Location: Wilson County, NC | Metro: Rocky Mount, NC MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $930 |
| 1 Bedroom | $940 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,510 |
| 4 Bedrooms | $1,750 |
| 5 Bedrooms | $2,030 |
| 6 Bedrooms | $2,274 |
| 7 Bedrooms | $2,456 |
| 8 Bedrooms | $2,579 |
U.S. Census Bureau data (2024)
The ZIP code 27878 presents a dynamic rental market that is currently characterized by a balance between supply and demand, though it leans slightly towards a situation where demand might be catching up with supply. This inference is drawn from the snapshot of the Fair Market Rent (FMR) at $1050 for ZIP 27878 for fiscal year 2024, compared to the actual market rent of $926 as reported by the Census Bureau's American Community Survey (ACS).
The discrepancy between the FMR and the market rent suggests that there is room for rental prices to rise, indicating a potential for increasing demand. The fact that the price-cut share and days on market (DOM) are not available means we cannot precisely quantify the urgency of tenants securing housing or the willingness of landlords to lower rents to attract tenants. However, the absence of significant price cuts or extended DOM periods implies a relatively stable market without excessive oversupply.
A key indicator of the market's trajectory is the 54.0% renter share, which is notably high. This high percentage of renters points to a sustained pressure on the rental market, driven by a preference for renting over homeownership among a majority of residents. A high renter share can translate into long-term housing pressure, as it signals a continuous need for rental units. Landlords and small-portfolio investors should consider this a positive sign, as it suggests a steady demand for rental properties in the area.
In summary, ZIP 27878 operates within a rental market that is likely to experience upward pressure on rents due to the high proportion of renters and the current gap between FMR and market rent. Investors should monitor these dynamics closely, as they indicate a market in motion, favoring those who can provide quality rental options at competitive rates.
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.