Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,300 |
| 1 Bedroom | $1,410 |
| 2 Bedrooms | $1,680 |
| 3 Bedrooms | $2,000 |
| 4 Bedrooms | $2,210 |
| 5 Bedrooms | $2,564 |
| 6 Bedrooms | $2,872 |
| 7 Bedrooms | $3,102 |
| 8 Bedrooms | $3,257 |
U.S. Census Bureau data (2024)
The rental market in ZIP code 18970 is currently stable, with the Fair Market Rent (FMR) set at $1380 for the fiscal year 2024. This aligns closely with the market rent reported by the Census American Community Survey, which stands at $1,418. The absence of data on price-cut share and days on market (DOM) suggests that neither landlords nor tenants are experiencing significant pressure to adjust prices or listings rapidly, indicating a balanced market.
A key indicator of long-term housing dynamics in 18970 is the substantial 35.6% share of renters. This high percentage implies persistent demand for rental properties, as a significant portion of the population opts for renting over owning. With such a large proportion of residents choosing to rent, it signals a steady need for rental units, potentially due to affordability issues or lifestyle choices. Landlords and small-portfolio investors should take note of this trend, as it points towards a consistent demand for rental properties in the area.
The dynamics of 18970 suggest that while the market may be stable, there is a strong underlying pressure to maintain a robust supply of rental units. Given the high renter share, any reduction in available rental stock could quickly lead to upward pressure on rents. Conversely, an oversupply of rental units could depress rents below the FMR level, though current data does not indicate this is happening. The close alignment between the FMR and market rent also suggests that the government's assessment of rental values is accurate, providing a reliable benchmark for both landlords and tenants.
In summary, ZIP 18970 presents a market where demand for rental housing is likely to remain strong, driven by a significant renter population. Investors should focus on maintaining competitive pricing and ensuring their properties meet the standards expected by renters, given the stability in rental rates and the potential for sustained demand.
Data Sources: FMR data from HUD (2027). 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.