Location: Portland, ME | Metro: Portland, ME HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $2,270 |
| 1 Bedroom | $2,580 |
| 2 Bedrooms | $3,250 |
| 3 Bedrooms | $4,010 |
| 4 Bedrooms | $4,270 |
| 5 Bedrooms | $4,953 |
| 6 Bedrooms | $5,547 |
| 7 Bedrooms | $5,991 |
| 8 Bedrooms | $6,291 |
U.S. Census Bureau data (2024)
The rental market in ZIP code 04019 is characterized by a Federal Market Rent (FMR) of $2210 for fiscal year 2024. This figure represents the baseline for what is considered affordable for low-income households under the Section 8 program. The lack of available data on market rent, price-cut share, days on market (DOM), and median home value suggests that there might be limited transparency or a smaller sample size regarding the specifics of the rental and home sales markets.
The 30.9% renter share indicates a significant portion of the population relies on rental housing, which can suggest long-term housing pressure. Landlords and small-portfolio investors should note that a high renter share often correlates with a persistent demand for rental properties, as many residents may find it challenging to secure homeownership due to financial constraints or other barriers. This dynamic supports the idea that the rental market could be robust, driven by a steady stream of tenants seeking affordable living options.
Despite the absence of precise market rent data, the FMR provides insight into the affordability landscape. For landlords, this means that there is a defined threshold of what is considered reasonable for low-income renters, which can influence pricing strategies and tenant acquisition. Small-portfolio investors should consider the potential for rental income stability given the high proportion of renters in the area.
The dynamics of the market in ZIP 04019 are indicative of a scenario where demand for rental units may be strong, particularly among those who qualify for assistance programs like Section 8. However, without comprehensive data on supply and demand, it's difficult to definitively state whether supply currently outpaces demand or vice versa. The high renter share suggests that there could be a continuous need for rental properties, which could support investment in rental units as a strategic move.
In summary, ZIP 04019 presents a rental market with notable demand, especially from those seeking affordable housing solutions. Investors and landlords should leverage the FMR as a guide for pricing and understand that the high renter share points towards sustained interest in rental properties, potentially offering stable returns on investment.
Data Sources: FMR data from HUD (2027). Demographics from U.S. Census (2024).
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.