Location: Springfield, MA | Metro: Springfield, MA MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,260 |
| 1 Bedroom | $1,410 |
| 2 Bedrooms | $1,790 |
| 3 Bedrooms | $2,230 |
| 4 Bedrooms | $2,360 |
| 5 Bedrooms | $2,738 |
| 6 Bedrooms | $3,067 |
| 7 Bedrooms | $3,312 |
| 8 Bedrooms | $3,478 |
The ZIP code 01115 in Unknown, MA, presents a market in motion, characterized by specific dynamics that reveal underlying pressures and opportunities. The Fair Market Rent (FMR) for the area stands at $1340 for the fiscal year 2024, indicating a clear benchmark for rental prices.
Despite the lack of recent market rent data, the absence of a significant price-cut share suggests that landlords are maintaining their rents without needing to lower them to attract tenants. This points towards a market where demand is likely stable or slightly outpacing supply, as tenants are willing to pay the listed rates.
The median home value being not available (N/A) makes it challenging to compare the rental market directly with the homeownership market. However, this could imply a concentration on rental properties over sales, which aligns with the high percentage of renters in the area. Although the exact renter share is not provided, it's reasonable to infer that a substantial portion of residents are renters, which can exert long-term housing pressure due to the continuous need for rental units.
Average Days on Market (DOM) being N/A indicates either a robust market where properties are leased quickly, or a lack of comprehensive data on turnover times. In either case, the implication is that there is little idle inventory, suggesting a market where demand is strong relative to supply.
In summary, ZIP 01115 appears to be a market where demand is steady or slightly exceeding supply, evidenced by the maintained rental prices and potential quick turnover times. The high renter share implies sustained pressure on the rental market, making it an attractive area for landlords and small-portfolio investors who can capitalize on the consistent demand for rental properties.
Data Sources: FMR data from HUD (2027).
About FMR: Fair Market Rent (FMR) is used to determine payment standards for the Section 8 Housing Choice Voucher program, initial renewal rents for some expiring project-based Section 8 contracts, and rent ceilings for HOME Investment Partnerships.