Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,310 |
| 1 Bedroom | $1,420 |
| 2 Bedrooms | $1,690 |
| 3 Bedrooms | $2,010 |
| 4 Bedrooms | $2,220 |
| 5 Bedrooms | $2,575 |
| 6 Bedrooms | $2,884 |
| 7 Bedrooms | $3,115 |
| 8 Bedrooms | $3,271 |
The analysis of ZIP code 19016 in Philadelphia, Pennsylvania, reveals several key points that are crucial for landlords and small-portfolio investors.
Firstly, regarding the rent math, the Fair Market Rent (FMR) set at $1600 for the fiscal year 2024 does not provide a clear comparison with the current market rent due to insufficient data. However, it's important to note that the FMR serves as a guideline for housing affordability under the Section 8 program and does not necessarily reflect the actual market conditions.
Secondly, the acquisition affordability in ZIP 19016 is difficult to assess without specific figures on the median home value, days on market (DOM), and the percentage of homes sold with price cuts. These metrics would typically indicate whether properties are selling quickly and at or near asking price, which would be favorable for investment. Without these details, a comprehensive evaluation cannot be made.
Lastly, tenant demand in ZIP 19016 can be gauged by looking at the population size and the percentage of renters. Unfortunately, the exact population count and the precise percentage of residents who are renters are not provided here. Typically, a higher percentage of renters indicates a greater demand for rental properties, which could be beneficial for landlords.
In conclusion, while the Fair Market Rent for ZIP 19016 is set at $1600 for fiscal year 2024, providing a benchmark for Section 8 eligibility, the lack of detailed market rent, median home value, days on market, price cut percentages, and tenant demographic data makes it challenging to fully evaluate the potential success of rental investments in this area. Landlords and investors should seek additional, up-to-date local real estate and demographic data 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.