Location: Beaufort County, SC | Metro: Beaufort County, SC HUD Metro FMR Area
| Unit Size | Monthly FMR |
|---|---|
| Studio | $1,560 |
| 1 Bedroom | $1,620 |
| 2 Bedrooms | $1,770 |
| 3 Bedrooms | $2,100 |
| 4 Bedrooms | $2,530 |
| 5 Bedrooms | $2,935 |
| 6 Bedrooms | $3,287 |
| 7 Bedrooms | $3,550 |
| 8 Bedrooms | $3,728 |
U.S. Census Bureau data (2024)
The ZIP code 29905 presents a unique challenge for both renters and landlords due to the lack of specific median income data. This absence makes it difficult to assess how well the average household can support the market rate rent, which is also not provided. However, we can still analyze the situation using the Fair Market Rent (FMR) standard set at $1980 for fiscal year 2024.
With an FMR of $1980, it becomes clear that the affordability gap for renters in 29905 is significant if the market rate exceeds this figure. The population of 1,729 with a high percentage of renters suggests strong competition among landlords to secure tenants who can pay the market rate. This competition is intensified by the reliance on voucher payments, which are capped at the FMR level.
Landlords must consider these factors when deciding between accepting vouchers or seeking cash-paying tenants. If the market rate is above $1980, then landlords will face a choice: either accept lower rents through vouchers or risk vacancy rates by requiring higher cash payments. Given the competition and the potential for a large portion of the renting population to rely on vouchers, landlords should be prepared to offer both options to maximize their occupancy rates and ensure steady income.
The takeaway for landlords is straightforward: diversify your tenant acquisition strategy. Accepting vouchers at the FMR of $1980 can help fill units in a competitive market where many potential tenants might not be able to afford the higher market rate. Simultaneously, maintaining a segment of cash-paying tenants can provide a buffer against any administrative delays or reductions in voucher funding. This balanced approach allows landlords to navigate the complexities of the rental market in 29905 effectively.
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.