Location: Greenville-Mauldin-Easley, SC | Metro: Greenville-Mauldin-Easley, SC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,370 |
| 1 Bedroom | $1,430 |
| 2 Bedrooms | $1,550 |
| 3 Bedrooms | $1,850 |
| 4 Bedrooms | $2,190 |
| 5 Bedrooms | $2,540 |
| 6 Bedrooms | $2,845 |
| 7 Bedrooms | $3,073 |
| 8 Bedrooms | $3,227 |
U.S. Census Bureau data (2024)
The analysis of the Section 8 cap rate for ZIP code 29614 reveals some key insights into the potential returns for landlords and small-portfolio investors. The Federal Market Rent (FMR) for a 2-bedroom unit in this area for FY 2024 is set at $1180 per month. Annualizing this figure, we get a yearly rental income of $14,160.
To calculate the gross yield, we need to compare this annual rental income against the median home value. However, the median home value for ZIP 29614 is not available, which complicates the direct calculation of the gross yield. Without this data point, it's impossible to provide an exact percentage for the gross yield based on the median home value.
Given the lack of market rent data, we cannot provide a second scenario for comparison. This absence of market rent figures makes it difficult to assess how the Section 8 rates stack up against what landlords might typically charge in the open market.
Despite these limitations, the $1180 monthly FMR provides a clear benchmark for landlords considering Section 8 tenancy in ZIP 29614. It suggests that landlords can expect a steady, government-backed income stream at this rate, though the precise financial attractiveness depends on the cost basis of the property.
The implied gross yield from the Section 8 program would be calculated as the annual rental income divided by the median home value. Since the median home value is not available, we cannot state a concrete gross yield percentage. However, if the median home value were known, this calculation would offer a straightforward comparison to typical market yields.
The renter density and days on market (DOM) statistics are also unavailable, which means we cannot make a definitive judgment on whether the Section 8 scenario is more or less realistic compared to the broader rental market conditions in 29614. Typically, higher renter density and shorter DOM periods suggest a more active rental market, which could influence the decision between accepting Section 8 tenants or seeking higher-paying market renters.
In conclusion, while the annualized Section 8 FMR of $14,160 offers a clear revenue stream for landlords in ZIP 29614, the absence of median home value and market rent data prevents a comprehensive gross yield comparison. Landlords should consider the stability of government-subsidized rents versus the potential for higher market rents when making investment decisions.
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.