Location: Philadelphia-Camden-Wilmington, PA | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,690 |
| 1 Bedroom | $1,830 |
| 2 Bedrooms | $2,180 |
| 3 Bedrooms | $2,600 |
| 4 Bedrooms | $2,870 |
| 5 Bedrooms | $3,329 |
| 6 Bedrooms | $3,728 |
| 7 Bedrooms | $4,026 |
| 8 Bedrooms | $4,227 |
The market in ZIP code 19399, located in Pennsylvania, presents a dynamic environment for landlords and small-portfolio investors. With a Fair Market Rent (FMR) set at $2000 for the fiscal year 2024, it indicates a stable baseline for rental pricing, ensuring that properties can be rented at rates that meet the minimum standards set by HUD. However, the absence of current market rent data suggests a lack of recent activity or reporting, which could imply either a quiet market or incomplete data.
The Fair Market Rent being established without corresponding market rent figures leaves room for speculation on the balance between supply and demand. In a scenario where supply outpaces demand, we would typically see market rents below the FMR, indicating landlords might be willing to offer discounts to attract tenants. Conversely, if demand exceeds supply, market rents would likely surpass the FMR, showing strong tenant interest and competition for available units. The unknown percentage of price-cut share and days on market (DOM) further obscure the immediate supply-demand relationship but suggest an ongoing need for detailed analysis to understand the local rental dynamics.
A median home value of N/A points to a lack of sufficient data on residential property values, which could indicate a diverse mix of housing types or limited sales activity. This ambiguity makes it challenging to assess the potential for appreciation or depreciation in property values, which is crucial for investors looking to buy and hold properties for long-term gains.
The missing percentage of renters in the area complicates understanding the long-term housing pressure. Typically, a higher renter share signals persistent housing demand, potentially due to economic factors, job availability, or lifestyle preferences. A clearer picture of the renter share would help gauge whether the area is experiencing sustained pressure from tenants seeking affordable housing options, aligning closely with the established FMR.
In summary, while the $2000 FMR provides a solid foundation for rental pricing, the lack of other key metrics—such as current market rents, price-cut share, DOM, and renter share—highlights the need for further investigation. These gaps in data prevent a definitive conclusion on whether supply or demand is currently the dominant force in this market. For landlords and investors, the focus should be on filling these data gaps to make informed decisions about investments and rental strategies in ZIP 19399.
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.