Location: Lee County, NC | Metro: Lee County, NC
| Unit Size | Monthly FMR |
|---|---|
| Studio | $910 |
| 1 Bedroom | $910 |
| 2 Bedrooms | $1,180 |
| 3 Bedrooms | $1,410 |
| 4 Bedrooms | $1,810 |
| 5 Bedrooms | $2,100 |
| 6 Bedrooms | $2,352 |
| 7 Bedrooms | $2,540 |
| 8 Bedrooms | $2,667 |
The rental market in ZIP code 28355 presents a complex scenario for both renters and landlords. Given the lack of specific median income data for this area, it is challenging to provide a precise assessment of how typical households fare against the market rate, which is also unspecified. However, we can analyze the situation based on the available information regarding the Fair Market Rent (FMR) for the metro area in fiscal year 2026.
The FMR for ZIP 28355 is set at $1,140, which represents the maximum amount that Housing Choice Voucher holders can pay towards their rent. This figure serves as a benchmark for assessing affordability. Without the exact market rate, it is difficult to quantify the exact affordability gap, but we can infer that if the market rate exceeds $1,140, there will be a significant portion of potential tenants who cannot afford market-rate rents without assistance.
The percentage of renters and the total population in ZIP 28355 are also critical factors. If a substantial number of residents are renters, and assuming a portion relies on vouchers due to the unaffordability of market rates, landlords face a competitive landscape where they must decide whether to cater to voucher recipients or focus on cash-paying tenants. The choice hinges on the local supply of vouchers and the willingness of voucher holders to move into the area.
For landlords considering their strategy, the key takeaway is that focusing on voucher tenants can stabilize occupancy and ensure a steady stream of rental income, albeit at the government-set rate. On the other hand, targeting cash-paying tenants may offer higher rents but requires a market rate that is affordable to a sufficient number of residents. In an area where market rates are likely above the FMR, landlords should be prepared for a mix of both strategies, possibly offering units at different price points to capture a broader tenant base.
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.