Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,250 |
| 1 Bedroom | $1,360 |
| 2 Bedrooms | $1,620 |
| 3 Bedrooms | $1,930 |
| 4 Bedrooms | $2,130 |
| 5 Bedrooms | $2,471 |
| 6 Bedrooms | $2,768 |
| 7 Bedrooms | $2,989 |
| 8 Bedrooms | $3,138 |
U.S. Census Bureau data (2024)
The rental market in ZIP code 19358, as captured by the latest snapshot, reveals a dynamic environment characterized by a specific set of metrics that suggest ongoing pressures and trends. The Fair Market Rent (FMR) for the area, established at $1,640 for fiscal year 2024, stands notably higher than the reported market rent of $1,125 based on Census ACS data. This discrepancy highlights a potential gap between government-set benchmarks and actual market conditions, which could indicate either an underestimation of living costs by the FMR or a competitive pricing strategy by landlords to attract tenants.
The significant 49.3% renter share underscores a substantial portion of the population that relies on rental housing, suggesting a robust and potentially resilient demand for rental properties. High renter shares can be indicative of areas with limited homeownership opportunities due to various factors such as affordability, employment stability, or demographic composition. In ZIP 19358, this high percentage implies continuous housing pressure, as renters represent a consistent segment of the local economy, driving demand for rental units and potentially leading to sustained occupancy rates.
While the specific figures for price-cut share, days on market (DOM), and median home value are not available, the overall picture suggests that the market is experiencing a scenario where demand is likely matching or exceeding supply. Landlords and small-portfolio investors should take note of the FMR's guidance as it often influences eligibility criteria for tenants receiving federal assistance, such as Section 8 vouchers. The fact that the market rent is below the FMR could mean that there is room for rental increases without deterring demand, especially if the area continues to attract renters.
The analysis of these metrics points towards a market where the balance between supply and demand is finely tuned. With a significant portion of the population renting, there is a steady demand for rental properties, which supports the idea that this market is moving towards one where demand might slightly outpace supply. This dynamic can lead to steady rental income and relatively low vacancy rates for property owners in ZIP 19358.
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.