Location: Kent County, MD | Metro: Philadelphia-Camden-Wilmington, PA-NJ-DE-MD MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,700 |
| 1 Bedroom | $1,840 |
| 2 Bedrooms | $2,200 |
| 3 Bedrooms | $2,620 |
| 4 Bedrooms | $2,890 |
| 5 Bedrooms | $3,352 |
| 6 Bedrooms | $3,754 |
| 7 Bedrooms | $4,054 |
| 8 Bedrooms | $4,257 |
U.S. Census Bureau data (2024)
The ZIP code 21930 presents several challenges for landlords considering participation in the Section 8 program. Tenant turnover can be a significant issue, especially when comparing the market rent to the $1700 Fair Market Rent (FMR) for FY 2024. If the local market rent is higher than the FMR, landlords may face frequent tenant changes as vouchers do not cover the full cost of market-rate housing.
Vacancy exposure is another concern. With a non-disclosed average days on market (DOM), it's difficult to predict how quickly a property might fill. This uncertainty can lead to periods of vacancy, reducing rental income. Additionally, the lack of data on typical home values and median incomes makes assessing the potential for deferred maintenance challenging. Without this information, landlords cannot accurately gauge whether tenants have the financial capacity to maintain properties adequately.
However, the situation is not entirely negative. The 0.0% renter share figure, while unusual and likely requiring further investigation, could indicate an area with a high concentration of renters. In such scenarios, there tends to be a greater demand for housing vouchers, which can stabilize occupancy rates. Despite the risks, the high density of renters might offset some of the financial uncertainties associated with the Section 8 program.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.