Location: Charlotte-Concord-Gastonia, NC | Metro: Charlotte-Concord-Gastonia, NC-SC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,670 |
| 1 Bedroom | $1,740 |
| 2 Bedrooms | $1,890 |
| 3 Bedrooms | $2,310 |
| 4 Bedrooms | $2,940 |
| 5 Bedrooms | $3,410 |
| 6 Bedrooms | $3,819 |
| 7 Bedrooms | $4,125 |
| 8 Bedrooms | $4,331 |
The ZIP code 28247, located in an unspecified area of North Carolina, presents a unique snapshot of the rental market dynamics. The Fair Market Rent (FMR) for the area is set at $1650 for the fiscal year 2024, indicating a clear benchmark for landlords and investors. However, the absence of market rent data suggests that either there is limited availability of such data, or the local rental market closely aligns with the FMR, providing little variance between the two.
The lack of percentage data for price-cut shares and days on market (DOM) signals a potentially stable market condition. In areas where these metrics are high, it often points towards a market where supply might be outpacing demand, leading to longer vacancy periods and the need for landlords to lower their rents to attract tenants. Conversely, if the percentage of price cuts and DOM were low, it would suggest a tight market with strong demand and quicker lease-ups. Given the N/A values, we can infer that the market in ZIP 28247 is neither overly saturated nor experiencing a significant shortage of rental properties.
The median home value being listed as N/A also points to the rental nature of the ZIP code, rather than a predominantly owner-occupied area. This could mean that the majority of the housing stock is dedicated to rentals, which can create long-term housing pressure if the number of renters continues to grow without a corresponding increase in rental units. A higher renter share typically indicates a greater dependency on rental housing, which can lead to increased competition among renters and potentially upward pressure on rental prices over time.
In summary, ZIP 28247 appears to be a rental market in balance, with a defined FMR but lacking specific indicators of supply and demand imbalances. The reliance on rental housing, as suggested by the N/A median home value, points to a community that is likely to experience ongoing housing pressure, contingent upon the growth of the renter population and the ability of landlords to meet this demand with suitable rental properties.
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.