Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
Based on 1% Rule: A+ (≥1.5%) | A (≥1.2%) | B (≥1.0%) | C (≥0.8%) | D (≥0.6%) | F (<0.6%)
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,710 |
| 1 Bedroom | $1,850 |
| 2 Bedrooms | $2,210 |
| 3 Bedrooms | $2,630 |
| 4 Bedrooms | $2,900 |
| 5 Bedrooms | $3,364 |
| 6 Bedrooms | $3,768 |
| 7 Bedrooms | $4,069 |
| 8 Bedrooms | $4,272 |
Zillow median home prices vs Section 8 FMR rates (Data: 2026-07-31)
| Bedrooms | Monthly FMR | Median Price | 1% Rule | Grade |
|---|---|---|---|---|
| 2BR | $2,210 | $280,233 | 0.79% | D |
| 3BR | $2,630 | $468,835 | 0.56% | F |
| 4BR | $2,900 | $572,405 | 0.51% | F |
| 5BR | $3,364 | $670,599 | 0.5% | F |
U.S. Census Bureau data (2024)
The market in Cherry Hill, NJ (ZIP 08034) is characterized by a slight premium in Fair Market Rent (FMR) over the actual market rent, known as ZORI (Zillow Observed Rental Index). The FMR for the area is set at $2060 for fiscal year 2024, while the ZORI currently stands at $2,020. This suggests that the rental market is slightly below the benchmark set by the government, indicating a balanced but somewhat competitive environment.
A key indicator of market dynamics is the price-cut share, which in Cherry Hill is a modest 0.2%. This low figure implies that landlords are generally not having to reduce their asking rents to attract tenants, a sign that demand is keeping pace with supply. However, the absence of days on market (DOM) data leaves a gap in understanding how quickly units are being rented, which would otherwise provide insight into the urgency of tenant demand.
The median home value in Cherry Hill is $448,059, reflecting the overall cost of homeownership in the area. With a renter share of 24.9%, it indicates that nearly a quarter of the households are renters, which can be seen as a long-term pressure point on the rental market. A higher proportion of renters often means sustained demand for rental properties, as these individuals are less likely to transition into homeownership due to various economic factors.
In summary, the snapshot of Cherry Hill's real estate market shows a slight edge towards demand matching supply, with rental prices close to the FMR and minimal need for price reductions. The significant renter population suggests an ongoing demand for rental properties, contributing to the market's stability and potential for steady returns for landlords and small-portfolio investors.
Data Sources: FMR data from HUD (2027). Median home prices from Zillow (2026-07-31). 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.