Location: Mobile, AL | Metro: Mobile, AL MSA
| Unit Size | Monthly FMR |
|---|---|
| Studio | $940 |
| 1 Bedroom | $980 |
| 2 Bedrooms | $1,140 |
| 3 Bedrooms | $1,480 |
| 4 Bedrooms | $1,570 |
| 5 Bedrooms | $1,821 |
| 6 Bedrooms | $2,040 |
| 7 Bedrooms | $2,203 |
| 8 Bedrooms | $2,313 |
The dynamics of the ZIP 36616 market in Unknown, Alabama, reveal a scenario where data points towards an evolving landscape. The Fair Market Rent (FMR) stands at $1090 for the fiscal year 2024, indicating a specific benchmark for rental affordability in the area.
Despite the lack of current market rent data, the absence of other key indicators such as price-cut share percentage and days on market (DOM) suggests a market that is currently stable but lacks recent transactional activity. This stability could imply that the market is neither experiencing rapid growth nor decline, but rather maintaining a steady state.
The median home value being listed as N/A further supports the idea that there is limited recent sales data available, which can be indicative of a market with low turnover or infrequent sales. This could mean that homeownership in ZIP 36616 is relatively static, with fewer properties changing hands.
A critical piece of missing information is the percentage of renters in the area. The N/A% renter share is significant because it reflects uncertainty regarding the balance between renters and owners. In markets with high renter shares, there tends to be greater long-term housing pressure due to the reliance on rental properties. Conversely, a lower renter share might suggest a preference for homeownership, which can reduce immediate pressure on rental properties.
The interplay between these factors—FMR, market rent, price-cut share, DOM, and renter share—typically helps in understanding whether supply outpaces demand or vice versa. However, with the current snapshot, it's evident that the market is characterized by a lack of recent, comprehensive data points, making it challenging to definitively state the direction of market movement.
Landlords and small-portfolio investors should consider the stability suggested by the FMR figure while remaining vigilant for signs of market changes. Engaging with local real estate agents and monitoring new data releases will provide insights into the true trajectory of supply and demand in ZIP 36616.
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.