Location: Atlantic City-Hammonton, NJ | Metro: Atlantic City-Hammonton, NJ HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,380 |
| 1 Bedroom | $1,570 |
| 2 Bedrooms | $1,900 |
| 3 Bedrooms | $2,580 |
| 4 Bedrooms | $2,850 |
| 5 Bedrooms | $3,306 |
| 6 Bedrooms | $3,703 |
| 7 Bedrooms | $3,999 |
| 8 Bedrooms | $4,199 |
The market in ZIP 08220, located in New Jersey, presents a dynamic environment that can be framed as one in motion. The Fair Market Rent (FMR) for the area stands at $1670 for fiscal year 2024, indicating a clear snapshot of what is considered fair rent for the region.
Absent data on market rent, days on market (DOM), and median home value suggests a less transparent real estate landscape, possibly due to limited transactions or reporting. This lack of detailed information makes it challenging to definitively state whether supply outpaces demand or vice versa. However, the FMR can be seen as a benchmark that landlords and small-portfolio investors should consider when setting their rental prices.
The percentage of price-cut share being N/A implies that there may not be enough historical data to determine the frequency of price reductions among properties in this ZIP code. Similarly, an N/A-day DOM indicates that there isn't sufficient information to assess how quickly properties are rented or sold once they come onto the market. These gaps highlight areas where further research could provide valuable insights into the local market's performance and trends.
Without a specified percentage of renter share, it's difficult to gauge the long-term housing pressures directly. However, the presence of an FMR without corresponding market rent data might suggest that the rental market is somewhat insulated from broader housing market fluctuations. This could indicate a steady demand for rental properties, which landlords and investors can leverage to maintain a consistent income stream.
In summary, ZIP 08220 offers a market characterized by known fair rental standards but lacking in other key metrics. Landlords and small-portfolio investors must navigate this environment with caution, relying on the FMR as a guide while remaining aware of potential hidden dynamics that could impact their investments.
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.