Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,520 |
| 1 Bedroom | $1,650 |
| 2 Bedrooms | $1,970 |
| 3 Bedrooms | $2,350 |
| 4 Bedrooms | $2,590 |
| 5 Bedrooms | $3,004 |
| 6 Bedrooms | $3,364 |
| 7 Bedrooms | $3,633 |
| 8 Bedrooms | $3,815 |
The analysis of ZIP code 18916 within the Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA metro area reveals several key points for landlords and small-portfolio investors.
First, the rent math does not work favorably due to the lack of available market rent data. The Fair Market Rent (FMR) for the zip code in fiscal year 2024 is set at $1830. Without comparative market rent figures, it's challenging to assess if this rate is competitive or overpriced. Landlords should conduct local research to ensure their rental rates align with what tenants can afford and are willing to pay.
Second, the acquisition cost in ZIP 18916 is not straightforward. With no median home value data available, it's difficult to determine if buying properties in this area is affordable. Similarly, the absence of data on days on market (DOM) and the percentage of homes that require price cuts makes it hard to gauge the ease of acquiring properties. Investors need to look into these metrics to understand the market dynamics and potential profitability.
Third, there is strong tenant demand in ZIP 18916. However, without specific population and renter share percentages, it's impossible to quantify this demand accurately. A high percentage of renters typically indicates a robust market for rental properties, which could be beneficial for landlords looking to fill vacancies quickly.
In conclusion, while there appears to be a solid tenant base in ZIP 18916, the incomplete data on market rents, median home values, days on market, and price-cut shares make it challenging to provide a comprehensive analysis. Landlords and investors must gather additional local insights to make informed decisions about rental pricing and property acquisitions. The FMR of $1830 should serve as a baseline, but further investigation is necessary to confirm its alignment with actual market conditions.
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.