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 market in ZIP 27690, located in North Carolina, is currently defined by a snapshot of data that suggests an evolving rental landscape. With the Fair Market Rent (FMR) set at $1700 for fiscal year 2024, it's clear that there's a benchmark established for rental properties. However, the lack of data on current market rents, days on market (DOM), and median home values indicates a scarcity of recent transactions or listings, which could imply either a nascent market or one that is experiencing changes.
The absence of figures for the percentage of price-cut share and the median home value suggests that the residential market might be in flux. Typically, when there's a significant gap between FMR and actual market rents, it points to either an oversupply of units or a unique local dynamic affecting pricing. In ZIP 27690, without a direct comparison to market rents, it's challenging to determine if supply is outpacing demand or vice versa. However, the presence of an FMR and the absence of other key metrics hint at a market that is possibly emerging or adjusting to new conditions.
The N/A% renter share figure is particularly telling. This metric usually reflects the proportion of households that are renters, providing insight into the long-term housing pressures faced by a community. A high renter share often correlates with increasing housing costs and limited homeownership opportunities, potentially indicating a steady demand for rental properties. Conversely, a low renter share might suggest a strong homeownership culture, with less immediate pressure on rental markets. The lack of this data means that landlords and small-portfolio investors must rely on other indicators to gauge future trends. Nonetheless, the overall picture suggests a market where housing dynamics are shifting, making it important for investors to stay informed and adaptable.
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.