Location: Kent County, MD | Metro: Kent County, MD
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,110 |
| 1 Bedroom | $1,200 |
| 2 Bedrooms | $1,400 |
| 3 Bedrooms | $1,760 |
| 4 Bedrooms | $2,070 |
| 5 Bedrooms | $2,401 |
| 6 Bedrooms | $2,689 |
| 7 Bedrooms | $2,904 |
| 8 Bedrooms | $3,049 |
U.S. Census Bureau data (2024)
The ZIP code 21645 presents a dynamic rental market influenced by its current median fair market rent (FMR) and average market rent values. The FMR stands at $1,550, set for the fiscal year 2026, while the actual market rent is reported at $1,172 according to the Census ACS data. This discrepancy between the FMR and the market rent suggests that the rental prices are below what the government deems fair, indicating a possible undersupply of rental units relative to demand.
The median home value in ZIP 21645 is $554,740. Although we lack specific percentages for price cut shares and days on market (DOM), the high median home value alongside the relatively low market rent points towards a scenario where homeownership might be more desirable or affordable compared to renting, thus potentially putting upward pressure on rental demand.
A noteworthy statistic is the 21.3% renter share of the population. This percentage implies that a significant portion of the residents in ZIP 21645 prefer or are compelled to rent rather than own homes. Given the snapshot data, it's reasonable to infer that this could contribute to long-term housing pressure, as a higher proportion of renters often signals a tighter rental market. Landlords and small-portfolio investors should be aware that such a market condition can lead to increased competition among renters and potentially higher occupancy rates, which favor those who can provide quality rental properties at competitive prices.
In summary, the dynamics in ZIP 21645 suggest a market where demand for rentals is likely to exceed supply, driven by both the gap between FMR and actual market rents and the substantial renter share of the population. This environment supports the idea that rental properties here are in high demand, offering opportunities for landlords to maintain strong occupancy levels and possibly increase rental income over time.
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.