Location: Raleigh-Cary, NC | Metro: Raleigh-Cary, NC MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,270 |
| 1 Bedroom | $1,320 |
| 2 Bedrooms | $1,440 |
| 3 Bedrooms | $1,790 |
| 4 Bedrooms | $2,410 |
| 5 Bedrooms | $2,796 |
| 6 Bedrooms | $3,132 |
| 7 Bedrooms | $3,383 |
| 8 Bedrooms | $3,552 |
U.S. Census Bureau data (2024)
With a Fair Market Rent (FMR) of $1360 for zip code 27591 in Wendell, NC, landlords can expect to stay competitive while also adhering to the guidelines set forth for Section 8 tenants. The local market rent, known as the Zillow Observed Rent Index (ZORI), stands at $1,995, indicating that properties priced below this level are likely to attract more interest and potentially faster occupancy. In terms of property values, the median home value in the area is $369,643, providing a solid base for investment properties. Renter share in the area is 20.0%, suggesting a moderate demand for rental units. Median income for residents is $85,224, which supports the ability of tenants to pay higher rents when necessary. However, the Days on Market (DOM) average of 38 days shows that it takes a relatively short time for listings to be filled, reducing vacancy costs. Lastly, the price-cut share of 0.3% indicates that landlords rarely need to lower their asking prices to secure tenants, maintaining profitability. Given these figures, investing in Section 8 properties in Wendell, NC, is a viable strategy, especially considering the difference between the FMR and market rent. The verdict: Wendell, NC, is a favorable location for Section 8 investments due to its competitive FMR and strong local economy.
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.