How many renters live in Richlands, North Carolina?
The City of Richlands has 2,577 people living in 784 households.
There are 985 renters living in 273 renter households in this City. Renters make up 38.22 percent of the population living in Richlands.
What is the rental market like in Richlands, North Carolina?
There are an estimated 879 housing units in the Richlands area. Of these, 293 units are rental homes, making up 33 percent of the housing market. For every renter household in Richlands, North Carolina, there are 1 rental units.
What is the vacancy rate for rentals in Richlands?
The rental vacancy rate in Richlands is 7 percent. This is a higher than average vacancy rate. When rental vacancy rates are high it means that there are a lot of available units and rents tend to be lower.
How many rental units are in Richlands for each bedroom size?
Occupied Rental Units by Size in Richlands
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 0 | 20 | 148 | 51 | 54 |
Occupied Rental Units by Size in Richlands
A large number of apartments in Richlands 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 Richlands are overburdened by housing costs?
Among renter households in this market, 30 percent have housing cost burden. Further, 12 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 Richlands
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $904 to $2,162. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $904 |
| One BR | $1,030 |
| Two BR | $1,274 |
| Three BR | $1,795 |
| Four BR | $2,162 |
2024 Fair Market Rents in Richlands, North Carolina
How many units are rented at Fair Market Rent (FMR) in Richlands?
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 |
| One BR | 20 | 100 percent |
| Two BR | 138 | 93 percent |
Rental Units Below FMR in Richlands, North Carolina
How many affordable rental units are in Richlands?
There are a variety of federal affordable housing programs serving households in Richlands, North Carolina including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 48 |
| USDA Section 515 Rural Rental Housing | 73 |
Tracked Units by Federal Program in Richlands, North Carolina
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Richlands, North Carolina
Richlands features 73 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 Richlands, North Carolina
There are 0 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Richlands.
Housing Choice Vouchers in Richlands, North Carolina
On average, Section 8 Housing Choice vouchers pay Richlands landlords $0 per month towards rent. The average voucher holder contributes $0 towards rent in Richlands.
The maximum amount a voucher would pay on behalf of a low-income tenant in Richlands, North Carolina for a two-bedroom apartment is between $1,147 and $1,401.
Sourced from federal housing data and AffordableHousingOnline.com research.
