Location: Charleston-North Charleston, SC | Metro: Charleston-North Charleston, SC MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,680 |
| 1 Bedroom | $1,750 |
| 2 Bedrooms | $1,910 |
| 3 Bedrooms | $2,370 |
| 4 Bedrooms | $2,720 |
| 5 Bedrooms | $3,155 |
| 6 Bedrooms | $3,534 |
| 7 Bedrooms | $3,817 |
| 8 Bedrooms | $4,008 |
The Fair Market Rent (FMR) for ZIP code 29423 in fiscal year 2024 is set at $1640. This figure represents the payment standard under the Section 8 Housing Choice Voucher program, which means that if you participate in this program, you will receive a monthly subsidy up to this amount to cover the rent for eligible tenants. It's important to note that this is not the actual rent you can charge your tenant; it's the maximum amount the government will pay on behalf of the tenant.
While the local median rent is listed as N/A, indicating incomplete data, the percentage of renters in the area is also N/A%. Despite these gaps, we can still infer demand based on typical trends where higher percentages of renters often correlate with stronger demand for affordable housing options. However, without specific figures, we must rely on other indicators such as the overall economic climate and job market in the area to gauge potential tenant interest.
The acquisition cost, or the price you might pay to acquire a property in ZIP 29423, is also noted as N/A. This suggests that either there is limited recent sale data available, or the market has not seen many transactions recently. Regardless, the FMR of $1640 can serve as a benchmark for understanding the maximum subsidy you could expect, which in turn helps you determine whether the investment aligns with your financial goals.
Before committing to a Section 8 rental property in ZIP 29423, it is crucial to verify that the property meets all the necessary inspection criteria. The Housing Quality Standards (HQS) set by the Department of Housing and Urban Development (HUD) must be satisfied to ensure that the property is safe, decent, and sanitary. This step is non-negotiable and ensures compliance with federal guidelines.
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.