How many renters live in Franklin County, North Carolina?
The County of Franklin County has 74,539 people living in 27,803 households.
There are 15,074 renters living in 5,210 renter households in this County. Renters make up 20.22 percent of the population living in Franklin County.
What is the rental market like in Franklin County, North Carolina?
There are an estimated 29,764 housing units in the Franklin County area. Of these, 6,211 units are rental homes, making up 21 percent of the housing market. For every renter household in Franklin County, North Carolina, there are 1 rental units.
What is the vacancy rate for rentals in Franklin County?
The rental vacancy rate in Franklin County is 2 percent. This is a lower than average vacancy rate. When rental vacancy rates are low there are fewer available units. Rents tend to be higher as more people compete for scarce housing.
How many rental units are in Franklin County for each bedroom size?
Occupied Rental Units by Size in Franklin County
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 104 | 502 | 2,178 | 2,762 | 468 |
Occupied Rental Units by Size in Franklin County
A large number of apartments in Franklin County have two or fewer bedrooms. Seniors and young professionals especially may have more success finding an apartment that meets their needs.
How many renter households in Franklin County are overburdened by housing costs?
Among renter households in this market, 46 percent have housing cost burden. Further, 30 percent of households are extremely rent overburdened. When renters pay too much for their housing, it leaves little money for other necessities like food, clothes, or medicine.
The federal government says that renters are cost-burdened if they pay more than a third of their monthly income for rent and utilities.
How Much Is Rent in Franklin County
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,427 to $2,711. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $1,427 |
| One BR | $1,466 |
| Two BR | $1,646 |
| Three BR | $2,035 |
| Four BR | $2,711 |
2024 Fair Market Rents in Franklin County, North Carolina
How many units are rented at Fair Market Rent (FMR) in Franklin County?
Renters with a Section 8 Housing Choice Voucher must select a home that is at or below the area’s Fair Market Rent. Markets with a large share of units above FMR tend to have longer search times to find a qualified unit, while those with a large share of units below FMR tend to have more choices and shorter search times. The share below FMR can vary by size of unit, as shown in the table below.
These are the approximate number of units renting below the FMR in this market:
| Unit Size | Count of Units Below FMR | Percentage of Total Units Below FMR |
| Studio | 92 | 88 percent |
| One BR | 379 | 75 percent |
| Two BR | 2,008 | 92 percent |
Rental Units Below FMR in Franklin County, North Carolina
How many affordable rental units are in Franklin County?
There are a variety of federal affordable housing programs serving households in Franklin County, North Carolina including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 324 |
| Section 8 Project-Based Rental Assistance | 173 |
| Section 811 Supportive Housing for Persons with Disabilities | 15 |
| USDA Section 515 Rural Rental Housing | 150 |
Tracked Units by Federal Program in Franklin County, North Carolina
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Franklin County, North Carolina
Franklin County features 576 income based apartments. Tenants of income based apartments typically pay no more than 30% of their income towards rent and utilities.
Low Rent Apartments in Franklin County, North Carolina
There are 474 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Franklin County.
Housing Choice Vouchers in Franklin County, North Carolina
On average, Section 8 Housing Choice vouchers pay Franklin County landlords $500 per month towards rent. The average voucher holder contributes $300 towards rent in Franklin County.
The maximum amount a voucher would pay on behalf of a low-income tenant in Franklin County, North Carolina for a two-bedroom apartment is between $1,481 and $1,811.
Sourced from federal housing data and AffordableHousingOnline.com research.
