Location: Cleveland County, NC | Metro: Cleveland County, NC
| Unit Size | Monthly FMR |
|---|---|
| Studio | $850 |
| 1 Bedroom | $860 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,400 |
| 4 Bedrooms | $1,420 |
| 5 Bedrooms | $1,647 |
| 6 Bedrooms | $1,845 |
| 7 Bedrooms | $1,993 |
| 8 Bedrooms | $2,093 |
The potential risks for investing in Section 8 housing in ZIP code 28151 in Unknown, NC, must be carefully considered. Tenant turnover is a significant concern, especially when comparing the market rent to the Fair Market Rent (FMR) of $930 set for FY 2026. The lack of specific market rent data suggests that landlords might face challenges in maintaining occupancy rates if they charge above the FMR, leading to higher tenant turnover.
Vacancy exposure is another critical factor. With no available data on the days on market (DOM), it's unclear how quickly properties can be filled once they become vacant. This uncertainty can lead to prolonged periods of non-rent-generating vacancies, which can significantly impact cash flow and profitability.
Deferred maintenance exposure also poses a threat. Without specific figures on the typical home value and median income, it's difficult to assess the financial health of the portfolio. Landlords must be prepared to invest in regular maintenance to keep their properties up to code, which can be costly without precise knowledge of the local economic conditions.
Despite these risks, the ZIP code has a high renter share, although the exact percentage is not provided. High renter density typically indicates robust demand for rental housing, including those supported by Section 8 vouchers. This strong demand can help mitigate some of the risks associated with tenant turnover and vacancy exposure.
A first-time Section 8 landlord in ZIP code 28151 would face moderate risk. While there is significant demand for rental properties, the lack of specific data on market rents, DOM, and local economic indicators introduces uncertainties that need to be managed closely.
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.