Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,380 |
| 1 Bedroom | $1,490 |
| 2 Bedrooms | $1,780 |
| 3 Bedrooms | $2,120 |
| 4 Bedrooms | $2,340 |
| 5 Bedrooms | $2,714 |
| 6 Bedrooms | $3,040 |
| 7 Bedrooms | $3,283 |
| 8 Bedrooms | $3,447 |
The ZIP code 08095 presents a dynamic rental market that is currently defined by the Federal Market Rent (FMR) set at $1670 for the fiscal year 2024. This figure serves as a benchmark for landlords and investors, indicating the average fair market rent for a two-bedroom apartment in this area under the Section 8 program.
Despite the FMR being established, the actual market rent remains unspecified, suggesting a potential gap between government-set standards and the private rental market's realities. This ambiguity could be due to several factors, including limited data availability or significant variability in rental pricing within the ZIP code.
The absence of data on price-cut shares and days on market (DOM) makes it challenging to determine whether supply is outpacing demand or vice versa. However, these metrics are typically indicative of market conditions. A higher DOM would suggest a surplus of available units, while lower DOM and higher price-cut shares might point towards a tighter market where landlords must compete to attract tenants.
Similarly, the lack of a specified median home value complicates the assessment of overall property values within the ZIP code. This information is crucial for understanding the investment landscape and comparing the rental market to the homeownership market.
The undefined percentage of renters in the area further clouds the picture but can still offer insights into the long-term housing pressures. If the renter share is high, it could indicate sustained demand for rentals, potentially driven by affordability issues or lifestyle preferences. Conversely, a low renter share might suggest that homeownership is more prevalent, which could mean less immediate pressure on the rental market.
In summary, ZIP 08095 stands as a market in flux, characterized by known FMR benchmarks but lacking in other critical data points that would clarify the balance between supply and demand. The dynamics of this market require close monitoring of local trends and conditions to make informed decisions.
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.