Location: Clarendon County, SC | Metro: Sumter, SC MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $680 |
| 1 Bedroom | $730 |
| 2 Bedrooms | $950 |
| 3 Bedrooms | $1,160 |
| 4 Bedrooms | $1,400 |
| 5 Bedrooms | $1,624 |
| 6 Bedrooms | $1,819 |
| 7 Bedrooms | $1,965 |
| 8 Bedrooms | $2,063 |
U.S. Census Bureau data (2024)
The Fair Market Rent (FMR) for ZIP code 29051 in fiscal year 2024 is set at $960. This figure represents the maximum amount that a landlord can charge for rent under the Section 8 program. It's important to note that this is not the rent you will receive; rather, it's the benchmark used to determine the rent subsidy for eligible tenants.
While the local median rent for ZIP 29051 is currently not available, we can use the FMR to gauge the potential market. With an estimated 5.7% of the population relying on rental assistance, there is a significant demand for affordable housing options. This means that if your property meets the criteria and is priced appropriately, you stand a good chance of attracting tenants through the Section 8 program.
To put this into perspective, acquiring a property in ZIP 29051 might cost around $194,124 based on recent data. Given the FMR and the percentage of renters who could benefit from the Section 8 program, you can expect a steady stream of potential tenants. However, the actual rent you receive will be adjusted according to the tenant's income and the program guidelines, which typically cover about 70-80% of the rent up to the FMR.
Before proceeding with your first Section 8 rental in ZIP 29051, ensure that your property meets all the necessary requirements for the program. This includes passing a Housing Quality Standards (HQS) inspection, which evaluates the condition and safety of your property. The inspection covers a wide range of items such as structural integrity, heating systems, plumbing, and electrical systems, among others.
In summary, with an FMR of $960 and a significant portion of the population seeking rental assistance, ZIP 29051 presents a viable opportunity for landlords and small-portfolio investors interested in Section 8 rentals. Verify that your property complies with HQS standards to ensure eligibility and avoid delays in securing a tenant.
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.