Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,380 |
| 1 Bedroom | $1,490 |
| 2 Bedrooms | $1,780 |
| 3 Bedrooms | $2,120 |
| 4 Bedrooms | $2,340 |
| 5 Bedrooms | $2,714 |
| 6 Bedrooms | $3,040 |
| 7 Bedrooms | $3,283 |
| 8 Bedrooms | $3,447 |
The dynamics of ZIP 19109, as reflected in the Fair Market Rent (FMR) of $1640 for fiscal year 2024, suggest a market in motion where the balance between supply and demand is critical. Given that the market rent is not available, it's challenging to directly compare it with the FMR, but the absence of such data could indicate a lack of recent transactions, which might imply either a tight rental market with low vacancy rates or a less active market overall.
The percentage of price-cut share and the days on market (DOM) are also unspecified, making it difficult to gauge the urgency of landlords to fill vacancies or the competition among properties. However, the fact that these metrics are not provided might signal a stable market where there isn't a significant need for aggressive pricing strategies to attract tenants.
The median home value being listed as N/A suggests that residential sales data is sparse, which could be indicative of a predominantly rental market. This aligns with the unknown percentage of renters in the area, but if we assume that the renter share is high, it points to a long-term housing pressure where the demand for rentals exceeds the supply of owner-occupied homes. In such a scenario, landlords and small-portfolio investors can expect steady demand for their rental units, provided they maintain competitive rents and property conditions.
In ZIP 19109, the trajectory inferred from the snapshot data leans towards a market where demand may be outpacing supply, particularly in the rental sector. The reliance on FMR data, with no readily available market rent or other key metrics, underscores the importance of understanding local trends and maintaining a pulse on the housing market to ensure investment decisions are well-informed and aligned with the actual 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.