Location: Charlotte-Concord-Gastonia, NC | Metro: Charlotte-Concord-Gastonia, NC-SC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,160 |
| 1 Bedroom | $1,210 |
| 2 Bedrooms | $1,320 |
| 3 Bedrooms | $1,610 |
| 4 Bedrooms | $2,050 |
| 5 Bedrooms | $2,378 |
| 6 Bedrooms | $2,663 |
| 7 Bedrooms | $2,876 |
| 8 Bedrooms | $3,020 |
U.S. Census Bureau data (2024)
The market in ZIP code 29717 presents a dynamic scenario where the balance between supply and demand is critical for landlords and small-portfolio investors. The Fair Market Rent (FMR) for the area stands at $1,410 for fiscal year 2024, indicating a higher benchmark set by HUD for determining rental assistance payments. In contrast, the actual market rent, as reported by the Census Bureau's American Community Survey (ACS), is $1,132. This suggests that while there is an established minimum rent level, the current market conditions may be exerting downward pressure on rents.
The median home value in 29717 is $251,703, which provides a snapshot of the overall housing costs in the area. Although specific percentages for price-cut share and days on market (DOM) are not available, the gap between the FMR and the market rent can be interpreted as an indication that supply might slightly outpace demand, as landlords may need to adjust their rents to remain competitive.
A 28.8% renter share highlights the significant portion of the population that relies on rental housing, which can be seen as a long-term indicator of housing pressure. With nearly a third of the residents being renters, there is a consistent demand for rental properties, suggesting that landlords can expect steady occupancy rates. However, the challenge lies in maintaining rent levels that are both profitable and competitive within the market.
Landlords and investors should closely monitor these dynamics, as they reflect the ongoing interplay between supply and demand. The presence of a substantial renter base implies a continuous need for rental units, but the market rent being lower than the FMR indicates that pricing must align with what tenants can afford. This balance is crucial for maximizing returns while ensuring the property remains attractive to potential tenants.
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.