Location: Avery County, NC | Metro: Avery County, NC
| Unit Size | Monthly FMR |
|---|---|
| Studio | $770 |
| 1 Bedroom | $780 |
| 2 Bedrooms | $1,010 |
| 3 Bedrooms | $1,340 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
U.S. Census Bureau data (2024)
The analysis of ZIP code 28616, located in Avery County, North Carolina, reveals several key points that are crucial for landlords and small-portfolio investors.
The first question to address is whether the rent math works. The Fair Market Rent (FMR) for the area is set at $950 for fiscal year 2026. However, without specific market rent data, it's challenging to directly compare these figures. Landlords should consider this FMR as a guideline but also look into local rental trends to ensure they're setting competitive rates.
Regarding the affordability of acquisitions, the lack of detailed data on median home values, days on market (DOM), and the percentage of homes requiring price cuts hinders a precise assessment. Investors must conduct thorough due diligence to understand the local real estate market dynamics and make informed decisions about property purchases.
The third point concerns tenant demand. With a population of only 115 residents and a renter share of 0.0%, finding tenants could be extremely difficult. This low demand suggests that there might not be enough potential renters to sustain a rental business in this ZIP code.
In conclusion, while the FMR provides a benchmark for rental pricing, the limited market data and the minuscule tenant base pose significant challenges for landlords and small-portfolio investors in ZIP code 28616. The absence of renters indicates a weak market for rental properties, making it an unattractive investment opportunity. Investors should explore other areas with higher tenant demand for better prospects.
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.