Location: Raleigh-Cary, NC | Metro: Raleigh-Cary, NC MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,750 |
| 1 Bedroom | $1,830 |
| 2 Bedrooms | $1,990 |
| 3 Bedrooms | $2,480 |
| 4 Bedrooms | $3,330 |
| 5 Bedrooms | $3,863 |
| 6 Bedrooms | $4,327 |
| 7 Bedrooms | $4,673 |
| 8 Bedrooms | $4,907 |
U.S. Census Bureau data (2024)
ZIP code 27539, located in Apex, North Carolina, stands out within Wake County due to its unique demographic and economic profile. With a population of 25,878 residents, only 16.9% of whom rent their homes, this area boasts a high median income of $145,947 and a median home value of $604,336. These figures indicate that Apex is primarily a homeowner community, with relatively fewer rental properties compared to other areas.
The dynamics of the rental market in Apex are further illuminated by examining the Section 8 voucher economics. The Fair Market Rent (FMR) for the zip code for fiscal year 2024 is set at $1,910, while the market rate, as measured by the Zillow Rent Index (ZORI), is slightly lower at $1,849. This suggests that landlords participating in the Section 8 program can expect a rental rate close to market conditions, with a slight premium offered by the government vouchers.
Given the data signature of ZIP 27539, the overall trend appears stable. The high median income and home values reflect a strong local economy and a preference for homeownership among residents. Additionally, the modest gap between FMR and ZORI indicates that the rental market is well-aligned with government standards, which can provide consistent and predictable income for landlords. For small-portfolio investors, this stability means that there is little risk of sudden changes in the rental environment, making it a reliable investment location.
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.