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 market dynamics in ZIP 19058, located in Pennsylvania, suggest an environment where rental properties could be particularly attractive to landlords and small-portfolio investors. The Fair Market Rent (FMR) for the area stands at $1830 for fiscal year 2024, indicating a stable rental pricing environment. However, the absence of market rent data points to a less competitive landscape, potentially due to limited supply or a niche market that doesn't frequently advertise on public platforms.
The lack of percentage share for price cuts and days on market (DOM) implies that there isn't significant downward pressure on rents, which could mean that the demand for rental properties is steady or slightly exceeds supply. This inference aligns with the absence of a median home value, suggesting that homeownership might be less prevalent in the area, thereby creating a consistent need for rental accommodations.
ZIP 19058's unknown percentage of renters in the total housing stock also provides insight into the long-term housing pressures. While the exact figure is not available, the high reliance on rental properties can indicate sustained housing pressure, as renters often represent individuals and families who are unable to purchase homes due to financial constraints or other reasons. This dynamic can support a robust rental market, as it suggests a continuous demand for rental units rather than a cyclical trend.
In summary, ZIP 19058 presents itself as a market where rental properties can thrive, given the established FMR and the indications of steady demand. The scarcity of data for certain metrics such as market rent, price cut share, and DOM, while not definitive, suggests a less volatile market with fewer competitive forces driving down rental prices. The potential for a high renter share further supports the idea of ongoing housing pressure, making rental investments a sound strategy for those looking to capitalize on local 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.