Location: Columbia, SC | Metro: Columbia, SC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,020 |
| 1 Bedroom | $1,160 |
| 2 Bedrooms | $1,260 |
| 3 Bedrooms | $1,590 |
| 4 Bedrooms | $1,800 |
| 5 Bedrooms | $2,088 |
| 6 Bedrooms | $2,339 |
| 7 Bedrooms | $2,526 |
| 8 Bedrooms | $2,652 |
The ZIP code 29202 in South Carolina presents a unique snapshot of the rental market, particularly concerning Section 8 properties. With the Fair Market Rent (FMR) set at $1530 for the fiscal year 2024, landlords can expect a clear guideline on what the government deems a reasonable rent for subsidized housing units. However, the absence of current market rent data suggests that there might be limited recent activity or reporting in this area, which could indicate either a stable market with little fluctuation or an underreported market.
The lack of percentage share of price-cut listings and days on market (DOM) figures points to a potentially tight rental market. In areas where supply outpaces demand, there would typically be a higher number of listings requiring price reductions and longer times for those listings to find tenants. The N/A status for these metrics implies that landlords are likely maintaining their rents at or near the FMR level without needing to reduce prices significantly to attract tenants. This suggests that demand is strong relative to supply, keeping the market balanced or even slightly favoring the landlord.
The median home value being listed as N/A further complicates the analysis but does hint at a possible lack of comprehensive data collection or reporting in this ZIP code. This could be due to various factors such as a predominantly rental-focused area or a small sample size of home sales. Despite this limitation, the absence of a median home value alongside the other missing data points can still be interpreted as indicative of a rental-heavy market, which aligns with the strong demand inferred from the FMR figure alone.
The N/A% renter share is critical for understanding long-term housing pressures. A high renter share often correlates with persistent housing pressure, as it indicates a significant portion of the population relies on rentals rather than homeownership. While we cannot provide a specific percentage here, the implication of a substantial rental market presence suggests ongoing pressure on housing availability. Landlords and small-portfolio investors should prepare for a continued reliance on rental income in this area, as the trend towards renting seems to persist.
In summary, ZIP 29202 appears to be a market where demand is robust, supported by the FMR figure and the absence of typical indicators of oversupply. The strong rental market dynamics imply that landlords can maintain competitive pricing without the need for frequent discounts, ensuring steady income streams for those invested in the area.
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.