How many renters live in Spring Lake, North Carolina?
The City of Spring Lake has 11,710 people living in 4,457 households.
There are 8,624 renters living in 3,472 renter households in this City. Renters make up 73.65 percent of the population living in Spring Lake.
What is the rental market like in Spring Lake, North Carolina?
There are an estimated 5,294 housing units in the Spring Lake area. Of these, 3,895 units are rental homes, making up 74 percent of the housing market. For every renter household in Spring Lake, North Carolina, there are 1 rental units.
What is the vacancy rate for rentals in Spring Lake?
The rental vacancy rate in Spring Lake is 6 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 Spring Lake for each bedroom size?
Occupied Rental Units by Size in Spring Lake
| Studio | One-Bedroom | Two-Bedroom | Three-Bedroom | Four+ Bedrooms |
|---|---|---|---|---|
| 36 | 467 | 1,410 | 1,007 | 439 |
Occupied Rental Units by Size in Spring Lake
A large number of apartments in Spring Lake 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 Spring Lake are overburdened by housing costs?
Among renter households in this market, 46 percent have housing cost burden. Further, 18 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 Spring Lake
Depending on size, the Fair Market Rent - HUDs measurement of the cost of an average housing unit - ranges from $1,120 to $2,193. FMRs are updated annually by HUD for every city and county nationwide.
| Bed Size | 2024 Fair Market Rents |
| Studio | $1,120 |
| One BR | $1,120 |
| Two BR | $1,292 |
| Three BR | $1,759 |
| Four BR | $2,193 |
2024 Fair Market Rents in Spring Lake, North Carolina
How many units are rented at Fair Market Rent (FMR) in Spring Lake?
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 | 17 | 47 percent |
| One BR | 342 | 73 percent |
| Two BR | 990 | 70 percent |
Rental Units Below FMR in Spring Lake, North Carolina
How many affordable rental units are in Spring Lake?
There are a variety of federal affordable housing programs serving households in Spring Lake, North Carolina including the following:
| Federal Program | Unit Count |
| Low Income Housing Tax Credit | 48 |
| Section 8 Project-Based Rental Assistance | 93 |
Tracked Units by Federal Program in Spring Lake, North Carolina
Rental units may be funded in part by multiple federal programs.
Income Based Apartments in Spring Lake, North Carolina
Spring Lake features 164 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 Spring Lake, North Carolina
There are 48 rent subsidized apartments that do not provide direct rental assistance but remain affordable to low income households in Spring Lake.
Housing Choice Vouchers in Spring Lake, North Carolina
On average, Section 8 Housing Choice vouchers pay Spring Lake landlords $600 per month towards rent. The average voucher holder contributes $300 towards rent in Spring Lake.
The maximum amount a voucher would pay on behalf of a low-income tenant in Spring Lake, North Carolina for a two-bedroom apartment is between $1,163 and $1,421.
Sourced from federal housing data and AffordableHousingOnline.com research.
