26% 22.21%
2012 20.65% 20.48% 22.31%
2011 20.70% 20.58% 22.09%
2010 20.50% 20.17% 22.10%
2009 20.12% 19.61% 21.99%
2008 19.00% 18.16% 20.45%
2007 18.66% 17.96% 20.13%
2006 18.90% 18.25% 20.37%

Renter Fraction in Shelby County Tennessee

You can calculate the renter fraction in Shelby 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 Shelby County as a fraction of total Shelby County households. In 2017 44.80% of households were renters according to Census ACS data.

Shelby County Fraction of Renters by Household Units

2017 1 Year Change 3 Year Change
US 36.13% -0.75% -0.77%
Tennessee 34.57% -0.34% +0.71%
Shelby County TN 44.80% -2.32% +1.07%

Trends in the Shelby County TN Renter Fraction

The Shelby County household renter fraction peaked in in 2016 at 47.12% and is now 2.32% below that level. The origin year for the series is 2005.

Fraction of Renting Households: Shelby County TN, Tennessee, US

Fraction of renters in Shelby County

History of Shelby County Renter Fraction

Date US Tennessee Shelby County TN
2017 36.13% 34.57% 44.80%
2016 36.88% 34.91% 47.12%
2015 36.97% 34.18% 45.04%
2014 36.90% 33.86% 43.73%
2013 36.50% 33.62% 43.33%
2012 36.09% 33.31% 41.67%
2011 35.42% 32.72% 42.41%
2010 34.65% 31.87% 40.24%
2009 34.13% 30.85% 39.85%
2008 33.36% 30.17% 36.90%
2007 32.80% 30.06% 38.36%
2006 32.73% 30.10% 37.07%

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.