Location: Chesterfield County, SC | Metro: Lancaster County, SC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $800 |
| 1 Bedroom | $830 |
| 2 Bedrooms | $910 |
| 3 Bedrooms | $1,250 |
| 4 Bedrooms | $1,530 |
| 5 Bedrooms | $1,775 |
| 6 Bedrooms | $1,988 |
| 7 Bedrooms | $2,147 |
| 8 Bedrooms | $2,254 |
U.S. Census Bureau data (2024)
The investment risk assessment for ZIP 29718 reveals several potential issues that could impact landlords and small-portfolio investors. Tenant turnover is a significant concern, as the market rent stands at $810, while the Fair Market Rent (FMR) for fiscal year 2024 is set at $910. This difference indicates that tenants might be more likely to leave when their lease ends, seeking higher-quality housing that matches the FMR. Additionally, vacancy exposure is heightened due to the lack of data on days on market (DOM), which leaves uncertainty around how quickly properties can be filled once vacant. Deferred maintenance is another risk factor, considering the typical home value of $192,056 and a median income of $59,464. Landlords must ensure that properties meet the Housing Quality Standards (HQS) required by the Section 8 program, which can be costly if deferred maintenance has accumulated.
However, these risks are mitigated by the high renter share of 17.2%. A higher concentration of renters often translates into greater demand for rental properties, including those that accept Section 8 vouchers. The presence of many renters suggests a stable pool of potential tenants who rely on government assistance to afford housing, reducing the likelihood of prolonged vacancies.
In conclusion, despite the challenges posed by tenant turnover, vacancy exposure, and deferred maintenance costs, the high renter density in ZIP 29718 supports a moderate risk assessment for first-time Section 8 landlords. The demand for rental units provides a buffer against some of the financial risks associated with this type of investment.
Verdict: Moderate risk for a first-time Section 8 landlord.
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.