Location: Raleigh-Cary, NC | Metro: Raleigh-Cary, NC MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,530 |
| 1 Bedroom | $1,600 |
| 2 Bedrooms | $1,740 |
| 3 Bedrooms | $2,170 |
| 4 Bedrooms | $2,910 |
| 5 Bedrooms | $3,376 |
| 6 Bedrooms | $3,781 |
| 7 Bedrooms | $4,083 |
| 8 Bedrooms | $4,287 |
The investment risk assessment for ZIP code 27624 in Unknown, NC, reveals several potential issues that could affect a Section 8 landlord. First, tenant turnover could be problematic due to the disparity between the market rent and the Fair Market Rent (FMR) set at $1700 for FY 2024. This difference can lead to difficulties in attracting and retaining tenants who qualify for Section 8 vouchers.
Vacancy exposure is another concern, given the lack of data on the number of days on market (DOM). A higher DOM indicates a longer time needed to find a suitable tenant, increasing the risk of vacancies. Without specific figures, it's challenging to predict how long properties might remain unoccupied.
Deferred maintenance is also a significant risk factor. The absence of data regarding the typical home value and median income in the area makes it difficult to assess the financial capacity of residents to maintain homes adequately. This could result in higher repair costs and maintenance needs for landlords.
Despite these risks, the high renter density in ZIP 27624, represented by the N/A% renter share, suggests strong demand for rental housing. High renter density often correlates with greater interest in Section 8 vouchers, potentially stabilizing occupancy rates and reducing vacancy periods.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.