Location: Spartanburg, SC | Metro: Spartanburg, SC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $940 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,070 |
| 3 Bedrooms | $1,300 |
| 4 Bedrooms | $1,500 |
| 5 Bedrooms | $1,740 |
| 6 Bedrooms | $1,949 |
| 7 Bedrooms | $2,105 |
| 8 Bedrooms | $2,210 |
U.S. Census Bureau data (2024)
The ZIP code 29373 exhibits characteristics that position it squarely in the middle ground between a high-yield/low-stability flip-style market and a steady-cashflow zone. With a Fair Market Rent (FMR) of $950 for fiscal year 2024, this figure is notably lower than the market rent value of $1,046. This suggests an opportunity for landlords to charge above FMR rates, thereby increasing rental yields.
However, the stability indicators provide a more nuanced picture. The percentage of renters at 55.9% is relatively high, which typically implies a higher demand for rentals. But without a specific Days on Market (DOM) figure, it's challenging to assess how quickly properties can be leased. The median household income of $62,143 indicates a moderate level of financial stability among residents, but it also hints at potential limitations on rental price increases due to affordability constraints.
To summarize, the rental yield potential in ZIP 29373 is evident given the disparity between the FMR ($950) and the market rent ($1,046). However, the lack of data on DOM and the presence of a significant renter population (55.9%) alongside a moderate median income ($62,143) suggest a market that offers a balance between yield and stability. Landlords and small-portfolio investors should leverage the higher-than-FMR rental opportunities while being cautious about setting prices too high, which could deter tenants and prolong vacancy periods.
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.