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 Fair Market Rent (FMR) for ZIP code 18956 in Pennsylvania for fiscal year 2024 is set at $1830. This figure represents the maximum amount that a landlord can charge for a Section 8 rental unit in this area. It's important to note that this is not the actual rent you will receive; it's the benchmark used by the housing authority to determine the maximum allowable rent for subsidized units.
The FMR is based on the typical rent for a modest-quality rental unit in the area. For ZIP 18956, if the average market rent is higher than $1830, you may need to adjust your expectations for rental income. Conversely, if the average market rent is lower, the subsidy could potentially cover more of the tenant's rent, making it a viable option.
The percentage of renters in the area is N/A%, which indicates the proportion of residents who rely on renting rather than owning their homes. While we don't have the exact figure, a high percentage suggests strong demand for rental properties. Landlords should consider this when evaluating the potential occupancy rates for their properties.
The median home value in ZIP 18956 is N/A, which gives an idea of the overall property values in the area. When acquiring a new property, this can help you understand the typical costs involved in purchasing a home. If you're looking to enter the Section 8 market, ensure the purchase price aligns with the FMR and the expected subsidy payments.
Before committing to a Section 8 rental, verify that the property meets all the required standards set by the housing authority. These include basic maintenance, safety, and cleanliness requirements. Ensuring compliance upfront can save you time and money in the long run.
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.