Location: Baltimore-Columbia-Towson, MD | Metro: Baltimore-Columbia-Towson, MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,910 |
| 1 Bedroom | $2,040 |
| 2 Bedrooms | $2,520 |
| 3 Bedrooms | $3,150 |
| 4 Bedrooms | $3,500 |
| 5 Bedrooms | $4,060 |
| 6 Bedrooms | $4,547 |
| 7 Bedrooms | $4,911 |
| 8 Bedrooms | $5,157 |
The potential for issues in ZIP 21062, located in Unknown, MD, starts with tenant turnover. The Fair Market Rent (FMR) for FY 2024 stands at $2440, but without specific market rent data, it's challenging to assess how competitive this figure is. High turnover can be costly, involving frequent repairs and cleaning expenses, which can eat into profit margins.
Vacancy exposure is another concern. With no available data on the days on market (DOM), it's uncertain how quickly properties might fill up once they become vacant. This uncertainty can lead to extended periods where the property generates no income, increasing financial risk for the landlord.
The lack of information on typical home values and median incomes makes it difficult to gauge the deferred maintenance exposure. Landlords should be prepared for tenants who might not have the financial means to keep properties in excellent condition, leading to higher maintenance costs over time.
Despite these challenges, the ZIP code has a high renter share, though the exact percentage is not provided. Generally, a high concentration of renters indicates strong demand for rental housing, including those seeking accommodations through Section 8 vouchers. This demand can help mitigate some of the risks associated with vacancy and tenant turnover.
Verdict: Moderate risk for a first-time Section 8 landlord in ZIP 21062.
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.